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Can someone on Social Security cosign a loan?
I really need a car for college next year, but it’s going to be hard for me to qualify for a good rate on my own. My grandma is on Social Security but she offered to cosign for me. Is this allowed?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can technically have someone on Social Security cosign your car loan since Social Security checks are a form of income. However, whether or not a lender will accept your grandmother as a cosigner will depend largely on three things:
- Her credit score
- Her debt-to-income ratio
- The lender’s policies
If you want your grandmother to cosign your loan, shop around with a few different lenders to get a better idea of the kinds of rates you can get. Try to look at a variety of lenders, but focus on places like credit unions that are more likely to offer you a good rate.
Remember that you’ll need insurance for your new car, too! Check out the
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- Gregory R.
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