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Does a cosigner for a car loan need a specific credit score?
Does a cosigner need a specific credit score to be approved? I want to cosign for my son's car loan as he's worked all summer to save up for a car, but he doesn't have any credit. My credit score is decent; it currently sits at about 675. Is this a good enough credit score for a cosigner?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Lenders usually don’t have specific scores necessary to be a cosigner as many factors are at play, including:
- current debt
- debt-to-income ratio
- length of credit history
Since your credit score is 675, you’re right in the middle of the
average credit score
. As long as this loan doesn’t push your debt-to-income ratio up too high, you’ll probably be alright.After your son’s loan is approved, you need to make sure his new (or used) car is adequately protected.
All you have to do is download the app and Jerry does the hard work for you!”
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- Gregory R.
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