Can having a cosigner lower your car payments?

Does having a cosigner lower your monthly car payments? I want to get a car loan but the payments are too high. My mother has offered to cosign but I'm not sure if it will help.

Answer provided by
Eric Schad
Answered on Jul 12, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Having a cosigner may help you get a loan, but it doesn’t necessarily mean that you’ll have lower car payments.
In some ways, a cosigner will assure you that you’re approved if they have solid credit. However, it’s up to the lender to decide whether you pose a credit risk thereafter.
Here are a couple of things you can do to lower your car payment:
  • shop around once you have a cosigner to make sure you’re getting a good deal
  • pick a car that is affordable for your budget
  • put some money down toward your car
  • budget wisely
Always remember that you’ll need full coverage car insurance when you get a new car loan. You’ll have to budget $100 a month or more depending on your age and driving record.
While you’re shopping for your car, use the free Jerry app to help you find affordable rates hassle-free!”

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