Who can cosign a car loan?

I want to get my first car, and I need a car loan. I'm a recent college graduate and don't have much credit. I know I need a cosigner, but my mom and dad have bad credit. Does it have to be my parents, or can I get someone else to be my cosigner?

Answer
Congratulations on graduating! And don’t worry, your cosigner does not need to be a parent.
As long as the person has a good credit score, they can be your cosigner. Trusted friends and close family members make great candidates.
Ideally, if your cosigner has a credit score in the high 600s, you should get approved for the loan and may qualify for better interest rates.
Here’s how to spot a good car loan:
As time passes, you will build up your credit. Eventually, you can remove your cosigner from the loan agreement and refinance into a lower-interest-rate loan.
Refinance quickly and easily by downloading the Jerry app. Jerry compares offers from multiple lenders to make sure you never overpay for your loan. On average, car owners pay $85 less every month by refinancing.
Lauren Smith
Answered on Nov 17, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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