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How To Secure An Auto Loan Without Cosigner?

How To Secure An Auto Loan Without Cosigner?

A car is a necessity in todays world. And, most buyers purchase their car with the help of car loans. When you apply for an auto loan, lenders often ask for a co-signer. A co-signer is someone who is ready to pay-off your car loan if you miss out on payments. It can be anyone from your parents, relatives or friends.

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Having a co-signer has its own advantages. When you have a co-signer, the lender is certain that his investment is safe. As a co-signer offers great security to the lender, he will automatically lower your interest rates.

But, finding a co-signer isnt easy, is it? It is difficult to find someone with a good credit history in this economy. He must be earning a decent income and must have a stable debt-to-income ratio. Also, it is very difficult to convince somebody to co-sign your car loan agreement because it is very risky for him.How To Secure An Auto Loan Without Cosigner?

But, you can now avoid the trouble of finding a co-signer and then convincing him. Get a no co-signer car loan and forget all about searching someone with a good credit score. An auto loan without co-signer can help you get your dream car.

How to Get No Co-Signer Auto Loans?

There are several factors which affect the approval of your no co-signer auto loan. If you have a car loan application that fulfills the requirements of the lender, you can easily get a car loan without co-signer.


Absence of a co-signer may not at all be a problem if you are working and have a stable source of income. The lender may ask you to show your income proof. So, keep your current pay stubs ready. You may also need an Employment Certificate from your employer.

Credit Score

The requirement of the co-signer arises because lenders consider credit borrowers risky. But, if you have a good credit score, the lender will know that you are regular in making payments. This means the lender wont ask for any additional security of a co-signer.

If you have bad credit history, wait for some time and improve your credit score. Make on-time payments and pay-off any previous debts. Also, it is important to report and errors to the credit bureau. This will increase your credit score.

Down Payment

Auto loans without co-signer are easy if you are ready to make a down payment. As you make a substantial down payment, the car loan amount is reduced. Also, lenders are able to ascertain your financial capacity. So, this puts you in an advantageous position.

All these factors ensure that you reduce the lenders risk. It is important that lender sees you in positive light because it will help you in getting instant approval on auto loan with no co-signer.

Think of car financing as a game. If you can convince the lender that you are a low-risk borrower, you win the game.

All the best!

by: Alan Hendricks
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How To Secure An Auto Loan Without Cosigner?