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What does co-signing a vehicle impact credit? Part Of Financing a Car With a Co-Signer In this series Financing a Car With a Co-Signer Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. We also allow users to conduct research and compare information at no cost to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies who pay us. This compensation could affect how and where products appear on this site, including such things as the order in which they may appear within the listing categories, except where prohibited by law. This applies to our loans, mortgages, and other home loan products. This compensation, however, does have no impact on the content we publish or the reviews appear on this website. We do not cover the entire universe of businesses or financial deals that might be available to you. SHARE Getty Images/Jupiterimages

3 min read Published September 20, 2022

Written by Mia Taylor Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to control their finances with clear, well-researched information that dissects complex subjects into digestible pieces. The Bankrate promises

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You have money questions. Bankrate has the answers. Our experts have helped you understand your money for over four years. We continually strive to provide consumers with the expert advice and tools required to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our content is truthful and precise. Our award-winning editors and reporters produce honest and reliable content to help you make the right financial decisions. The content created by our editorial staff is factual, objective and uninfluenced from our advertising. We’re open about the ways we’re in a position to provide quality content, competitive rates, and useful tools to our customers by describing how we make money. is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products andservices or through you clicking certain links posted on our website. This compensation could impact how, where and in what order products appear in listing categories and categories, unless it is prohibited by law for our mortgage or home equity products, as well as other home lending products. Other factors, such as our own proprietary website rules and whether a product is available in the area you reside in or is within your own personal credit score could also affect how and where products appear on this website. We strive to offer the most diverse selection of products, Bankrate does not include specific information on every credit or financial product or service. Do you have a relative or friend who’s asking you to co-sign for a car loan? Perhaps you’re having trouble getting accepted for an auto loan and require co-signers? In any event it’s essential to realize that both the principal borrower and co-signer are legally responsible for the auto loan payment. Both parties may be subject to serious consequences for their credit if the loan goes into default. However, the upside is that an auto loan could also improve the credit score of both co-signers and the borrower’s health if handled properly. The most important thing to remember is

Co-signing for a loan can hurt your credit. Late payments and default will impact your credit score, as well as the primary borrower’s. Your score may also decline just a few points from your initial credit report.

How co-signing an auto loan impacts the credit score of the co-signer. If you co-sign an auto loan your credit score could be slightly affected by the hard inquiry generated when you apply. There could be a slight drop in your credit score since your average age for your accounts will decrease. However, your credit score could improve in the event that regular payments are paid on the loan because it adds positive payment history to the credit report. But if the primary borrower cannot make payments and the co-signer doesn’t fill in the gaps, your credit score will suffer. Additionally, you may be able to get and credit cards in the near future. When the loan exceeds 30 days due date, it can be filed through the lender to the top credit bureaus- Experian, TransUnion and Equifax — and tank your credit score. If the loan remains in default and co-signers are involved, their credit score suffers a much greater impact. The unfortunate thing is that repossessions and late payments will remain visible on credit reports for as long as seven years, but the effect diminishes with time. How does having the auto loan co-signer affects the primary borrower’s credit Were you refused an auto loan due to a lack of credit history? A co-signer with excellent credit is likely to increase your odds of approval because the lender is less likely to take on risk. This means you’ll be approved for auto loan and begin to build a good credit when you make timely payments on the loan. A co-signer can also help you if it is low due to past financial missteps. Payment history accounts for 35 % of the credit score, so keeping current on the auto loan repayments over the loan term could help boost your score, provided you handle all your other debts with care. The right time to become co-signer for a car loan Co-signing for a car loan is risky and can harm your credit score in the event that it’s not managed properly. However, there are situations when being a co-signer makes sense for a friend or relative who has a proven track record of employment that is consistent in income and you’re confident that they’ll pay on time loan payments. Your child is not a creditworthy person and has no credit history, and you want to help them build credit from the ground up. You can afford to make your monthly payments if the primary borrower has a problem. When to have a co-signer on the car loan A co-signer can help you get approved for the car loan that has a reasonable interest rate. Here’s when it is ideal to bring a friend or relative on board: You earn an income that is steady and you are able to afford the monthly loan payment, insurance , and maintenance expenses that be incurred by the car. You consistently make your payments in time and have money stored in case of emergency financial situation. It’s difficult to be approved for car loan because of a lack on credit or past errors. It’s a fact that if you’re thinking of co-signing on a vehicle loan or asking someone else to sign on your behalf, you should consider all the potential risks prior to making a decision. There are many important aspects to consider. Both arrangements can mean bad news for your credit and your overall financial situation if there is a financial crisis, and loan payments aren’t made in time. Furthermore, important relationships could be strained, which could easily make the costs of co-signing an auto loan or obtaining a co-signer outweigh the benefits.


Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers to manage their finances with precise, well-studied information that break down complex topics into digestible chunks.

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