New Jersey Driving Manual: Safest Cars for Teenage Drivers

Parents dread the day when their teenage kids first acquire their driving license. Then the questions start pouring in. Will they check their speed limit while driving? Will they make the appropriate turning signals? Is a specific car model the safest option out there for a teenager? The questions can seem to stress any parent, especially if you reside in New Jersey.

Being one of the most densely populated and heavily travelled states of America, New Jersey is packed with highways. It is common to find numerous cars on the roads of New Jersey at any given time. It increases the probability of vehicular collisions and road mishaps, if the correct traffic rules are not followed. Therefore, to avoid road mishaps, teenage drivers should opt for the safest cars while purchasing a new car. 

Which are the Safest Cars for Teenage Drivers of New Jersey? 

Honda Accord LX Sedan

Amongst the top-rated sedans and the best selling cars, the Honda Accord LX Sedan sets the benchmark for safe cars. New Jersey is home to some of the largest roadways in America and maintaining road safety can become critical. The Honda Accord LX Sedan includes safety features such as forward-collision warning and lane-departure warning which be of great use to teenage drivers with little or no driving experience. Typically, a forward-collision warning detects an imminent car crash and a lane-departure warning notifies the driver if the car is moving out of lane. Other features of Honda Accord LX Sedan include automatic climate control, Pandora compatible audio system and 4-cylinder engines. 

Hyundai Sonata SE

The Hyundai Sonata SE is amongst the best made luxury sedans. New Jersey is famous for its affluent population and when it comes to cars, the folks of the state indulge in luxury cars. Along with comfortable interiors, the Hyundai Sonata SE includes a total of seven air bags, including a driver seat knee bag. Enough air bags induce safety for teenage drivers who might have just started driving. Additionally, the Hyundai Sonata SE comprises of features like remote keyless entry, 7-inch touch screen and blind-spot detection. 

Mazda3 5-Door

Along with a comfortable cabin design and good fuel efficiency, the Mazda3 5-Door is a hatchback car with a sporty outlook. With over fifty resort locations in New Jersey, a sporty car is a perfect fit for quick getaways. A striking feature of Mazda3 5-Door is the feature of a rear cross-traffic alert which detects if any car is crossing your rearward path. It acts as a safety guide for teenage drivers during backing out of parking. The Mazda3 5-Door also includes a push-button start feature and power-folding exterior mirrors. 

Choosing a car for a teenage driver can involve a few comprises on budget and an image conscious model. However, safety is an important factor that should not be disregarded while purchasing a car for a teenage driver. With the rise in road mishaps in New Jersey, a safe car is the best fit for teenage drivers. 

Have you got your driving license recently? If you are a teenage driver, you can obtain zero credit car loans with immediate assistance from Car Destination. The company is well-known for providing quick bad credit auto loans in New Jersey. Apply now.

Cosigner for Auto Loan - What you need to know before signing the Contract

Many a times while you are looking at your car loan contract, you may come across the term ‘cosigner’. A cosigner can be anyone. He/she can be someone from your family or your group of friends. Basically, a cosigner is someone who guarantees that if you cannot pay back the loan, they will be legally responsible to pay back the debt. 

Key Requirements: 

There are a few requirements which are essential if you plan to get a cosigner for your loan. 

1. Mutual Consent

 

The cosigner must be willing to sign the contract and pledge that he/she will pay the due amount as per the agreement, in case you are not able to make the payments. The guarantee is always taken in writing and the lender will not accept a verbal commitment. 

2. Proof of an Income Source

 

provide his pay-stubs. If he/she is self- employed, then income tax return slips will become necessary. In case of failing to provide the proof of an income source, the lender may disapprove your bad credit auto loan application.

3. Stability

 

 

Sometimes, potential lenders may dig deep to cross check your cosigner’s stability. They might want to check the cosigner’s reputation in the community along with his/her work tenure with the employer. They consider the cosigner as a part of your ‘team’ while approving the loan. 

