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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 choices by providing you with interactive tools and financial calculators as well as publishing authoritative and original content. We also allow users to conduct research and compare data at no cost – so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that pay us. This compensation can affect the way and when products are featured on the site, such as, for example, the sequence in which they appear in the listing categories, except where prohibited by law for 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 see on this site. We do not include the entire universe of businesses or financial offerings that could be available to you. Oliver Rossi/Getty Images

2 min read published October 12, 2022

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to buy a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to control their finances with concise, well-studied information that breaks down otherwise complex subjects into digestible pieces. The Bankrate guarantee

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Therefore, this compensation may affect the way, location and in what order items appear within listing categories, except where prohibited by law. We also offer mortgage and home equity products, as well as other home lending products. Other factors, such as our own rules for our website and whether the product is available within the area you reside in or is within your personal credit score may also influence the manner in which products appear on this site. We strive to provide an array of offers, Bankrate does not include information about each credit or financial product or service. Signing off as a can make vehicle ownership possible for a relative or friend member who might not be eligible for financing without your help. But co-signing carries a the risk that since you are both legally responsible for the loan and missed payments. default can have an impact on your finances. However, if the owner of the vehicle is responsible, co-signing could help improve your credit. Five ways to safeguard yourself as a co-signer these tips to ensure your financial security in the event that you decide to act as co-signer for a future . 1. Serve as a co-signer only for your closest friends or family members The biggest risk when co-signing as a loan co-signer can cause harm to your credit score. Ideally, you should only aid a family member or friend member who you trust — someone with a consistent income and a stable financial situation. You must be sure that the primary borrower is able to repay but was not able to do so because of their lack of financial history or age. 2. Check that your name appears on the title of the vehicle. Co-signers don’t hold ownership of the vehicle. This means that how you’re listed in the loan agreement is crucial. If you’re not listed to the title of the vehicle, you may not be able to claim legal rights to the vehicle, however you would be on the hook for potential payments. Confirm that the title states you as the owner of the vehicle and not the primary one. This way the vehicle cannot sell without the two parties having their signatures. 3. Create a contract Although you both agree on the loan in its entirety and the contract itself, having a separate one that outlines your expectations for the primary borrower is an additional layer of security and act as an indication of the agreement’s importance. This contract need not be overly complex. A promissory note describing the cost, obligations, and what default will mean to both sides. Once you have both agreed take it to a notary public to have it finalized. 4. Make sure you track monthly payments. One method to increase confidence in the principal borrower’s capacity to pay is to monitor the monthly payment schedule. It can be as easy as setting a calendar reminder to monitor their spending. While this might feel awkward but remember that your credit is in danger. Reach out and start the conversation to keep track of your friend or family member without micromanaging the loan. 5. Make sure you have enough money to pay the loan. When all else fails, you must ensure that you will be able to pay the cost of the loan. If you’re unable to pay back the lender, your credit score could be at risk as you could risk default and other legal action. The primary borrower has the majority of the responsibility however you’re on the hook for the loan as co-signer. What happens when you co-sign an auto loan can affect your credit dangers of co-signing a vehicle loan aren’t difficult but could be severe. If the person who you co-sign for doesn’t pay, your may be in for a major loss and you’ll be on responsible for the loan. There are also benefits to your credit score Credit mix: Depending on your current open credit accounts, adding a car loan in your credit score may enhance what’s called the credit score. Your credit mix is 10 percent of the FICO credit score. Payment history: Just as your score can be lowered in the event that the primary borrower does not make timely payments but it is possible to reap benefits in less of a scale- from them making consistent timely payments. The bottom line Acting as a co-signer is a big financial decision and could result in financial or interpersonal problems. For many, it can make the difference between owning a vehicle or not. If you decide to sign a co-signer agreement, protect yourself and be certain you are able to repay the loan in case the primary borrower fails to pay. Learn more

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely borrowing money to buy cars. 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 readers gain the confidence to take control of their finances through providing concise, well-researched, and clear facts that break down complex subjects into bite-sized pieces.

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