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Can my grandma cosign on a car loan?
I have the cash to make a down payment on a car, but I don't have enough credit built up to get a loan by myself. Aside from offering me a delectable cherry pie, my grandma said she'd cosign on the loan. Is this possible?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sounds like your Grandma is awesome! So while you’re downing a piece of cherry pie, you might be excited to know that she can cosign for your
car loan
.However, this may come with some difficulties. Before considering her as a cosigner, ask yourself a few questions:
- Is your grandma in good health?
- Does grandma have the money to pay for the car if you default?
- Do you need to burden grandma with financial responsibility?
If she’s still a good candidate, you could have her cosign on the loan. Alternatively, you could find a cheaper car and use the down payment money to pay for a used car in full. Buying a used car with cash will eliminate the need for a cosigner so grandma can go back to doing what grandmas do best: being grandmas.
If you’re shopping around for a used car, make sure to do the same for your car insurance. The
Jerry
app provides quotes from up to 50 top providers. They even will take care of all of the paperwork for you! More: 7 things to look for when buying a used car
View full answer
- Gregory R.
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