Cosigner

A co-buyer on an auto loan isn't the same as a cosigner. They sound similar, but their respective roles are very different. One can help you get approved for a car loan if you have bad credit, while the other can help you meet the income requirements.

Having a cosigner for your next auto loan can increase your odds of getting approved, and possibly help you land a lower interest rate than if you were to apply alone. Here's how they work, and what to look for in a cosigner.

If you have good credit, and you’re considering cosigning cars for multiple people, we’ve got some things to think about before going through with it.

Bad credit borrowers are often advised to get a cosigner to increase their chances of qualifying for an auto loan. But it may not always be the solution.

If you have no credit history and need to buy a car, it might occur to you to get a cosigner for your auto loan. However, you may get a better rate if you act as the cosigner.

When you’re getting your very first auto loan, it can be useful to have a cosigner, but it may not be necessary depending on the lender you’re using. Some lenders may require a first-time car buyer to have a cosigner qualify, but other lenders are equipped to assist no credit borrowers.

Bad, thin, or no credit can make it harder to get approved for auto financing. Even when working with subprime lenders who are willing to approve people with less than perfect credit, sometimes consumers still can't get approved. In these scenarios, it's likely that a cosigner can increase a borrower's chances of being approved.

A joint auto loan is when a primary borrower shares a car loan with either a cosigner or a co-borrower. If you want to remove someone's name from a joint auto loan, you need to refinance the loan on your own.

Cosigners may think that they have ownership rights to the car since they signed on the auto loan, but that's a misconception. Here's what you need to know about cosigners, primary borrowers, and ownership rights.

If you and someone else are both responsible for a joint car loan and you want to sell it, here's what you need to know.