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Receiving rejection after rejection for a car loan with bad credit might make you feel as though obtaining a new vehicle is a task that will have to wait a prodigious amount of time. However, asking a co-signer to help you with the car loans can make the situation more feasible. Still though, putting yourself out there and procuring this type of assistance may feel overwhelming.
Make Honesty a Priority
When you're asking a relative or friend for help with car loans in Canada, you may feel awkward or intimidated. These emotions can lead you to obfuscate parts of the situation. For example, you might say that your credit scores are higher than they actually are, or you may say that you want to share the car with the person. Instead of throwing these lies out there, just tell the truth. If the person knows you well enough to act as a co-signer, then he or she also likely knows when you're lying.
Ask the Right Person
The reason that you're asking for a co-signer is because you're having trouble obtaining bad credit car loans. Speaking to someone who is also in a deleterious financial situation is likely to leave you with no solution. In other words, the two of you signing onto one loan for a car might receive rejection as well. Also, the person is more likely to reject your request if he or she is struggling with personal finances. While you don't want to turn to people just because they have money, procuring assistance from a person who isn't financial struggling is wise.
Create a Contract
For the protection of you both, you may want to seek out legal assistance stating that you are responsible for paying the loan. Finding out if this option is available can help to protect your relationship too. The co-signer will not have to always wonder if you are going to follow through on the deal. This type of arrangement can leave you both feeling better about and more confident in the co-signing.
Asking someone to co-sign on your loan means that you need to feel comfortable expressing your monetary issues with this person. Furthermore, you want to ensure that entering into this agreement together does not end up hurting one or both of you in the end.