What Does a Cosigner Need?

When it comes to Jeep® financing tools and support, there’s just no team like Woodhouse Chrysler Jeep Dodge Sioux City. Not only do we provide online and in-person tools and resources to help you get the best possible terms, but we’re also here to share everything you need to know about the purchasing process. Here’s a closer look at adding a cosigner and what they need to bring on the day of purchase. 

What is a Cosigner?

To start, it’s essential to understand what a cosigner is and why they’re important. In some cases, drivers won’t be eligible to purchase a vehicle with their current financial circumstances. This can happen for many reasons, including a lower credit score, an inadequate credit history, or current employment status.

If the driver cannot qualify for the vehicle loan on their own, they may be required to add a cosigner to obtain financing. The cosigner is responsible for the loan if the driver doesn’t make payments. Since you are legally bound to pay if the buyer does not, you must be cautious about whom you agree to be a cosigner for.

What Should a Cosigner Bring to the Dealership?

A cosigner essentially acts as a second owner of the Jeep vehicle, though they won’t possess it. All that said, they need to bring the same information and documents that the owner will bring. This includes proof of employment, personal ID, and proof of address. An inquiry will also be run on their credit score to determine eligibility as a co-signer.

Begin Jeep Financing

Are you ready to take home an exciting new Jeep vehicle? Woodhouse Chrysler Jeep Dodge Sioux City is here to help. Visit our dealership to learn more about the financing process today.