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Co-signing or. co-owning a vehicle: What’s the difference? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive tools and financial calculators that provide objective and unique content. This allows users 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 limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that compensate us. This compensation could affect how and where products appear on the site, such as, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. Our loans, mortgages,, and other home loan products. 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 universe of companies or financial deals that could be available to you. FG Trade/Getty Images

2 min read Published 28 October 2022

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Written by Bankrate The article was created by using automated technology. It was then thoroughly edited and fact-checked by an editor from our editorial staff. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. Written by Mark Kantrowtiz and reviewed by Nationally well-known expert on student financial aid Mark Kantrowitz is an expert on student financial aid as well as the FAFSA and 529 plans, scholarships education tax benefits , and student loans. The Bankrate promise

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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 or home equity products, as well as other home loan products. Other factors, such as our own website rules and whether or not a product is available within your region or within your own personal credit score can also impact 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 information about every financial or credit product or service. Co-signing and co-owning a car are two approaches to applying for a with an additional borrower. In both instances the second borrower must to have enough credit and earnings to pay for their loan by themselves. However, each comes with advantages and drawbacks, based on what the parties want. The differences between a co-signing or co-owning of a car A co-signer is a person who is equally responsible for repaying the loan, but doesn’t have any legal ownership of the car. A co-owner is entitled to the same rights towards it. Co-signing on an automobile loan If it’s a car co-signer, they agree to make monthly payments if the borrower is unable to make them. This is a big choice to make and could be . Benefits of cosigning on an auto loan Help to qualify: A co-signer is eligible apply for the car loan which they wouldn’t otherwise be eligible for. Build credit: When the principal borrower can remain on top of their payment, the credit of co-signers and co-signer can be positively affected. Reduce costs: If the cosigner is a good to excellent credit score, the primary borrower can get a better fee and interest rate. There are risks associated with co-signing on the car loan the responsibility for payment In the event that the borrower is in default, the co-signer is for the entire loan repayments. There is no legal claim: The co-signer is not on the title and does not have any legal right to the vehicle. Co-owning a car in the case of a vehicle, both the owner and co-owners are listed as co-owners on the title. Co-ownership doesn’t alter what is already clear that the principal borrower has the title to the property. If the car is titled, the primary borrower may require approval before they are able to sell the car. Benefits of co-owning a vehicle Co-owners are safer: The co-borrower has the protection of their name being on the title. More favorable terms: When both borrowers have strong credit the primary borrower could be extended more favorable conditions than if they were applying alone. There are risks associated with co-owning a car. equal rights: The co-borrower has the same rights to the vehicle as the principal borrower. This means the co-owner must be involved in the transfer or sale of the car. Insurance In the event that the co-owner does not use the car, they will likely need to be on an insurance plan. This means higher cost for the two parties affected. How to choose between co-signing or co-owning an automobile The most significant distinction between co-signers and co-borrowers is the level of investment of the loan. Co-borrowers have more responsibility and responsibility than co-signers. Co-borrowing is a good option for those with good credit and want equal rights to the car -for example, couples who want to purchase a car together. However, it is not recommended it is a good option for someone who isn’t eligible for the loan at all, or requires assistance in obtaining a larger amount or low interest. How do you prepare to co-sign or co-own the car. To be co-signer on a loan it is necessary to have a stable income and be able to meet the requirements for credit scores that is set for you by your lender. This is the same for co-ownership, as the credit score of both the borrowers is being considered. If you do meet the requirements, a candid dialogue should be conducted between the two parties. Co-signing and co-owning both carry significant credit risk. Make sure there is a plan in place in case the borrower who is primary will not be able to pay. The main point is that there are many reasons you could choose to co-sign or co-own a car with another person. In either case it is essential that both parties are on the same page about what their relationship is about and what expectations are expected of each of you. Find out more


The article was written by created using automated technology and thoroughly edited and fact-checked by an editor from our editorial staff. The article was edited 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 gain the confidence to manage their finances with concise, well-studied information that breaks down otherwise complicated topics into digestible pieces.

Auto loans editor

Reviewed by Mark Kantrowtiz Reviewed by Nationally known student financial aid expert Mark Kantrowitz is an expert on financial aid for students, the FAFSA, scholarships, 529 plans as well as tax benefits for education and student loans.

Nationally acknowledged expert in student financial aid

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