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Co-signing vs. co-owning a car What's the difference? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare information at no cost - so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they may appear in the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other home lending products. But this compensation does not influence the content we publish or the reviews you read on this site. We do not cover the entire universe of businesses or financial offers that may be accessible 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 checked and edited by an editor from our editorial staff. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to manage their finances through providing concise, well-researched and clear information that breaks down otherwise complex topics into manageable bites. Review by Mark Kantrowtiz by Nationally recognized expert in student financial aid Mark Kantrowitz is an expert on student financial aid including the FAFSA and 529 plans, scholarships, educational tax benefits, along with student loans. The Bankrate guarantee
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There are money-related questions. Bankrate has the answers. Our experts have been helping you manage your finances for more than four years. We are constantly striving to provide consumers with the expert guidance and the tools necessary to succeed throughout life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is truthful and accurate. Our award-winning editors and reporters produce honest and reliable content to help you make the best financial choices. The content we create by our editorial team is objective, truthful, and not influenced by our advertisers. We're open about how we are able to bring quality information, competitive rates and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services or by you clicking on certain hyperlinks on our site. This compensation could impact how, where and in what order products are listed and categories, unless it is prohibited by law for our mortgage, home equity and other products for home loans. Other elements, such as our own rules for our website and whether the product is available within your region or within your personal credit score could also affect how and where products appear on this website. We strive to provide a wide range offers, Bankrate does not include specific information on every credit or financial product or service. Co-signing for a car and co-owning it are two methods of requesting the loan with an additional borrower. In both cases the second borrower must to have a good credit score and income to support the loan by themselves. Each has advantages and drawbacks, based on what both parties are seeking. The distinctions between a co-signing or co-owning of a car A co-signer is an individual who is responsible for paying off the loan however, they don't own any legal rights to the vehicle. A co-owner has equal claim to it. Co-signing for an automobile loan If it's a car co-signer, they agree to pay the monthly payments if the borrower is unable to make the payments. This is a major choice to make and could be . Benefits of co-signing on the car loan Help qualifying: A co-signer can apply for a car loan they otherwise wouldn't be qualified for. Credit building When the principal borrower can keep up with payments, the credit of co-signers as well as the co-signer can be positively affected. Reduce costs: If the co-signer 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. The risks of co-signing the car loan Responsibility for payments In the event that the borrower is in default on a loan, the co-signer has the responsibility for all loan repayments. There is no legal claim The co-signer isn't in the title of the car and does not have any legal right to the vehicle. Co-owning a car is a legal option. In the case of a vehicle, both the owner as well as the co-owners are listed in the document. Having a co-owner doesn't change the fact that the primary borrower is the owner of the property. Depending on how the car is titled and the primary borrower might require permission to sell the car. Benefits of owning a car with a co-owner Security for the co-owners A co-borrower is protected by the safety that their names are listed on the title. Greater terms: If the two of the borrowers have good credit the primary borrower could be extended more favorable conditions than if they were applying alone. Risks of co-owning a car equal Rights: Each co-borrower is granted the same rights to the vehicle as the principal borrower. This means the co-owner must participate in either the transfer or sale of the car. Insurance: Even if the co-owner doesn't utilize the vehicle the car, they'll likely have to be covered by an insurance plan. This can mean higher costs for the two parties involved. The best option is to choose between co-signing and owning the car. The primary difference between co-borrowers and co-signers is the level of risk of the loan. Co-borrowers are more accountable and have greater ownership than co-signers. Co-borrowing is ideal for those who have excellent credit scores and wish to have equal rights to the car -for example, couples who want to purchase a car 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 is in need of assistance to qualify for an amount that is larger or with a low interest. How do you prepare to co-sign or co-own a car . To become a co-signer on an loan it is necessary to be able to prove a steady income and meet the criteria for credit score set by the lender. The same is required for co-ownership, as the credit of both borrowers is being assessed. 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 arrangement in place to cover the case 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 either case it is crucial that both parties are on the same page about the nature of their relationship and what expectations are expected of each of you. Find out more
Written by This article was created using automated technology that was then thoroughly edited and checked by an editor from our editorial team. Edited by Rhys Subitch Editor: Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched facts that break down otherwise complicated subjects into bite-sized pieces.
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Reviewed by Mark K. Kantrowitz Reviewed by Nationally known experts on student aid Mark Kantrowitz is an expert on student financial aid including the FAFSA and scholarships, 529 plans as well as tax benefits for education and student loans.
Nationally acknowledged expert in student financial aid
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