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How can I get a car loan without a cosigner?

I want to get a car loan, but I don't know anyone who would be a good cosigner. How do I get a car loan without a cosigner if I have steady income and a decent credit score?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can get a
car loan
without a cosigner with decent income and credit, but you might have to deal with one major trade-off: settling for a higher interest rate.
The younger you are, the less credit history you have, and the less income you have, you can expect to pay a higher interest rate. So if a lender recommends you get a cosigner, it’s probably in your best interest to search for one.
Still, you don’t have to take their advice. In fact, there are other ways to negotiate more favorable loan terms without having a cosigner, including:
  • Offering a larger
    down payment
    (around 20%)
  • Working with a special dealership or lender that serves people in your circumstances
  • Waiting to apply for a loan until you have a higher
    credit score
  • Choosing to finance a
    less expensive vehicle
To avoid financial stress, make sure you
shop around for car insurance
while you choose your car. To save the most money, just sign up for the
Jerry
app and compare quotes from over 50 top insurance providers.
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