1. Supporting Documents/Information

How to Add A Co-Signer To A Lease

As the owner of the business, you may be required to add yourself as a personal guarantor to your commercial credit application. If you have recently been declined for financing and are looking for under $15k in equipment financing, you may be able to add a co-signer to your application. 


What is a Co-Signer?

A business loan co-signer is someone who signs a document guaranteeing they’ll repay your loan if you can’t. That means they’re as legally responsible for paying off the loan as your business. Lenders also refer to co-signers as guarantors.


Regarding business loans, lenders typically only allow immediate relatives — like a mother, father, son, daughter, brother, or sister — to cosign a loan. The ideal co-signer also has excellent credit, a low debt-to-income ratio, and a steady income. They should be able to afford to cover your business’s loan repayments comfortably. 


When is it best to apply with a co-signer?

Getting a co-signer can help when your personal credit is poor, and your business loan application was recently declined. 


How can applying with a co-signer help? First, it can help increase your chances of getting approved if your credit score is too low to meet most minimum requirements — typically below 600. It can also help your business be approved for higher amounts.


How to Add a Co-Signer to An Application

  1. Download and print our co-signer credit application. Click here to download the application.
  3. Scan and email your application to credit@faastrak.com - please include your application number


For any questions, feel free to call us at 877-443-8851