Financing a new vehicle can seem daunting. With Lexus financing, it doesn’t have to be. There are several things to consider; chief amongst them is your credit score. We help everyone the best we can. However, you might need a cosigner to get financing or a lower payment. Here’s what that cosigner will need to get your financing fast.
Proper Documentation
The most important documentation you and your cosigner need is proof of employment history and income. The easiest way to accomplish this is by bringing along pay stubs that show current employment history. You should also bring along documentation of any other assets and income. If you are self-employed, bring at least two years of tax returns as proof.
A Good Credit Score
Cosigning an auto loan affects the borrower’s and cosigner’s credit scores. Because a low credit score won’t help much, the next thing a cosigner needs is a good credit score. The lender, most likely your bank, will run these scores, both for the signer and cosigner. This will impact your score, so you shouldn’t apply for financing or any lines of credit at the same time as cosigning a loan.
Clear Expectations
The last but most important thing a cosigner will need is realistic expectations. Cosigning any loan makes you equally responsible for repayment. If the first signer doesn’t make the monthly payments, those consequences fall to the cosigner. Knowing what to expect in that event is crucial.
How to Get Your Lexus Financing Started
The best way to get started is to come down to our Van Nuys Lexus dealership and visit our Lexus financing team. We can help find you Lexus offers that can reduce your monthly payments while helping you and your cosigner find the right financing plan. We look forward to helping!
