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Can I add a cosigner if I refinance my loan?
I've worked hard to repair my credit over the last couple of years, and I think I can find a much better rate on my car loan. However, my credit is still far from stellar. Can I add a cosigner to a car loan if I refinance?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great work on repairing your credit! If you have a high interest rate on your
car loan
, refinancing is a savvy financial move—and you can always add a cosigner if required. Before you decide to add a cosigner, though, you should shop around with lenders. If you need a cosigner, the lender will suggest it to you. But again, applying on your own does no harm. Make sure to find a person that’s reliable and has good credit, as this is the ideal cosigning candidate.
However, you may find that your concerns about your credit score are unfounded, and that you can get the car loan on your own.
When you finance a car, don’t forget that you need full coverage car insurance per the stipulations of your loan. To get the best deal on your coverage in minutes, check out the
Jerry
app—we’ll get you customized quotes from multiple top-of-the-line insurers so that all you need to do is pick the plan that works best for you.Best of luck, and kudos again for your work on repairing your credit!
MORE: How to get a cosigner for a bad credit car loan
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- Gregory R.
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