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Can having a cosigner lower your car payments?
Does having a cosigner lower your monthly car payments? I want to get a car loan but the payments are too high. My mother has offered to cosign but I'm not sure if it will help.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Having a cosigner may help you get a loan, but it doesn’t necessarily mean that you’ll have lower car payments.
In some ways, a cosigner will assure you that you’re approved if they have solid credit. However, it’s up to the lender to decide whether you pose a credit risk thereafter.
Here are a couple of things you can do to lower your car payment:
- shop around once you have a cosigner to make sure you’re getting a good deal
- pick a car that is affordable for your budget
- put some money down toward your car
- budget wisely
Always remember that you’ll need full coverage
car insurance
when you get a new car loan. You’ll have to budget $100 a month or more depending on your age and driving record.While you’re shopping for your car, use the free
Jerry
app to help you find affordable rates hassle-free!”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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