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Co-signing as opposed to. co-owning a car: Which is better? 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 as well as publishing objective and original content, by enabling you to conduct research and compare data for free – so that you can 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 Earn Money The deals that are displayed on this website are provided by companies that compensate us. This compensation can affect the way and where products are displayed on this site, including such things as the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity, or other home loan products. But this compensation does not influence the information we provide, or the reviews appear on this website. We do not cover the vast array of companies or financial offers that may be available to you. FG Trade/Getty Images

2 min read published 28 October 2022

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Written by Bankrate Bankrate. This article was written using automation technology and thoroughly verified and edited by an editor from 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 gain the confidence to control their finances through providing clear, well-researched information that breaks down complex topics into manageable bites. Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized student financial aid expert Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships educational tax benefits, as well as student loans. The Bankrate promise

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We receive compensation for the promotion of sponsored goods and services, or through you clicking certain links posted on our website. This compensation could affect the way, location and when products are listed in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. Other elements, such as our own rules for our website and whether the product is available in the area you reside in or is within your personal credit score could also affect the way and place products are listed on this website. We strive to offer an array of offers, Bankrate does not include information about each credit or financial item or product. Co-signing and co-owning a car are two different approaches to applying for a with an additional borrower. In both situations the second borrower has to have enough credit and income to support their loan independently. However, each comes with advantages and drawbacks, dependent on the kind of thing both parties are seeking. The differences between a co-signing and a co-owning vehicle. A co-signer is an individual who is 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 on an automobile loan In the case of a car co-signer, they agree to pay the monthly payments if the borrower can’t make them. This is a big choice to make and could be . Benefits of co-signing on the car loan Aid in getting a loan: A co-signer may be eligible get a car loan that they would otherwise not be qualified for. Improve credit score If the primary borrower is able stay on top of payments, the credit score of both the primary borrower and co-signer can be positively affected. Reduce cost: If the co-signer has a very good to good credit score and the primary borrower is in good standing, they can be eligible for a lower interest rate and fees. The risks of co-signing an auto loan the responsibility for payment: If the borrower defaults the co-signer will be responsible accountable for the entire loan payments. Legally insolvent: The co-signer is not in the title of the car and does not have any legal right to the vehicle. Co-ownership of a vehicle in the instance of a car both the owner and co-owner are as co-owners on the title. The fact that a co-owner is listed doesn’t change any fact about the reality that the borrower who is the main one is the owner of the property. Depending on how the car is named, the primary borrower may need permission before they can sell the vehicle. Benefits of co-owning a vehicle Co-owners are safer Co-borrowers have the protection of their name being on the title. Better terms: If both of the borrowers have good credit the primary borrower could receive more favorable terms than if they had applied 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. The co-owner is required to be involved in the transfer of the car. Insurance In the event that the co-owner does not use the vehicle, they will likely need to be on the insurance policy. This can mean higher costs for both concerned. 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 amount of money invested on the loan. Co-borrowers are more accountable and have greater responsibility than co-signers. Co-borrowing is a good option for those with excellent credit scores and wish to have equal rights to the car -like couples who want to purchase a vehicle together. On the other hand, it is a good option for someone who wouldn’t qualify for the loan at all, or is in need of assistance to qualify for more money or a lower interest rate. How to prepare to co-sign or purchase the car. To be a co-signer on an loan, you’ll need to have a stable income and be able to meet the criteria for credit score established to be met by the lender. Similar requirements apply to being a co-owner because the credit score of both the borrowers is being considered. Even if you meet the requirements, an open dialogue should be conducted between the two parties. Co-signing or co-owning each comes with significant risk to credit. You must ensure that there is an insurance plan in case the principal borrower is unable to pay. The bottom line There are many reasons you could choose to co-sign or purchase an automobile with a different person. In any event it is crucial to ensure that the two parties in agreement about the nature of their relationship and what expectations are expected of each of you. Learn more

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Written by The article was generated 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 writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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

Nationally recognized student financial aid expert

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