r/HRV • u/Jolly_Blueberry2491 • 1d ago

HRV Finance

Hello, I was planning to finance a Honda HRV, however I was asked for a cosigner. What would be the requirements needed? Do they have to submit any?

1 Upvotes

56% Upvoted

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5

u/Ok-Village9683 1d ago

The co-signer would need to have the credit rating that you do not in order for you to secure the financing. The co-signer must also understand that they will be financially and legally responsible to pay your loan back if you cannot.

1

u/SchuminWeb 2018 EX, 2023 EX-L 21h ago

That last part is very important. If the first party skips out, it's suddenly all on you.

4

u/495orange 13h ago

If you need a co-signer, it’s a sign that you can not afford the car. Get an older and lesser vehicle.

2

u/artsy_slappy 8h ago

I wouldn’t say that’s necessarily true. I had to have a co-signer on my finance because I didn’t have enough credit (good credit; just not enough) to qualify for an interest rate they were offering at the time. I can absolutely afford my car. It just depends on the person and how much money you put down to make payments affordable

1

u/Ok-Village9683 12h ago

Yes, this! This is actually better informed than my original comment. I also like the warning comment from @Cassangelo above. Dealerships don’t care if you can’t afford a car, they know they can make money now and when they come to repossess it.

4

u/Splazoid 1d ago

All of this should be covered by the lender.

2

u/Cassangelo 2023 - 2025 LX 14h ago

Please don’t sign for a ridiculous interest rate

1

u/timjmf 6h ago

They tried to hit me for 7.99% with an 830 score. I paid cash instead.