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Co-signing vs. co-owning a car: What’s the difference? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective 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 agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies that pay us. This compensation could affect how and where products are displayed on the site, such as, for example, the sequence in which they appear within 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 products for home loans. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not cover 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 The article was created by using automated technology. It was then thoroughly 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 passionate about helping readers feel confident to take control of their finances by providing concise, well-researched and clear information that breaks down otherwise complex subjects into bite-sized pieces. Written by Mark Kantrowtiz and reviewed by Nationally acknowledged expert in student financial aid Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships education tax benefits , and student loans. The Bankrate guarantee

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Therefore, this compensation may impact how, where and in what order items are displayed within the categories of listing, except where prohibited by law. We also offer mortgage home equity, mortgage and other home loan products. Other factors, like our own proprietary website rules and whether the product is available within the area you reside in or is within your self-selected credit score range could also affect the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include information about every credit or financial product or service. Co-signing and co-owning a car are two different methods of requesting a with an additional borrower. In both instances, the secondary borrower needs to have enough credit and earnings to pay for this loan independently. Each has advantages and drawbacks, depending on the kind of thing both parties are seeking. The differences between a co-signing and a co-owning car. A co-signer a person who is equally responsible for repaying the loan however, they don’t have any legal ownership of the car. A co-owner has equal claim towards it. Co-signing the purchase of a car loan In the case of an automobile co-signer, they agree to take on the monthly payments if the borrower can’t make them. This is a big decision that must be made and it will . Benefits of cosigning on an auto loan Help getting a loan: A co-signer may be eligible apply for a car loan which they wouldn’t otherwise be eligible for. Credit building: In the event that the borrower is able keep up with payment, the credit of co-signers and co-signer can be positively affected. Reduce costs: If the co-signer is a good to excellent credit score, the primary borrower can qualify for a lower interest rate and fees. The risks of co-signing the car loan Responsibility for payments In the event that the borrower is in default, the co-signer is accountable for the entire loan payments. Legally insolvent co-signer does not appear on the title and has no legal rights to the vehicle. Co-owning a car In the case of a vehicle, both the owner and the co-owner are listed in the document. The fact that a co-owner is listed doesn’t change the fact that the primary borrower owns the property. Based on the way in which the vehicle is titled, the primary borrower may need permission before they can sell the car. Benefits of co-owning a vehicle Safety for co-owner: The co-borrower has the protection of their name being on the title. Greater terms: If the two of the borrowers have strong credit, the primary borrower may be extended better terms than if they had applied alone. The risks of co-owning a vehicle equal Rights: Each co-borrower enjoys equal rights to the car as the principal borrower. This means the co-owner must participate in either the transfer of the vehicle. Insurance If the co-owner doesn’t use the car, they’ll likely be required to sign an insurance plan. This can mean higher costs for the two parties affected. What is the best way to decide between co-signing or co-owning the car. The primary difference between co-signers and coborrowers is the amount of investment on the loan. Co-borrowers are more accountable and have greater ownership than co-signers. Co-borrowing is best for people who both have good credit and want to share equal rights to the vehicle- such as an engaged couple who wish to purchase a car together. On the other hand, co-borrowing is for those who doesn’t meet the requirements for the loan in the first place, or requires assistance in obtaining an amount that is larger or with a lower interest rates. How do you prepare for co-signing or co-owning a car To be co-signer on a loan it is necessary to be able to prove a steady income and be able to meet the criteria for credit score established by the lender. The same is required for co-ownership, as the credit score of both the 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 credit risk. Be sure to have a plan in place in case the borrower who is primary will not be able to pay. The bottom line There are many reasons you might want to co-sign or purchase the car with another individual. In either case it is crucial to ensure that the two parties in agreement about what their relationship is about and what’s expected of each of you. Find out more

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Written by The article was generated using automation technology and thoroughly edited and fact-checked by an editor from our editorial staff. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-researched and well-researched information that breaks down complicated topics into digestible pieces.

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Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized student financial aid expert 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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