7 Ways to Make Your Cosigner Feel at Ease ...


There are several ways to make your cosigner feel at ease; and when your cosigner is at ease, he or she may be more willing to help you get the loan you need. Given your shaky credit history, persuading someone to cosign your loan might be harder than you think. This person may fear messing up his or her own credit. However, here are seven ways to make your cosigner feel at ease, which can put you closer to getting approved.

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Choose a Shorter Loan-term

Selecting a shorter loan-term is one way to make your cosigner feel at ease. The person might be willing to cosign your loan, yet he might not be willing to accept partial responsibility for a debt over a five or six-year period. For example, if you're getting an auto loan, choose a shorter-term — perhaps two or three years, if possible.


Add His/her Name to the Car Title

If you need a cosigner to purchase a new car, adding this person's name to your vehicle title might put them at ease. With his or her name on the title, this person becomes a co-owner. Therefore, if you default on the loan, the cosigner is within legal right to take possession of the vehicle.


Explain past Credit Problems

If you need to persuade someone to cosign a loan, be open about your past and explain your mistakes. Knowing that certain situations took place beyond your control might put your cosigner at ease. For example, they might be willing to cosign your loan if past credit history resulted from an illness or job loss, rather than just plain irresponsibility.


Explain How You Plan to Stay Current

Additionally, tell the person your game plan for making your loan payments on time. You don't have to divulge too much of your personal information. However, if you have a sizeable cash cushion, or if you recently got a salary increase, sharing this information might put the other person at ease.


Provide a Recent Copy of Your Credit History

Lenders reviewing your loan application will also review your credit history. It's also helpful to order your own personal file and present this to the person who might cosign your loan. This way, you can show that your recent credit history has been positive, which means that you're more likely to keep current on the new loan.


Offer to Refinance in a Couple of Years

Just because you need a cosigner today doesn't mean that you’ll need one in a few years. Let the person know that you need a cosigner to get your foot in the door with banks, but as soon as your credit improves, you plan to refinance and remove his or her name from the loan.


Give Your Word

Its also helpful to give your word. Understandably, a promise is just that — a promise. And even if you give your word, situations beyond your control might happen. However, your word might go a long way with the person who agrees to cosign your loan.

Finding a cosigner can be frustrating and annoying, but in the end, this person can help you qualify for a loan you need. What are other ways to put your cosigner’s mind at ease?

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