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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 better financial decisions by offering interactive tools and financial calculators that provide objective and unique content, by enabling users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers such as, 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 compensate us. This compensation can affect the way and when products are featured on this website, for example, for example, the order in which they appear within the listing categories, except where prohibited by law for our mortgage, home equity, or other products for home loans. But this compensation does affect the content we publish or the reviews that appear on this website. We do not cover the universe of companies or financial offerings that might be accessible to you. FG Trade/Getty Images
2 min read Published 28 October 2022
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Written by Bankrate Written by Bankrate. This article was written by using automated technology. It was then thoroughly edited and fact-checked by an editor on 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 dedicated to helping their readers gain the confidence to manage their finances by providing clear, well-researched facts that break down complex subjects into bite-sized pieces. Review by Mark Kantrowtiz by Nationally recognized student financial aid expert Mark Kantrowitz is an expert on financial aid for students, the FAFSA, 529 plans, scholarships education tax benefits and student loans. The Bankrate promises
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We receive compensation for the promotion of sponsored goods and, services, or through you clicking specific links that are posted on our website. So, this compensation can impact how, where and in what order products are displayed within the categories of listing, except where prohibited by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other elements, such as our own proprietary website rules and whether a product is available within your region or within your own personal credit score could also affect how and where products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial item or product. Co-signing for a car and co-owning it are two approaches to applying for co-signing with an additional borrower. In both instances, the secondary borrower needs to have a good credit score and income to support their loan by themselves. But each has benefits and drawbacks, based on the kind of thing both parties are seeking. There are some differences between a co-signing and co-owning vehicle. A co-signer is an individual who is responsible for repaying the loan but does not have any legal ownership of the car. A co-owner has equal claim to it. Co-signing for a car loan If it’s a car co-signer, they agree to take on the monthly payments if the borrower isn’t able to pay these payments. It’s a huge choice to make and could be . Benefits of cosigning on an auto loan Assistance in getting a loan: A co-signer may be eligible apply for the car loan they otherwise wouldn’t be qualified for. Build credit: In the event that the borrower can stay on top of payments, the credit score of each primary lender as well as the co-signer can be positively affected. Reduce costs: If the cosigner has a very good or excellent credit score then the primary borrower will get a better interest rate and fees. The risks of co-signing a car loan The responsibility for repayments If the borrower fails to pay on a loan, the co-signer has the responsibility in charge of the totality of loan payments. Legally insolvent Co-signer: The co-signer isn’t on the title and does not have any legal right to the car. Co-ownership of a car In the case of a vehicle, both the owner and co-owner are listed in the document. Co-ownership doesn’t alter what is already clear that the principal borrower has the title to the property. If the car is titled or registered, the primary borrower could require approval before they are able to sell the car. Benefits of co-owning a car Co-owners are safer Co-borrowers have the security of having their name listed on the title. Greater terms: If the two of the borrowers have strong credit the primary borrower could get better conditions than if they were applying on their own. The risks of co-owning a vehicle equal right: A co-borrower has equal rights to the car as the principal borrower. This means the co-owner must take part in transfer of the vehicle. Insurance If the co-owner does not use the car, they’ll likely be required to sign the policy of insurance. This means higher cost for the two parties affected. What is the best way to decide between co-signing or co-owning a car The main difference between co-borrowers and co-signers is the level of investment in the loan. Co-borrowers are more accountable and have greater responsibility than co-signers. Co-borrowing is a good option for those who have good credit and want equal rights to the vehicle- such as couples who want to purchase a vehicle together. However, it is not recommended it is a good option for someone who wouldn’t qualify for the loan at all, or requires assistance in obtaining a larger amount or low interest. How to prepare to co-sign or purchase the car. To be a 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 that is set for you by your lender. Similar requirements apply to co-ownership, as the credit of both borrowers is being considered. If you do meet the requirements, a candid conversation should be had between the two parties. Co-signing and co-owning both come with significant risk to credit. You must ensure that there is a plan in place for the event that the borrower who is primary will not be able to pay. The bottom line is that there are many reasons why you could choose to co-sign or purchase an automobile with a different person. In either case, it is important to ensure that the two parties on the same page about what the relationship entails and what is expected from each of you. Learn more
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The article was written by created using automated technology that was then thoroughly edited and checked by an editor from our editorial staff. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances by providing concise, well-studied information that is broken down into complicated topics into digestible pieces.
Auto loans editor
Reviewed by Mark K. Kantrowitz Reviewed by Nationally known student financial aid expert Mark Kantrowitz is an expert on financial aid for students, the FAFSA, 529 plans, scholarships as well as tax benefits for education and student loans.
Nationally acknowledged expert in student financial aid
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