Can my significant other cosign for a car loan?
Can my boyfriend cosign for my loan? I have terrible credit, but my boyfriend has great credit. I need a car badly and I can't pay cash for one.
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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.
“Anyone can cosign for a car loan provided they have:
- good credit
- a decent debt-to-income ratio
- proof of income.
While most experts will contend that a significant other cosigning can lead to problems if you break up, nothing is stopping you.
If you can find a family member to cosign, that’s probably the better move.
If you do have your boyfriend cosign on for your new car, just be sure you can trust your partner before signing on the dotted line!
Also remember to insure your new car. The free Jerry app can provide you with competitive quotes from the top 45 companies in under a minute.”
MORE: What is a Car Lien?
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