How to Get a Cosigner For a Car Loan

Applying for a car loan is a big decision, but if your credit isn’t what you need for qualifying, you might benefit from having a co-signer. Asking someone to co-sign on a loan for you can help you boost your chances of getting approved. Visit our team at North Coast Auto Mall of Akron to learn more about our in-house financing options and get pre-qualified for your loan.

What’s a Co-signer?

A co-signer is someone who applies for a loan with you and gives their financial and credit history to your lender as part of the qualifying process. Co-signers can be spouses, parents, or other close relatives. As your co-signer, the individual accepts joint responsibility with you for the loan. The lender also lists both you and your co-signer on any financing agreements, making the co-signer financially liable if you can’t make the loan payments.

Why You Might Need a Co-signer on a Car Loan

Having a co-signer can help you qualify for a car loan if you’ve been denied or if you’re trying to find better interest rates. In some cases, lenders may require borrowers to find a co-signer if they consider the borrower to be high-risk. You might also need a co-signer to qualify for a car loan if:

  • Your credit history isn’t as established or you have poor credit.
  • You have too many debts.
  • Your employment history isn’t sufficient enough.

If you’re unsure whether you’ll need a co-signer to qualify for your car loan, come visit us at North Coast Auto Mall of Akron, where our finance team can provide expert advice on your options. We’ll discuss the financing process with you and help you determine if your application requires a co-signer.

Pros of Getting a Co-Signer for a Car Loan

Getting a co-signer for a car loan has several benefits:

Better Chances of Qualifying

Having someone cosign for you gives you a better chance of a lender approving your loan. Whether you need a co-signer due to your credit score, income history, existing debt, or other factors, lenders are more likely to approve a loan when a co-signer provides additional financial collateral to ensure repayment.

Better Interest Rates

Many lenders set interest rates based on a borrower’s credit score. So if you have a lower credit score it can influence the interest rate. A co-signer with excellent credit can help you qualify for lower interest rates, which can mean you have lower monthly payments. If you know your loan amount and interest rate, you can use our payment calculator to get an idea of what your monthly payments will be.

Increase Your Credit Score

Even though a co-signer applies for the loan with you, you’re still the primary borrower. As the primary borrower, the loan shows up on your credit report. Making payments on time each month only adds to your credit and increases your score.

What To Consider Before Co-signing a Car Loan

Cosigning a car loan comes with some risks, including risks to the co-signer’s credit should the borrower miss payments or default. To reduce the risks, consider several factors with your co-signer prior to applying for your loan:


One of the most important considerations is your ability to afford the loan. Look at your budget and financing options, and think about how much you would be able to afford on your own to better understand how much you’ll need for covering monthly payments. Your co-signer is less likely to risk their credit with a loan amount you can afford.

Additional Debt

The co-signer essentially takes on additional debt when accepting joint responsibility for the loan. It’s a good idea to talk with your co-signer about whether they’re able to take on additional debt. Since the co-signer’s current debts factor into a lender’s decision to approve your loan, you might want to make sure your co-signer understands their debt-to-income ratio prior to applying for your car loan.

Payment Commitment

Taking on a car loan with a co-signer can put that individual at financial risk if you should default on your monthly payments. Make sure you’re able to commit to several years of car payments and discuss any concerns your co-signer may have to reassure them of your promise to fulfill the loan obligation completely.

How To Get a Co-signer for a Car Loan

Before you apply, talk with the individual you’re considering as a co-signer. You’ll want to make sure this person is financially able to take on the loan should anything happen to cause you to default. Have all the information upfront so your co-signer understands the obligations. Be sure they know the loan amount, interest rate, estimated monthly payment, the down payment amount if you have one, and the financing term. The information you share with them can help them understand what their financial obligations are going to be.

When you’re ready to apply for financing with your co-signer, North Coast Auto Mall of Akron can help secure your car loan and lock in your rate. Our team of qualified experts can help make the process simple and hassle-free. Our team works with you to find the lowest interest rates and the best vehicle options for your budget. You’ll need to provide both the co-signer’s and your income and credit history, current debt obligations, and requested loan amount. After submitting your application, our team will let you know immediately when it’s approved.

Explore Your Financing Options With North Coast Auto Mall of Akron

North Coast Auto Mall offers in-house financing options personalized for you, regardless of your credit score. Should you need a co-signer, our team can help you secure competitive rates on our selection of cars, trucks, and SUVs with terms that suit you both. We also offer poor credit loan approval if you’re a qualified driver, so be sure to ask us about your eligibility when you get in touch with our team. You can be confident in having the financing support you need when you explore your options at North Coast Auto Mall of Akron.