Why You Might Need a Cosigner for a Bad Credit Score Auto Loan Nanaimo British Columbia

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There are situations when you need fast cash. Maybe your HVAC system broke down or you want to add more products ahead of your business’ peak season. A bank loan might be out of the equation, but a bad credit score auto loan Nanaimo British Columbia might be the ideal solution. What if you’re not sure you’ll qualify on your own merit? A cosigner is an elegant resolution to this dilemma. 

3 Reasons You Need a Cosigner

  • You don’t have a steady income. Most lenders require applicants to be employed at least 24 months before getting a loan. It’s why they ask for proof of income. This can be a problem if you’re a freelancer, a small business owner, or a pensioner. A cosigner will give lenders reassurance someone will take over the loan. 
  • You have no or insufficient credit history. University students, migrants, and people who rarely use credit cards might face this issue since they haven’t had time to build their credit history yet. You could wait to get a fast loan until you’re more established. Or you can get a friend or family member to cosign one.
  • You have a poor credit score. Lenders won’t look kindly on this indicates you’ve had credit problems before. You can go with a cosigner but they must have an excellent credit rating. 

Trusted Car Loan Expert

Are you looking for a loan? Premier Loans Canada is the title loan specialist you need. You can borrow as much as $45,000. Our company offers low-interest rates and affordable monthly payments. We also have flexible payment plans. You don’t even have to worry about credit checks. Log on to our website to apply or call our toll-free number at 1-855-965-1650.

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