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Can a retired individual be my car loan cosigner?
My dad just retired, but he told me that he'd cosign for my car loan. Could a retired individual cosign a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s nice of your dad! A retiree can definitely be a cosigner for a
car loan
, although it’s highly dependent on their income, credit, and debt-to-income ratio. Because retirees usually have less income compared to working people, they may not always qualify to become a cosigner, even with good credit.If you have to choose between a retired person and an employed person, the employed individual is almost always the better choice. However, your lender can tell you if your dad will qualify as a cosigner or not. If not, you’ll need to look for another cosigner or find a different lender.
Once you find a loan, your lender will also likely require that you have full coverage car insurance on your new car. To find the best rates and coverage, be sure to shop around with the
Jerry
app. Jerry gathers personalized quotes from 50+ insurance providers, like Allstate and Nationwide, to find you the best rates for the coverage you need.View full answer
- Gregory R.
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