Premier Auto Financing offers auto loans for people with bad credit. We can provide financing to individuals with bankruptcies, repos, divorce, foreclosure, etc..

Auto loan rates associated with bad credit auto loans are obviously higher than rates related with good credit loans. However, if you have bad credit, you can obtain more favorable terms and rates if you have a friend or family member that is willing to be a co-signer for your car loan.

What is a co-signer?
When you co-sign a loan, you are taking responsibility that the car loan payments are going to be made on time, in full, every month. If they are not, your credit is going to be reflective of this.

When you co-sign you are taking on a risk that the lender would not. If the person requesting the loan met the loan requirements, then they would not need a co-signer. Being a co-signer should be carefully considered.

Is a co-signer a co-owner of the car being financed?
The co-signer of an auto loan is not listed on the title of the automobile. A co-signer is merely accepting responsibility for payment of the car being financed. Not being on the title eliminates you from any obligation to tickers or accidents that occur with the car being financed. However, not being on the title takes away influence you have over the person you are co-signing for. Specifically, if payments are not made, you can not take the car in your possession.

As a co-signer of an auto loan, what can I do to protect myself?
First off, get a copy of the loan. This way, you will know when payments are due, and for how much. Then, ask the lender to notify you immediately, in writing, if the person you are co-signing for does not make a payment. This will allow you to try and fix the situation before your credit is affected. Typically, you will have 60 days from the time a payments is missed until it is reported to the credit bureaus.

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