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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 mission is to help you make better financial decisions by offering you interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare data for free 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 offers that appear on this site are from companies that pay us. This compensation could affect how and when products are listed on this website, for example for instance, the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not include the vast array of companies or financial deals that might be open to you. Oliver Rossi/Getty Images

2 min read Published 12 October 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the ins and outs of securely taking out loans to purchase an automobile. Written 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 feel confident to take control of their finances by providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promises

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Therefore, this compensation may influence the manner, place and in what order products appear in listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other home lending products. Other factors, such as our own website rules and whether the product is offered in your region or within your self-selected credit score range could also affect the manner in which products appear on this site. We strive to provide a wide range offers, Bankrate does not include details about every financial or credit item or product. Signing off as a is a way to make it possible to own a car for a family or friend member who might not be eligible for financing without your assistance. But co-signing carries a risks, as you share equal legal responsibility for the loan, missed payments or default could impact your financial situation. But if the vehicle owner is responsible, co-signing could increase your credit score. 5 ways to protect yourself as a co-signer Consider these tips to ensure your financial security should you choose to become co-signer in the future for a . 1. Use co-signers only for close friends and family members The biggest danger of co-signing as co-signer on a loan co-signer could cause damage to your credit. Ideally, you should only aid a family member or friend member whom you trust- someone with a consistent income and a stable financial situation. You must be sure that the borrower in question can pay but just didn’t qualify because of their insufficient credit history or financial stability. 2. Check that your name appears on the title of the vehicle. Co-signers don’t hold ownership to the car. This means the way you’re named in the loan agreement matters. If you’re not listed in the title document, then you may not be able to claim legal rights on the vehicle but would be responsible for any future payments. Confirm that the title states that you are the primary owner as well as yourself. So, the car can’t sell without the two with their signatures. 3. Make a contract. Although you will both sign off on the loan itself, having a separate contract detailing your expectations for the primary borrower can be an added layer of protection and act as a reminder of the agreement’s severity. This contract doesn’t have to be overly complex. Just a promissory note outlining the obligations, costs and what default means to both sides. After you both have agreed, bring it to a notary to have it finalized. 4. Make sure you track monthly payments. One method to feel more confident in the primary borrower’s ability to pay is to monitor the monthly payment schedule. It could be as easy as setting up a reminder on a calendar to check on the amount they spend. While it may feel awkward but remember that your credit score is on the line. Simply reach out and open an exchange to inquire about your family member or friend without having to manage the loan. 5. Ensure you can afford payments When all else fails, you need to know that you will be able to pay the payments on the loan. If you are not able to pay the lender then your credit score is in trouble — as well as the fact that you could risk default and other legal action. The borrower who is the primary holder has the majority of the responsibility however, you’re ultimately on the hook for the loan as a co-signer. Co-signing an auto loan can affect your credit risks of co-signing a car loan are not difficult, but they could be severe. If the person you sign for doesn’t pay, your could take a big hit and be on the responsible for the loan. But there are also potential positive effects to your credit score: Credit mix: Depending on the credit you have open in your accounts and the addition of a car loan in your credit score could potentially enhance what’s called the credit score. Your credit mix is 10% of your FICO credit score. Payment history: Just as your score can be lowered when the primary borrower fails to pay on time but it is possible to reap benefits — though on an insignificant scaleby them making regular timely payments. The bottom line : Being a co-signer is a big financial choice that could lead to interpersonal or financial problems. For many, it is the difference between owning a vehicle or not. If you choose to sign a co-signer agreement ensure you are protected and make certain you are able to pay for the loan in the event that the primary co-signer defaults. 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 taking out loans to purchase cars. Edited by 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 confidence to take control of their finances with concise, well-researched, and clear facts that break down complex subjects into bite-sized pieces.

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