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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 mission is to help you make better financial choices by offering interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct your own research and compare information at no cost 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 Make Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and where products appear on this website, for example, for example, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our loan products, such as mortgages and home equity and other home loan products. However, this compensation will affect the information we provide, or the reviews you see on this site. We do not include the vast array of companies or financial offerings that might be available to you. FG Trade/Getty Images

2 min read published 28 October 2022

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Written by Bankrate The article was created with the help of automation technology, and then verified and edited by an editor on our editorial staff. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to control their finances by providing precise, well-studied facts that break down complex topics into manageable bites. Review by Mark Kantrowtiz by Nationally recognized student financial aid expert Mark Kantrowitz is an expert on financial aid for students as well as the FAFSA and 529 plans, scholarships education tax benefits and student loans. The Bankrate promise

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We receive compensation for placement of sponsored products and services or through you clicking specific links on our site. Therefore, this compensation may impact how, where and in what order products are listed and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other home lending products. Other factors, like our own proprietary website rules and whether the product is offered in your area or at your own personal credit score may also influence the manner in which products are featured on this website. We strive to offer an array of offers, Bankrate does not include specific information on every financial or credit item or product. Co-signing and co-owning a car are two different approaches to applying for the loan with another borrower. In both instances the second borrower has to have a good credit score and earnings to be able to fund this loan on their own. However, each comes with advantages and drawbacks, depending on what the parties are looking for. There are some differences between a co-signing and co-owning vehicle. A co-signer is a person who is equally responsible for repaying the loan, but doesn’t have any legal ownership of the vehicle. A co-owner has equal claim to it. Co-signing on an automobile loan In the case of an automobile co-signer, they agree to make monthly payments if the borrower isn’t able to pay these payments. This is a big choice to make and could be . Benefits of cosigning on an auto loan Help getting a loan: A co-signer may be eligible apply for a car loan that they would otherwise not be eligible for. Build credit In the event that the borrower is able remain on top of their payments, the credit score of both the primary borrower and co-signer could be impacted positively. Reduce costs: If the co-signer has a very good to excellent credit score then the primary borrower will qualify for a lower cost of interest and charges. There are risks associated with co-signing on a car loan the responsibility for payment: If the borrower defaults, the co-signer is accountable for the entire loan payments. No legal claim: The co-signer is not on the title and has no legal rights to the vehicle. Co-owning a car is a legal option. In the case of a vehicle, both the owner as well as the co-owners are listed on the title. Co-ownership doesn’t alter the fact that the primary borrower has the title to the property. Depending on how the car is registered or registered, the primary borrower could need permission before they can sell the vehicle. Benefits of co-owning a car Co-owners are safer A co-borrower is protected by the security of having their name listed on the title. More favorable terms: When both of the borrowers have good credit the primary borrower might get better conditions than if they were applying on their own. Risks of co-owning a car equal rights: The co-borrower is granted equal rights to the car as the primary borrower. The co-owner is required to be involved in the transfer or sale of the car. Insurance If the co-owner doesn’t use the car, they will likely need to be on the insurance policy. This could mean more expensive costs for both involved. What is the best way to decide between co-signing and owning an automobile The most significant distinction between co-signers and co-borrowers is the amount of money invested of the loan. Co-borrowers have more responsibility and responsibility than co-signers. Co-borrowing is best for people who both have good credit and want equal rights to the vehicle -for example, a couple that wants to purchase a vehicle together. On the other hand, it is a good option for someone who isn’t eligible for the loan even if they is in need of assistance to qualify for a larger amount or low interest. How do you prepare yourself to co-sign or purchase the car. To be co-signer on a loan it is necessary to have a steady income and be able to meet the credit score requirement that is set by the lender. Similar requirements apply to being a co-owner, because the credit score of both people who are borrowing is taken into consideration. Even if you meet the requirements, an open discussion should be held between both parties. Co-signing or co-owning each comes with significant risk to credit. Make sure there is a plan in place for the event that the borrower who is primary will not be able to pay. The bottom line There are many reasons you may choose to co-sign or co-own an automobile with a different person. In any event it is crucial for both of you to be on the same page regarding the nature of their relationship and what’s expected of both of you. Learn more

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Written by The article was produced using automation technology, that was then thoroughly edited and checked by an editor on our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain the confidence to take control of their finances by providing concise, well-studied information that is broken down into complex subjects into bite-sized pieces.

Auto loans editor

Reviewed by Mark K. Kantrowitz Reviewed by Nationally known student expert in financial aid Mark Kantrowitz is an expert on financial aid for students including the FAFSA and scholarships, 529 plans, education tax benefits and student loans.

Nationally recognized student financial aid expert

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