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Can you have multiple cosigners on a car loan?
My mom wants to cosign for my car loan. While she's improved her credit score, she has had some problems with paying bills. My dad also said he would cosign and he has much better credit. I don't want to hurt anyone's feelings, especially since my parents are divorced. Can I have multiple cosigners?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s nice to hear you don’t want to play favorites with your folks, but in things like finance and business, it’s not always possible. Luckily for you, legality gives you an out here: in cosigning for a
car loan
, lenders will only let you have one cosigner. Based on what you’ve mentioned here, your dad seems like the more likely candidate. He doesn’t seem like he’s had any problems paying bills or loans/credit cards and you genuinely seem more comfortable with him as your cosigner.
A great cosigner also allows you to get a better interest rate based on their creditworthiness. Therefore, you always want the one that provides you with the opportunity to save the most money. Again, it looks like your father is the ideal choice.
But don’t forget about your end of the bargain. With a cosigner comes great responsibility. Ideally, your cosigner should never touch the loan—and as long as you remain vigilant with your payments, you shouldn’t have to worry about who your cosigner is. Again, however, your dad’s credit score makes him the ideal choice for a cosigner, since he can still get you a better rate.
Just remember that your car note isn’t your only bill. You also have to budget for gas, maintenance, and car insurance. To get the best rate for your car insurance, check out the
Jerry
app—we’ll get you customized quotes in seconds, so that all you need to do is pick the plan that works best for you.Best of luck with everything!
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