Enlisting a cosigner on an auto loan can help a borrower with bad credit or no credit who's looking for an approval. But, can you have more than one cosigner on a car loan?

Cosigners on Car Loans

Can You Have More Than One Cosigner on an Auto Loan?When you ask a cosigner to help you get into your next car loan, their good credit score is key in helping you get approved. This is because when you add a cosigner to a loan, they lend you their good score, which lowers the risk auto lenders face, and can help get you approved for a loan.

However, you can only ask one cosigner to sign on a car loan. The same goes for co-borrowers, since you can only have two names on a vehicle title. Even though a cosigner isn’t on the title, and doesn't have any rights to the car, lenders still allow just one cosigner on a loan.

If you already asked a cosigner to help you get into your next auto loan with a traditional lender, and you’re still having trouble, it might be time to look into special financing.

Special Financing for Bad Credit Borrowers

A cosigner can increase your chances of getting approved for a traditional car loan, but it’s never a guarantee. If you still can’t get approved even with a cosigner, a subprime auto loan could work for you.

Subprime lenders work through a dealership’s special finance department, and they look at factors other than just your credit score. Using your income stability, residency stability, a down payment, and more, these bad credit lenders can approve poor credit borrowers using their overall financial wellness – not just their creditworthiness.

If the primary reason you’ve been turned down for financing is because of a poor credit score, you may be able to get subprime financing without the aid of a cosigner. You still need to meet a bad credit lender’s income requirements, but if your credit score is what’s holding you back, subprime financing is worth looking into if you need a vehicle.

Finding a Bad Credit Auto Loan

As we’ve mentioned, subprime lenders work through a dealer’s special finance department. The biggest hurdle to overcome is finding a dealership with subprime lending options.

We want to help with that. Here at Auto Credit Express, we match bad credit borrowers to dealers in their local area that work with subprime lenders. To get started, simply fill out our free auto loan request form to begin!