What is a Co-Buyer | KEYS by GM Financial

Welcome back to Keys by GM Financial I’m Marian in each week on KEYS we’re bringing new personal financial tips to
help you unlock your financial future when you’re on an important drive
sometimes you want someone riding shotgun sure you’ll be fine driving by
yourself but you might have a better time if someone is by your side having a
cosigner on a car loan or lease is a lot like that some people think the terms
cosigner and co buyer are synonymous but there are important differences between
these two cosigner if the primary borrower does not fulfill their
financial responsibilities then is up to the co-signer to make the payments co-buyer as an equal partner on the financial agreement a co-buyer shares
the benefits of ownership and the financial accountability GM Financial
like many finance companies gives you the choice to add a Co-applicant to
your agreement the Co-applicant would act as a Co-buyer here’s three ways this
could work in your favor number one interest rate while rates
vary credit scores that are considered prime or near prime may qualify for
lower interest rates you may save money on interest if you can combine your
credit score with a co-buyer who has a prime credit score number two financing
amount when you add a co-buyer 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 applicants and number three credit if you are looking
to build credit history or get a fresh start a co-buyer or co-signer with a
strong credit history can help you get approved for credit apply online to see
what you prequalify for having a co-applicant on your contract can
it’s benefits keep in mind that one of the best financial decisions you can
make is to always use credit responsibly learn more about understanding your
credit record and check out our tips for managing your credit rating check back
next time for more keys and don’t forget to subscribe to get notified of new
videos to help you unlock your financial future

Paul Whisler

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