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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?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.
“
View full answer
- Gregory R.
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