co-maker

How to Find a Trustworthy Co-Maker?

While you can get any type of loan on your own, there are times when you need to bring a co-maker with you. The co-maker is a person you trust who will also shoulder the responsibility of the loan. In the event that you cannot pay for the loan, the co-maker needs to settle the payment instead. Getting a co-maker is a lender’s method of assessing or minimizing the risk of the transaction. So, how can you find a co-maker who will bear the loan with you?

 

Ask Your Relatives

liscenced money lender in SingaporeYou can always turn to your family for assistance. In this case, you can ask your sibling to be a co-maker for the loan. Cousins, uncles, and even aunties will do. The real catch is the responsibility of the loan. If you cannot pay it at all and the co-maker is grilled, relationship may be strained. Before thinking of applying for a loan that requires a co-maker, ensure that you understand everything first. You also need to do your best to repay the loan.

 

Ask Your Friends

If you’re hesitant to ask your relatives, you can turn to your trusted friends. Winning your friends’ trust shouldn’t be too hard, but you shouldn’t break it as much as possible. There have been situations where friendships were broken due to failed loan ventures. Remember that any loan today is considered a manageable risk. Explain everything to your friend before signing any agreement.

 

The Responsibility 

All loans have one fact in common: they must be paid at all costs. Unfortunately, many people failed to pay their loans and this led to bigger debts and problems. Create a mental note of your responsibility before applying for a car loan. You also need to create a detailed loan repayment plan that can help you explore all possible angles of your financial situation. Since you have a co-maker, you also need to include him or her in the plan. Discuss strategies with your co-maker, and you won’t have any problems at all.

 

Trust is more important than any kind of loan. If trust is broken, then relationships will crumble too. Remember this fact before pursuing a co-maker.