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Can I cosign for more than one loan?

I want to cosign for my daughter's new car, but I'm already a cosigner on my husband's loan. Can I be a cosigner on multiple car loans?

Eric Schad · Updated on Oct 18, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

“That’s a great gift to give your daughter! The good news is that, yes, you can certainly cosign for more than one

. However, this will depend on your credit and current financial situation.

If you have great credit and can prove that you have the income necessary to pay for both car loans should your husband or daughter default, lenders shouldn’t have any problem with you cosigning for multiple car loans. Be sure to compare credit unions, banks, and online lenders to find the best deals on interest rates.

If your daughter is on your insurance, you can also find

multi-car insurance discounts

, which can substantially lower your car insurance bill.

Do some research about multi-car policies and use the

app to compare rates. You might just be surprised how much you can save on auto insurance for the entire family!”

More:

New car insurance: What coverage do you need when buying a new car?

View full answer

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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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