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Co-signing or. co-owning a car: How do you tell the differences? 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 financial calculators and tools that provide objective and unique content. This allows you to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the information we publish, or the reviews you see on this site. We do not include the universe of companies or financial deals that could be open to you. FG Trade/Getty Images

2 min read Published October 28, 2022

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Written by Bankrate Written by This article was generated with the help of automation technology, and then checked and edited by an editor from our editorial team. Written 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 to control their finances through providing concise, well-researched and clear information that is broken down into complex topics into manageable bites. Review by Mark Kantrowtiz by Nationally acknowledged expert in student financial aid Mark Kantrowitz is an expert on financial aid for students, the FAFSA, scholarships, 529 plans, educational tax benefits, as well as student loans. The Bankrate promise

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So, this compensation can impact how, where and when products are listed, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other factors, like our own proprietary website rules and whether the product is available within your area or at your own personal credit score may also influence how and where products appear on this website. We strive to provide the most diverse selection of products, Bankrate does not include specific information on every financial or credit products or services. Co-signing and co-owning cars are two different methods of requesting co-signing with a second borrower. In both cases, the secondary borrower needs to have enough credit and earnings to pay for the loan by themselves. But each has benefits and drawbacks, dependent on what both parties are looking for. The distinctions between a co-signing and a co-owning vehicle. A co-signer is an individual who is accountable for the repayment of the loan but does not possess any legal title to the car. Co-owners have equal rights to it. Co-signing on a car loan In the case of a car co-signer, they agree to pay the monthly installments in the event that the borrower can’t make them. It’s a huge decision to make and will . Benefits of co-signing on the car loan Help to qualify: A co-signer is eligible apply for a car loan that they would otherwise not be qualified for. Build credit: In the event that the borrower can stay on top of payment, the credit of each primary lender as well as the co-signer may be improved. Reduce costs: If the cosigner has a very good to excellent credit score, the primary borrower can be eligible for a lower interest rate and fees. The risks of co-signing the car loan the responsibility for payment In the event that the borrower is in default, the co-signer is in charge of all loan payments. There is no legal claim: The co-signer is not listed on the title and does not have any legal right to the car. Co-ownership of a vehicle is a legal option. In the case of a vehicle, both the owner and co-owners are listed in the document. Having a co-owner doesn’t change what is already clear that the principal borrower is the owner of the property. Depending on how the car is titled and the primary borrower might need permission before they can sell the vehicle. Benefits of co-owning a vehicle Safety for co-owner: The co-borrower has the safety of having their name on the title. More favorable terms: When both of the borrowers have good credit, the primary borrower may get more favorable conditions than if they were applying on their own. The risks of co-owning a vehicle Equal rights: The co-borrower enjoys the same rights to the vehicle as the primary borrower. This means that the co-owner has to participate in either the sale or transfer of the car. Insurance If the co-owner doesn’t utilize the vehicle it is likely that they need to be on an insurance plan. This can mean higher costs for both concerned. What is the best way to decide between co-signing or co-owning an automobile The most significant distinction between co-borrowers and co-signers is the amount of money invested in the loan. Co-borrowers have more responsibility and ownership than co-signers. Co-borrowing is ideal for those with good credit and want to share equal rights to the vehiclelike a couple that wants to buy a car together. However, it is not recommended a for a borrower who wouldn’t qualify for the loan in the first place, or needs help qualifying for more money or a lower interest rates. How do you prepare to co-sign or co-own a vehicle To become a co-signer on the loan, you’ll need to be able to prove 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 borrowers is considered. If you do meet the criteria, an open discussion should be held between both parties. Co-signing and co-owning both come with substantial credit risk. Make sure there is an insurance plan for the event that the borrower who is primary will not be able to pay. The bottom line is that there are many reasons you might want to co-sign or purchase a car with another person. In any event it is essential that both parties are on the same page about what their relationship is about and what is expected from each of you. Find out more

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The article was written by produced using automated technology, that was then thoroughly edited and checked by an editor on our editorial team. The article was edited by Rhys Subitch Editor: Auto loans Editor Rhys has been writing and editing for Bankrate from late 2021. They are enthusiastic about helping readers gain confidence to manage their finances through providing precise, well-studied details that cut complicated subjects into bite-sized pieces.

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Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged student financial aid expert Mark Kantrowitz is an expert on student financial aid including the FAFSA as well as 529 plans, scholarships as well as tax benefits for education as well as student loans.

Nationally acknowledged expert in student financial aid

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