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Who can cosign a car loan?
I want to get my first car, and I need a car loan. I'm a recent college graduate and don't have much credit. I know I need a cosigner, but my mom and dad have bad credit. Does it have to be my parents, or can I get someone else to be my cosigner?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
As long as the person has a good credit score, they can be your cosigner. Trusted friends and close family members make great candidates.
Ideally, if your cosigner has a credit score in the high 600s, you should get approved for the loan and may qualify for better interest rates.
Here’s how to spot a good car loan:
As time passes, you will build up your credit. Eventually, you can remove your cosigner from the loan agreement and
refinance
into a lower-interest-rate loan.Refinance quickly and easily by downloading the
Jerry
app. Jerry compares offers from multiple lenders to make sure you never overpay for your loan. On average, car owners pay $85 less every month by refinancing.View full answer
- Gregory R.
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