Who's the best candidate for a cosigner for a car loan?

Who's the best candidate for a car loan cosigner? I want to get a car loan but my credit isn't great. My lender told me to get a cosigner and approval wouldn't be a problem. I've asked a close friend if he'd be a cosigner, but he's reluctant. My aunt said she would do it, but I have my reservations.

Answer
“In general, a family member is the best candidate for a cosigner. This is because of your ties to them.
In most cases, you wouldn’t want to hurt the credit or trust of a family member. You don’t want to hurt a friend either, but if you have a falling out with your friend, you may become apathetic and default on the loan.
The basic rule is that the closer the family member, the better the cosigner. If you can avoid having friends cosign, it will take a ton of stress off the relationship so you can just do what you do best: remain friends.
After your loan is approved, you need to make sure your new car is adequately protected.
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Eric Schad
Answered on Jul 13, 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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