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Co-signing vs. co-owning a car Which is better? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content. We also allow users to conduct research and compare information for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies who pay us. This compensation could affect how and where products appear on the site, such as, for example, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, or other home lending products. This compensation, however, does not influence the information we publish, or the reviews you see on this site. We do not include the entire universe of businesses or financial offers that may be open to you. FG Trade/Getty Images
2 min read published October 28, 2022
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Written by Bankrate Written by This article was generated using automation technology and thoroughly verified and edited by an editor from our editorial staff. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers feel confident to control their finances. They provide precise, well-studied facts that break down complex subjects into bite-sized pieces. Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized expert on student financial aid Mark Kantrowitz is an expert on financial aid for students, the FAFSA and scholarships, 529 plans, educational tax benefits, as well as student loans. The Bankrate promise
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There are some differences between a co-signing and co-owning a car A co-signer is an individual who is responsible for repaying the loan but does not possess any legal title to the car. A co-owner is entitled to the same rights to the vehicle. Co-signing for an automobile loan in the case of an automobile co-signer, the co-signer is required to take on the monthly repayments if the borrower is unable to make these payments. It’s a huge choice to make and could be . Benefits of cosigning on a car loan Aid in getting a loan: A co-signer may be eligible apply for the car loan they otherwise wouldn’t be eligible for. Credit building: In the event that the borrower is able keep up with payments, the credit of co-signers and co-signer may be improved. Reduce costs: If the cosigner has a very good to good credit score and the primary borrower is in good standing, they can get a better fee and interest rate. There are risks associated with co-signing on the car loan The responsibility for repayments If the borrower fails to pay on a loan, the co-signer has the responsibility accountable for the totality of loan repayments. There is no legal claim co-signer does not appear in the title of the car and has no legal claim to the vehicle. Co-ownership of a vehicle In the case of a vehicle, both the owner and the co-owners are listed on the title. Co-ownership doesn’t alter any fact about the reality that the borrower who is the main one owns the property. Based on the way in which the vehicle is titled, the primary borrower may require permission to sell the car. Benefits of co-owning a car Co-owners are safer A co-borrower is protected by the security of having their name on the title. Better terms: If both of the borrowers have credit that is strong, the primary borrower may be extended more favorable terms than if they had applied independently. Risks of co-owning a car Equal right: A co-borrower has equal rights to the car as the principal borrower. This means that the co-owner has to participate in either the sale or transfer of the vehicle. Insurance If the co-owner doesn’t actually use the vehicle, they will likely be required to sign the insurance policy. This can mean higher costs for both involved. How to choose between co-signing or co-owning a car The main difference between co-borrowers and co-signers is the amount of money invested of the loan. Co-borrowers take on more responsibility and ownership than co-signers. Co-borrowing is a good option for those who have good credit and want equal rights to the vehiclelike an engaged couple who wish to purchase a vehicle together. On the other hand, co-borrowing is for those who doesn’t meet the requirements for the loan at all, or needs help qualifying for more money or a lower interest rates. How to prepare to co-sign or purchase a car To be a co-signer on an loan it is necessary to be able to prove a steady income and meet the criteria for credit score set to be met by the lender. Similar requirements apply to co-ownership, as the credit of both co-borrowers is considered. Even if you meet the criteria, an open conversation should be had between both parties. Co-signing or co-owning each comes with significant risk to credit. You must ensure that there is a plan in place to cover the case that the borrower who is primary will not be able to pay. The main point is that there are many reasons you could choose to co-sign or co-own an automobile with a different person. In any case it is crucial that both parties are on the same page regarding what the relationship entails and what is expected from both of you. Find out more
Written by The article was generated using automation technology and was thoroughly checked for accuracy and quality by an editor from our editorial team. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances by providing clear, well-researched information that is broken down into complex subjects into bite-sized pieces.
Auto loans editor
Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized student financial aid expert Mark Kantrowitz is an expert on student financial aid including the FAFSA as well as scholarships, 529 plans as well as tax benefits for education along with student loans.
Nationally recognized student financial aid expert
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