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Co-signing vs. co-ownership of a vehicle: What’s the difference? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare information at no cost – so that you can make sound financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation could affect how and where products appear on this site, including for instance, the order in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other products for home loans. This compensation, however, does affect the content we publish or the reviews that you see on this site. We do not include the entire universe of businesses or financial offers that may be open to you. FG Trade/Getty Images

2 min read published 28 October 2022

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Written by Bankrate The article was created by using automated technology. It was then thoroughly checked and edited by an editor from our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the beginning of 2021. They are committed to helping readers feel confident to take control of their finances. They provide clear, well-researched information that is broken down into complicated topics into digestible pieces. Written by Mark Kantrowitz Reviewed by Nationally acknowledged expert on student financial aid Mark Kantrowitz is an expert on financial aid for students including the FAFSA as well as scholarships, 529 plans, education tax benefits and student loans. The Bankrate promise

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This compensation could impact how, where and in what order products are listed, except where prohibited by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own rules for our website and whether the product is offered in the area you reside in or is within your personal credit score can also impact the manner in which products are featured on this site. While we strive to provide a wide range offers, Bankrate does not include details about every financial or credit products or services. Co-signing and co-owning a car are two different methods of requesting a with an additional borrower. In both cases the second borrower has to have sufficient credit and income to be able to fund this loan independently. Each has advantages and drawbacks, depending on what both parties are seeking. There are differences between co-signing and a co-owning a car A co-signer is an individual who is accountable for the repayment of the loan, but doesn’t possess any legal title to the car. Co-owners share the same rights to it. Co-signing on the purchase of a car loan If it’s a car co-signer, the co-signer is required to take on the monthly installments in the event that the borrower isn’t able to pay the payments. It’s a huge decision to make and will . Benefits of co-signing an auto loan Assistance in to qualify: A co-signer is eligible get an auto loan that they would otherwise not be eligible for. Improve credit score If the primary borrower is able to stay on top of payment, the credit of both the primary borrower as well as the co-signer may be improved. Reduce cost: If the co-signer is a good to excellent credit score the primary borrower will qualify for a lower interest rate and fees. There are risks associated with co-signing for a car loan The responsibility for repayments: If the borrower defaults the co-signer will be responsible accountable for all loan payments. No legal claim: The co-signer is not in the title of the car and does not have any legal right to the car. Co-ownership of a vehicle in the case of a vehicle, both the owner and the co-owner are listed in the document. Having a co-owner doesn’t change what is already clear that the principal borrower has the title to the property. Depending on how the car is titled, the primary borrower may require permission to sell the car. Benefits of owning a car with a co-owner Co-owners are safer: The co-borrower has the protection by having their own name listed on the title. More favorable terms: When both borrowers have good credit the primary borrower might get more favorable conditions than if they were applying alone. The risks of co-owning a vehicle Equal rights: The co-borrower enjoys the same rights to the vehicle as the principal borrower. The co-owner is required to participate in either the transfer or sale of the car. Insurance If the co-owner does not make use of the vehicle, they will likely need to be covered by the policy of insurance. This can mean higher costs for everyone affected. The best option is to choose between co-signing or co-owning an automobile The most significant difference between co-borrowers and other co-signers is the amount of money invested of the loan. Co-borrowers take on more responsibility and ownership than co-signers. Co-borrowing is a good option for people with excellent credit scores and wish to have equal rights to the vehicle -for example, a couple that wants to buy a car together. On the other hand, it is a good option for someone who doesn’t meet the requirements for the loan in the first place, or is in need of assistance to qualify for a larger amount or low interest. How to prepare to co-sign or co-own a car To be a co-signer for the loan you must have a stable income and be able to meet the requirements for credit scores established for you by your lender. Similar requirements apply to being a co-owner, because the credit of both the borrowers will be considered. Even if you satisfy the requirements, an open conversation should be had between both parties. Co-signing and co-owning both come with substantial credit risk. Be sure to have an arrangement in place in case the principal borrower is unable to pay. The bottom line There are many reasons you may choose to co-sign or co-own a car with another person. In either case it is crucial for both of you to be on the same page about what the relationship entails and what’s expected of each of you. 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The article was written by generated using automation technology and thoroughly edited and fact-checked by an editor on our editorial staff. Edited by Rhys Subitch The article was edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.

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Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged student financial aid expert Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as scholarships, 529 plans educational tax benefits, as well as student loans.

Nationally acknowledged expert in student financial aid

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