How do I get a new car loan without having a cosigner?

I want to get a new car loan, but I don't have the best credit. The lender said I might need a cosigner, but I don't know anyone that would be good for the role. Do I absolutely need a cosigner?

If the lender recommends that you need a cosigner for a car loan, you will have a hard time securing the loan without one. If you absolutely cannot find a cosigner, you have two options to move forward:
  • Wait until your credit score approves and apply again later
  • Use a subprime lender or a buy here pay here dealership
The first option is the better choice, but if you need a set of wheels now, you may have to go for the second option. Keep in mind that these alternative lenders will charge super-high interest rates, which can cost you extra cash and may cause you to go upside down on the car loan for a long time.
If you find a lender that’s willing to let you borrow the money, remember that you’ll also need to have full coverage car insurance per the stipulations of your loan. That’s where Jerry can help. Sign up in only 45 seconds to compare car insurance quotes from over 50 top carriers.
Eric Schad
Answered on Nov 17, 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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