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Co-signing as opposed to. 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 offering interactive tools and financial calculators as well as publishing objective and original content. This allows you to conduct research and compare information at no cost – so that you can make sound financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation can affect the way and when products are featured on this site, including such things as the order in which they appear in the listing categories, except where prohibited by law for our loans, mortgages,, or other home lending products. But this compensation does have no impact on the content we publish or the reviews that you see on this site. We do not contain the vast array of companies or financial offerings that might be available to you. FG Trade/Getty Images

2 minutes read. Published 28 October 2022

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Written by Bankrate Written by Bankrate. This article was written using automation technology and thoroughly checked and edited by an editor on our editorial team. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers feel confident to take control of their finances through providing concise, well-researched and clear information that breaks down complex subjects into bite-sized pieces. Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged expert on student financial aid Mark Kantrowitz is an expert on financial aid for students including the FAFSA as well as 529 plans, scholarships education tax benefits and student loans. The Bankrate promises

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We are compensated in exchange for placement of sponsored products and services, or when you click on specific links that are posted on our website. This compensation could impact how, where and when products appear within listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other products for home loans. Other factors, like our own website rules and whether a product is available in the area you reside in or is within your own personal credit score may also influence the manner in which products are featured on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about each credit or financial item or product. Co-signing and co-owning cars are two methods of requesting the loan with another borrower. In both instances the second borrower must to have a good credit score and income to support this loan on their own. However, each comes with advantages and drawbacks, depending on the kind of thing both parties are seeking. There are some differences between a co-signing and a co-owning a car A co-signer is an individual who is accountable for the repayment of the loan however, they don’t have any legal ownership of the car. A co-owner is entitled to the same rights to the vehicle. Co-signing for a car loan in the case of an automobile co-signer, the co-signer is required to pay the monthly installments in the event that the borrower isn’t able to pay these payments. This is a major decision to make and will . Benefits of cosigning on the car loan Help getting a loan: A co-signer may be eligible apply for a car loan which they wouldn’t otherwise be eligible for. Improve credit score: If the primary borrower can stay on top of payments, the credit of both the primary borrower and co-signer may be improved. Reduce cost: If the co-signer has a very good to excellent credit score, the primary borrower can be eligible for a lower fee and interest rate. Risks of co-signing on a car loan Responsibility for payments If the borrower fails to pay, the co-signer is in charge of the totality of loan repayments. There is no legal claim Co-signer: The co-signer isn’t listed on the title and has no legal claim to the vehicle. Co-ownership of a car in the case of a vehicle, both the owner and co-owner are in the document. Having a co-owner doesn’t change any fact about the reality that the borrower who is the main one owns the property. Based on the way in which the vehicle is registered and the primary borrower might require approval before they are able to sell the vehicle. Benefits of owning a car with a co-owner Co-owners are safer: The co-borrower has the protection of having their name on the title. Better terms: If both of the borrowers have strong credit the primary borrower might receive more favorable terms than if they had applied on their own. There are risks associated with co-owning a car. Equal rights: The co-borrower enjoys the same rights to the vehicle as the primary borrower. This means the co-owner must be involved in the transfer of the car. Insurance: Even if the co-owner doesn’t use the car, they will likely need to be on an insurance plan. This could mean more expensive costs for both involved. What is the best way to decide between co-signing or co-owning an automobile The most significant difference between co-borrowers and co-signers is the level of investment on the loan. Co-borrowers are more accountable and have greater ownership than co-signers. Co-borrowing is a good option for those who both have excellent credit scores and wish to have equal rights to the car -like an engaged couple who wish to purchase a vehicle together. However, it is not recommended co-borrowing is for those who isn’t eligible for the loan in the first place, or needs help qualifying for more money or a lower interest rates. How do you prepare to co-sign or co-own a car To be co-signer on an loan it is necessary to have a steady income and meet the credit score requirement established to be met by the lender. The same is required for being a co-owner because the credit of both co-borrowers is considered. Even if you meet the criteria, an open discussion should be held between both parties. Co-signing and co-owning both carry significant credit risk. You must ensure that there is a plan in place for the event that the principal borrower is unable to pay. The bottom line There are many reasons you could choose to co-sign the car with another individual. In any event, it is important to ensure that the two parties on the same page about the nature of their relationship and what’s expected of both of you. Find out more


Written by The article was produced using automation technology, and was thoroughly checked for accuracy and quality by an editor on our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain confidence to control their finances through providing precise, well-researched and well-researched information that breaks down otherwise complex subjects into bite-sized pieces.

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

Nationally anerkannt student financial aid expert

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