Cosigner

Having a cosigner on your car loan can help your chances of getting approved, but they must meet specific requirements such as having good credit and a qualifying income.

It’s no secret that an auto loan can be a great tool for rebuilding bad credit. Sometimes, when you’re struggling with poor credit, you can’t get a car loan without a cosigner. But, who gets the boost when your responsible loan payments start paying off?

If you cosigned on an auto loan for a boyfriend or girlfriend and you broke up, there are options to choose from if you aren't sure what to do about it.

Cosigners can be the proverbial feather in the cap of a bad credit car buyer who needs that extra little push to get approved for a car loan. But despite putting your credit on the line and agreeing to pick up the slack if the primary borrower misses payments, as a cosigner, you don’t carry much clout.

It can be difficult to get a car loan without a cosigner if you have no credit or a short credit history, but there are a few ways to improve your chances.

If you’re dealing with bad or even no credit and need a car, lenders may require you to have a cosigner. When deciding who you should get to cosign for you, you’ll want to know what the basic requirements are, and ask the person for permission.

Buyers with less than perfect credit may wonder whether or not they should get a cosigner. After all, does having a cosigner really make a difference?

Using a cosigner on an auto loan seems as simple as getting somebody to offer their signature, but there's much more to it than that.

When you require a cosigner, it means you couldn’t be approved for a loan based on your credit history. Anyone who qualifies can be your cosigner, but it isn’t something to be taken lightly. The saying “with great power comes great responsibility” really applies to the borrower/cosigner relationship.

So, you’ve had your car loan for some time now. You decided you want to remove the cosigner and take on the loan by yourself. There aren’t many options to choose from, but, with careful planning, it can be done through refinancing.