What’s the difference between a cosigner and a co-buyer when financing a car?

I've heard these terms used before, but from what I understand, they're not interchangeable. What's the difference here?

“A key difference is that a cosigner does not have any ownership rights to the vehicle, whereas a co-buyer usually has equal rights to the car. Co-buyers are often spouses, which means their income can be added to the loan applicant’s income to meet lending requirements or qualify for better terms.
Another difference? Co-buyers assume responsibility for payments from the start of the loan, while cosigners are only liable for the loan if the primary borrower can’t or won’t make their payments. “
Johnny Puckett
Answered on Apr 08, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.

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