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How to protect yourself when co-signing a car loan 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 aim is to assist you make better financial decisions by offering you interactive tools and financial calculators as well as publishing authoritative and original content, by enabling you to conduct your own research and compare information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this site, including such things as the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity, and other home loan products. But this compensation does have no impact on the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial offers that may be accessible to you. Oliver Rossi/Getty Images

2 min read Published October 12, 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of borrowing money to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing clear, well-researched information that is broken down into complex topics into manageable bites. The Bankrate promises

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There are money-related questions. Bankrate has answers. Our experts have been helping you master your finances for more than four decades. We are constantly striving to provide consumers with the expert guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct , therefore you can be confident that our information is trustworthy and precise. Our award-winning editors and journalists produce honest and reliable content to help you make the right financial decisions. The content we create by our editorial staff is objective, factual and is not influenced through our sponsors. We’re transparent about how we are capable of bringing high-quality content, competitive rates, and useful tools to our customers by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products andservices or by you clicking on certain hyperlinks on our site. This compensation could influence the manner, place and in what order products appear within listing categories, except where prohibited by law. We also offer mortgage or home equity, and other home lending products. Other factors, like our own rules for our website and whether a product is available within your area or at your personal credit score may also influence how and where products appear on this website. Although we try to offer a wide range offers, Bankrate does not include details about every credit or financial products or services. Signing off as a is a way to make it possible to own a car for a family or friend member who may not qualify for financing without your help. However, co-signing is not without risks, as you share equal legal responsibility for the loan, missed payments or default can have an impact on your finances. If the car owner is accountable, co-signing may increase your credit score. 5 ways to protect yourself as a cosigner these points to protect your financial security if you decide to act as co-signer in the future for a . 1. Co-sign only for close friends or family members The biggest danger of co-signing as a loan co-signer can cause harm to your credit score. Ideally, you should only help a family or friend member who you trust -that is, someone who has a regular income that is stable financially. It is essential to ensure that the borrower in question is able to repay but they were not eligible because of their lack of the financial background or their age. 2. Be sure that your name is on the title of the vehicle. Co-signers are not the owners of the vehicle. This means that how you’re named in the loan agreement matters. If you’re not listed to the title of the vehicle, you may not be able to claim legal rights to the vehicle, but you could be responsible for any future payments. Confirm that the title states the primary owner and yourself. The vehicle can’t sell without the two having their signatures. 3. Create a contract Although you’ll both sign off on the loan in its entirety and the contract itself, having a separate one stating your expectations of the primary borrower can be an added layer of protection and act as an indicator of the contract’s importance. The contract does not have to be too complicated. A promissory note describing the costs, obligations and what default will mean each party. After you and your partner have reached an agreement, bring it to a notary public to have it finalized. 4. Make sure you track monthly payments. One method to be more confident about the primary borrower’s ability of paying is to track the payment schedule for each month. It could be as easy as setting a calendar reminder to check on their expenditure. While it may feel awkward but remember that your credit score is at risk. Just reach out and open the conversation to inquire about the family member or friend without supervising the loan. 5. Make sure you have enough money to pay the loan. If all else fails, it is essential to ensure that you will be able to pay the costs of the loan. If you are not able to pay the lender, your credit score will be in trouble as you may risk default and other legal action. The primary borrower has the majority of the responsibility however you’re in the middle of the loan as a co-signer. What happens when you co-sign an auto loan can affect your credit dangers of co-signing a vehicle loan are simple though potentially severe. If the person who you co-sign for isn’t able to pay, your credit will be hit hard and be on the hook for paying the loan. But there are also potential positive effects to your credit score: Credit mix: Based on your current open credit accounts including a car loan to your credit report can improve what’s referred to as the credit score. Your credit mix is 10 percent part of your FICO credit score. Payment history: Just as your score can be lowered when the primary borrower fails to pay on time It is also possible to gain but on less of a scaleby them making regular punctual payments. The bottom line Acting as a co-signer is a big financial choice that could result in financial or interpersonal problems. However, for many, it makes the difference between owning an automobile or not. If you choose to co-sign the loan take care to protect yourself and make sure you can afford to pay the loan in the event that the principal borrower fails to pay. Find out more

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of borrowing money to buy cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down complicated topics into digestible pieces.

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