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Can you add a cosigner to an existing car loan?

I've taken quite a hit on my credit and income in recent months, and I'm worried about my car loan interest rate. Can I add a cosigner to my existing car loan in case I can't pay?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since the
car loan
 has already been issued, you don’t need to add a cosigner to your loan. However, while you should continue to pay the loan if you can, you still have a few options:
  • Ask your would-be cosigner to front you the money. If you’re looking for monetary assistance from someone that you already have in mind, this may be the easiest option!
  • Call the lender and tell them your situation. If your would-be cosigner isn’t willing or able to lend you the funds, reach out to yoru lender! You might be surprised at how willing they are to work with you.
If you want to free up some more cash, you may also want to take a look at your auto insurance policy. One easy way to do this is through the
Jerry
 app—we’ll get you personalized quotes from top providers so that all you need to do is pick the plan that works best for you! (And once you choose one, we’ll even help you switch.)
Best of luck with the loan—hopefully your credit and income recover soon!
MORE:
Does Paying Car Insurance Help Build Credit?
Auto Loan PaymentsCosignersCar Loan
View full answer 
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