The Risk Factor

Apart from the requirements, you must consider the following risks before involving a cosigner: 

>>The major risk is the risk of financial setback to the cosigner. By agreeing to lend you a helping hand, the cosigner risks lowering his/her own credit score. 

>>The lender will sue the cosigner if he/she fails to repay the loan. So, it is advisable to pay off the loan on your own and not depend entirely on the cosigner. 

>>A cosigner cannot shy away from his/her responsibility after signing the contract. Hence, he/she is liable for your auto loan. It might lead to disagreements between you and the cosigner. 

In the end, it is a personal decision to opt for a cosigner. The agreement between you and your cosigner must be clear from the beginning. It will ensure that there is no scope for confusion in the future. Remember a mature car buyer will not make others liable for his/her expenses and make monthly payments responsibly. 

Finding a cosigner and convincing him/her takes a lot of your time. Instead, you can opt for no cosigner auto loans with the help of Car Destination. The company will help you obtain bad credit no down payment car loans in no time.

How to choose the Right Co-Signer for your Car Loan?

What is the meaning of a co-signer?

He/she is as an individual who:

• Signs the loan contract with the borrower;

• Is obligated to repay the loan if the borrower does not make payments;

• Has the joint liability for making regular payments; and

• Has no right to the vehicle.

How is a co-signer different from a co-applicant?

A co-applicant(co-borrower) assumes the same responsibility as a co-signer but he/she enjoys the benefit of ownership. A co-applicanthas right to the car.

Who needs a co-signer?

Car buyers who do not have a strong credit application require a co-signer because he/she ensures the lender of regular payments and reduces the lender’s risk. So, a co-signer is often considered a boon by following people because he/she helps them in securing quick finance:

• Young car buyers with no credit history

• People with terrible credit score

• People with low income

• Car buyers with short employment history

• Car buyers with repossession or bankruptcy in the past

Is a co-signer needed for a “joint car loan”?

A car loan is considered a “joint car loan” if the following applicants are involved:

1. A primary borrower

2. A co-applicant or aco-borrower

If both the applicants have credit issues or any other financial problem, lenders make co-signing compulsory.

Who is eligible to become a co-signer?

Usually, parents co-sign car loans for their children. It is for this reason many people believe that the only criterion for becoming a co-signer is to be the relative of the borrower. But, it is a myth. Following are the criteria for becoming a co-signer:

• Preparedness to Co-Sign

Many people will be ready to inform the lenders about their willingness to become your co-signer. But, just an informal promise or a verbal agreement is not enough to become a co-signer. So, ensure that your co-signer is prepared to sign the loan contract and is willing to assume the responsibility of your car loan.

• Good Credit Score

A co-signer is required to have a good credit score. He/she must pay bills on time and have an experience of obtaining a variety of debts such as mortgage loans, credit card debts, personal loans, etc.

Usually, lenders require a co-signer to have a credit history of at least five years. So, make sure that you check the prospective co-signer’s credit history before talking to the lender.

• Ability to Repay the Loan

Lenders don’t allow anyone to become a co-signer. A person can co-sign your loan contract if he/shecan repay the loan. Your co-signer needs to submit the financial documents to the lenders so that they can check his/her financial situation:

1. Bank statements

2. Property details

3. Ongoing loan information

4. Pay-stubs

5. IT returns (if the co-signer is self-employed)

• Employment and Residential Stability

If your co-signer switches jobs frequently, lenders will consider his/her employment status unstable and reject your loan application. It is because lenders want a co-signer to have a stable employment.

Also, lenders require a co-signer to have a stable residence history. It is ideal if your prospective co-signer is residing at the same address for at least two years.

So, these are the criteria for becoming a co-signer. If your lender has asked to bring a co-signer, don’t forget to use them. It will help you in choosing the right co-signer for your car loan.

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