When an applicant requires a cosigner to buy a car
, the lender will verify that the cosigner is creditworthy and financially stable since the applicant doesn’t yet qualify on their own. That being said, some lenders will include a clause that will force the car buyer to pay the loan in full
if the cosigner passes away.
If your grandma is over 65 or otherwise in poor health, it might be safer for you to pick a different cosigner in case the unthinkable happens.
If you don’t have anyone else to cosign your loan, you could try to find a used car
that you can afford to buy outright. Just be careful, and check the car over thoroughly to make sure it functions properly
before you make the purchase.
If you’re shopping for a new car, you should be shopping for insurance, too. A great resource for insurance shopping is the Jerry
app. Jerry will collect price quotes and policy information for you for free
, so you don’t have to worry about long phone calls, bad deals, or unexpectedly high prices.”