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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?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.
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