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?

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.
Eric Schad
Answered on Nov 16, 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.

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