What Your Cosigner Needs for GMC Financing

March 10th, 2023 by

Cosigner for GMC Financing

If you’re applying for a car loan at our GMC financing department and don’t have excellent credit, you might want to have a co-signer. A cosigner with better credit agrees to be responsible for the loan along with you. When your cosigner comes to visit Woodhouse Buick GMC, they will need to bring some paperwork with them, so let’s cover the essentials. 

Proof of Identity

A cosigner must bring proof of identity as if they were taking the car loan out for themselves. A driver’s license is usually sufficient here. Having a social security card on hand is also a good idea since the cosigner’s credit will be checked anyway.

Proof of Income

A dealership will also need to see the cosigner’s proof of income. A W2 and some paychecks are usually enough, but someone who runs their business might need more documentation. Don’t be surprised if you’re asked to show tax returns from previous years, especially if this is a bigger loan.

When evaluating a cosigner, most lenders like to see consistency. If your cosigner has been employed at the same job for many years, that usually reflects well on them.

Proof of Residence

Our financing department also needs to see proof of residence for a co-signer. Something like a mortgage or lease agreement, a utility bill, or a property tax bill will usually suffice.

As with income and employment, stability is essential here. A cosigner with “roots” who has lived in a community for a long time looks reliable, making them a good candidate for cosigning a loan.

Get Answers to GMC Finance Questions

If you have more questions about financing or cosigners, visit our new car dealership in Omaha. We’ll help you find a new GMC SUV that fits your budget.

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