Free preview · from the dealership side of the desk
Most first-time buyers who are turned down are not turned down for bad credit. They are turned down for no credit: a file with nothing in it, or one trade line less than a year old. The two tools the industry uses to approve those buyers are a co-signer and a ‘first-time buyer’ program, and both are presented at the desk as favors. They can be. They are also how a $9,000 first car becomes a $21,000 loan in a parent’s name.
Here is what each one actually is, written from the side of the desk where the applications get submitted.
Members read the rest · 5 more sections
In the full guide
- What a co-signer agrees to
- How dealers use a co-signer
- First-time buyer and college-grad programs
- The safer sequence
- If you are the co-signer
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