 TITLE: Should You Get a Cosigner on a Car Loan? CONTENT: What Is a Cosigner?\n-------------------\nA cosigner applies for a loan with you, allowing lenders to use their credit history and other financial details as part of their decision process. They take on joint responsibility for your loan, are listed with you on any financing agreement, and are obligated to make payments if you can't.\nYour cosigner will likely need a credit score of 670 or above, along with sufficient income, to qualify. Lenders use the cosigner's income to calculate their debt-to-income ratio, which determines whether they can afford the monthly car payments. Even if you plan to pay the loan without ever asking your cosigner for assistance, the lender wants to make sure that the person who is guaranteeing the agreement is really in a position to do that. END