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Co-signing or. co-owning a car What’s the difference? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools as well as publishing objective and original content, by enabling you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation may impact how and where products appear on this site, including for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does have no impact on the content we publish or the reviews you see on this site. We do not contain the entire universe of businesses or financial deals that could be available to you. FG Trade/Getty Images

2 min read published October 28, 2022

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Written by Bankrate Written by The article was created using automation technology and thoroughly edited and fact-checked by an editor on our editorial team. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the beginning of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances. They provide precise, well-researched, and well-documented information that is broken down into complicated topics into digestible pieces. Review by Mark Kantrowtiz by Nationally acknowledged student financial aid expert Mark Kantrowitz is an expert on financial aid for students, the FAFSA as well as 529 plans, scholarships, educational tax benefits, along with student loans. The Bankrate promises

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Therefore, this compensation may influence the manner, place and in what order items are displayed within the categories of listing in the event that they are not permitted by law for our mortgage home equity, mortgage and other home lending products. Other factors, such as our own website rules and whether or not a product is available within your region or within your self-selected credit score range may also influence the way and place products are listed on this website. Although we try to offer an array of offers, Bankrate does not include details about every credit or financial product or service. Co-signing and co-owning a car are two different methods of requesting a with an additional borrower. In both instances, the secondary borrower needs to have sufficient credit and income to support the loan on their own. But each has benefits and drawbacks, depending on what the parties want. The distinctions between a co-signing and a co-owning a car A co-signer is someone who is responsible for paying off the loan, but doesn’t have any legal ownership of the vehicle. Co-owners have equal rights to it. Co-signing for a car loan In the case of a car co-signer, the co-signer is required to make monthly payments if the borrower can’t make the payments. This is a major decision that must be made and it will . Benefits of cosigning on an auto loan Assistance in qualifying: A co-signer can apply for a car loan which they wouldn’t otherwise be qualified for. Improve credit score: In the event that the borrower is able to remain on top of their payments, the credit of each primary lender as well as the co-signer can be positively affected. Reduce costs: If the cosigner has a very good to excellent credit score and the primary borrower is in good standing, they can qualify for a lower interest rate and fees. Risks of co-signing on an auto loan the responsibility for payment In the event that the borrower is in default the co-signer will be responsible for the entire loan repayments. There is no legal claim: The co-signer is not in the title of the car and has no legal claim to the car. Co-ownership of a car in the case of a vehicle, both the owner as well as the co-owner are as co-owners on the title. Co-ownership doesn’t alter what is already clear that the principal borrower is the owner of the property. If the car is titled or registered, the primary borrower could require approval before they are able to sell the vehicle. Benefits of co-owning a vehicle Co-owners are safer: The co-borrower has the security by having their own name listed on the title. Better terms: If both borrowers have good credit scores the primary borrower might receive better terms than if they applied on their own. Risks of co-owning a car Equal Rights: Each co-borrower enjoys the same rights to the vehicle as the primary borrower. The co-owner is required to be involved in the transfer or sale of the car. Insurance If the co-owner does not utilize the vehicle the car, they’ll likely have to be on an insurance plan. This can mean higher costs for everyone concerned. How to choose between co-signing and co-owning an automobile The most significant difference between co-borrowers and co-signers is the level of risk in the loan. Co-borrowers have more responsibility and responsibility than co-signers. Co-borrowing is ideal for those who have good credit and want equal rights to the vehicle- such as an engaged couple who wish to purchase a vehicle together. However, it is not recommended co-borrowing is for those who doesn’t meet the requirements for the loan in the first place, or requires assistance in obtaining more money or a low interest. How do you prepare to co-sign or co-own a car . To become a co-signer on the loan you must have a stable income and meet the requirements for credit scores that is set by the lender. The same is required for being a co-owner, because the credit of both borrowers will be taken into consideration. Even if you meet the requirements, an open discussion should be held between the two parties. Co-signing and co-owning both come with significant risk to credit. Be sure to have an arrangement in place in case the primary borrower can’t pay. The bottom line There are many reasons you may choose to co-sign an automobile with a different person. In any event it is crucial for both of you to be in agreement about the nature of their relationship and what is expected from both of you. Learn more


The article was written by produced using automated technology, and thoroughly edited and fact-checked by an editor from our editorial team. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances by providing concise, well-researched and well-informed information that breaks down complicated subjects into bite-sized pieces.

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

Nationally acknowledged expert in student financial aid

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