You’ve been hearing about great interest rates and wondering if it makes sense to refinance your car. But if you’re new to the credit world or need a fresh start, could you even qualify? There just might be a way. It’s called a co-applicant.
You’ve been hearing about great interest rates and wondering if it makes sense to refinance your car. But if you’re new to the credit world or need a fresh start, could you even qualify? There just might be a way. It’s called a co-applicant.
Here’s what that means. A co-applicant is an equal partner on the financial agreement and that person shares the benefits of ownership and the financial responsibility.
Here's how this could work in your favor:
Interest rate. While rates vary, credit scores that are considered prime or near prime (680+ FICO) may qualify for lower interest rates. You may pay less interest if you’re allowed to combine your credit score with a co-applicant who has a prime score.
Financing amount. When you add a co-applicant with a good credit history, you may increase the amount available to you. This is because loan and lease amounts are based on the financial status of all the applicants.
Credit. If you are looking to build credit history (or get a fresh start), a co-applicant with a strong credit history can help you get approved for credit.
Having a co-applicant on your contract can have its benefits. And GM Financial has a way to apply for refinancing online, including with a co-applicant. It’s called Mode℠. Simply go to getmode.com and if you’re approved, we take care of everything, including having you sign your new contract electronically.
Mode is backed by GM Financial, so it’s financing you can trust.
Don’t let being a credit newbie or having a few dings on your credit history keep you from possibly getting a better car payment. Check out Mode today. You’ll save time, get a rate you’ll like, along with great customer service, and all from a company you can trust.
By Julie Powell, GM Financial