a Conforming Loan.
New Fannie Mae Mortgage Loan Guidelines Contain Some Good News And Some Bad News For Marginal Credit
Many lending companies would grant a bad credit car loan provided that a co-signer is willing to guarantee the repayment. Thus, in case the applicant himself cannot keep up with the repayment of the auto loan, the co-signer can step over and continue the repayment.Bad Credit Auto Loan Cosigning Who would make an ideal cosigner? Protect your Cosigner from Liability Another important factor to consider is your cosigner’s credit history. Once your auto loan has been approved, how you handle your repayment can also affect your cosigner’s credit history. To protect your cosigner credit, you must do your best to submit your loan payments without delays.What if you can’t submit your monthly car loan payment on time? Perhaps your cosigner may volunteer to lend you your loan payment for this month. Being consistent with your payments does not only protect your cosigner’s credit, it also helps you to rebuild your bad credit.
