Nissan Finance 101: What Info Does a Cosigner Need?

Have you been weighing your Nissan finance options at Woodhouse Nissan Bellevue and thinking you may need a cosigner? While a cosigner can significantly benefit you, we encourage you to carefully discuss these details with them first. 

What is a Cosigner?

Before getting an auto loan, you must accept all responsibility for paying back the loan in regular monthly payments. A cosigner is a third party who agrees to serve as your financial “backup.” They accept the full financial responsibility of your loan if you can no longer pay it as agreed.

Do I Need a Cosigner?

Typically, a cosigner is used for someone who hasn’t yet established their own credit (such as a minor) or someone that has issues with their credit. It can be difficult to obtain a loan with bad credit (or no credit at all). However, a lender will consider your cosigner’s credit and income, which can help improve your chances of getting a loan and one with competitive terms.

What Does a Cosigner Need?

If you opt to add a cosigner to your loan, we will need the same information from them as we do from you. This information will be collected from you (and your cosigner) before you apply:

• Your name and contact info
• Your date of birth
• Your social security number
• Your address, the length of time at your residence, and your mortgage/rent cost
• Your occupation, your employer, the length of time you’ve been at your job, and your income

Do You Still Have Questions?

If you still have questions about applying, we encourage you to contact the experts at our Bellevue auto finance center. We’d love to sit down with you today!