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Can my cosigner live out of state?
I recently moved out of state to go to grad school. I need a car to get to my internship, and my dad offered to cosign for me on the loan. Can my cosigner live out of state?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, the cosigner of your
car loan
can live out of state! As long as the cosigner is creditworthy and qualifies to cosign, it doesn’t matter where they are located.When it comes to cosigners, lenders typically look at the following criteria:
- Credit score: A cosigner’s main role is to back-up the borrower with good credit. In most cases, a cosigner is required when the primary borrower has a limited credit history or poor credit score. For this reason, lenders like to see a cosigner with a credit score of 700 or above.
- Income: Your cosigner’s income is equally important, since the c-signer will become responsible for loan payments if you fall behind. How much the cosigner makes helps determine whether they can afford the loan payments.
- Age/Citizenship: Legally, your cosigner must be above the age of 18 and a U.S. Citizen.
So long as your cosigner meets those qualifications, their state of residence is inconsequential. The only caveat is that some lenders may require the cosigner to sign the loan in person—but this isn’t always the case.
View full answer
- Gregory R.
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