{"id":21016,"date":"2022-07-29T16:08:27","date_gmt":"2022-07-29T16:08:27","guid":{"rendered":"https:\/\/www.etags.com\/blog\/?p=21016"},"modified":"2026-01-16T14:35:39","modified_gmt":"2026-01-16T14:35:39","slug":"can-you-finance-another-car-if-youre-already-a-co-signer-for-someone","status":"publish","type":"post","link":"https:\/\/www.etags.com\/blog\/can-you-finance-another-car-if-youre-already-a-co-signer-for-someone\/","title":{"rendered":"Can You Finance Another Car If You\u2019re Already A Co-Signer For Someone"},"content":{"rendered":"\r\n

Financing a vehicle these days isn\u2019t cheap. By June 2022, the national average for a new ride was over $48,000. The interest rate has gone up too, with an average of 4.07% on an auto loan for new wheels. Even used vehicles are way up there in price this year; well over $30,000.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

America\u2019s auto loan debt crossed the $1.2 trillion mark in January 2020<\/p>\r\n\r\n\r\n\r\n

Plus, with all the well-advertised supply chain issues worldwide, and the widespread chip shortage, finding the model you want is practically impossible. Car buyers everywhere are compromising, buying their second and third choice. You may find yourself in an awkward position with a family member or friend who needs extra help with financing a car. So it\u2019s important you know what you\u2019re getting yourself into if you say yes; especially if you plan on buying a vehicle in the near future.<\/p>\r\n\r\n\r\n\r\n

You can only have one cosigner on a car loan, even though they’re not on the car title<\/p>\r\n\r\n\r\n\r\n

When they stop paying, you must start<\/span><\/strong>
Cosigning an auto loan for someone near and dear affects your credit score, which can be an issue if you want to qualify for a loan of your own. As a cosigner you agree to be responsible for the auto loan in case your friend or family member defaults. If they stop making their monthly payments, you\u2019ll have to take over.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

Lenders can\u2019t legally seize any of the cosigner\u2019s personal property to recoup losses or repay the car debt<\/p>\r\n\r\n\r\n\r\n

The auto loan lender places more weight on your credit as the cosigner than the primary borrower; that\u2019s the person who asked you to be their cosigner. Your great credit score reduces the risk for the lending institution, so they\u2019re more likely to approve the auto loan for your friend no matter what his or her credit score is like.
SEE ALSO: WATCH OUT FOR THESE USED CAR-BUYING SCAMS<\/a><\/p>\r\n\r\n\r\n\r\n

Being a cosigner doesn\u2019t make the loan a joint loan<\/span><\/strong>
When you cosign for someone\u2019s auto loan, you don\u2019t own the car in any way. You can\u2019t make any decisions about it; you can\u2019t sell it since you’re not on the vehicle title<\/a>, determine the insurance coverage it carries, or anything else. Your only responsibility is to ensure the loan is paid even if the borrower files for bankruptcy, you still must pay the debt off. It may not be a joint loan, but being a cosigner does affect your credit.<\/p>\r\n\r\n\r\n\r\n

As cosigner, don\u2019t expect lenders to send monthly notices or statements to you<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

Cosigning increases your debt which in return impacts your credit mix. Plus, the higher your debt-to-income ratio, the less likely you\u2019ll get approved for more loans or car financing for yourself. Lenders use DTI to compare how much you owe with how much you make to establish whether or not you can take on another loan.<\/p>\r\n\r\n\r\n\r\n

Yes you can cosign, and get a loan of your own too<\/strong>
<\/span>If you have a solid credit score, you can still finance a new set of wheels even if you\u2019re a cosigner for someone else. In the end, you have to prove you can make both set of payments should your friend\/family defaults. Beware though, you\u2019re more likely to pay a higher interest rate to offset the risk.<\/p>\r\n\r\n\r\n\r\n

If you cosigned a car loan, \u00a0expect to get collections notices and details about your legal rights if the vehicle is repossessed<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

More tips to help you finance a car when you’re already a cosigner<\/strong>
<\/span>To increase your chances of getting another loan after cosigning for someone is to keep practicing good credit habits such as monitoring your credit score. Since you won\u2019t be getting monthly statements from the lender who approved you as cosigner, monitoring your credit is even more important.<\/p>\r\n\r\n\r\n\r\n

Make sure to always make your payments on time, including your mortgage, student loans, credit card, and overall bills. And don\u2019t close any accounts for the time being! Another tip to make it easier for getting a car loan after you\u2019ve cosigned for someone is to make a down payment on the vehicle you\u2019re financing. Pay as much as you can upfront for a vehicle, so that the loan you ask for is smaller. Interest and monthly car payments will be lower too.<\/p>\r\n\r\n\r\n\r\n

If you’re a cosigner, let us know how it’s going!<\/span><\/strong><\/p>\r\n","protected":false},"excerpt":{"rendered":"

Financing a vehicle these days isn\u2019t cheap. By June 2022, the national average for a new ride was over $48,000. 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