You can have your boyfriend or girlfriend cosign a car loan for you, but they must meet the lender’s requirements.

Cosigner Requirements for Auto Loans

Being a cosigner for someone means you’re helping them get approved for a car loan. Essentially, the primary borrower “uses” your good credit to get approved. In the event that you break up and cosigned on an auto loan for your ex, it won’t be easy to get your name off the loan.

Can My Boyfriend or Girlfriend Cosign for Me?Once you’ve discussed what it means to be a cosigner with your significant other, it’s time to make sure they qualify. In order for your girlfriend or boyfriend to cosign for you, they must meet these three basic requirements:

  • Good credit – Your boyfriend or girlfriend must have good credit if they want to cosign a car loan, usually starting at a FICO score of 700 and above.
  • Qualifying income – Lenders need to make sure that your cosigner is able to pay in case you’re unable to. How much income they need to have varies by lender, but expect a minimum requirement of around $1,500 to $2,000 a month.
  • No additional debt – Because your loan will be included with the cosigner’s debt to income (DTI) ratio, it’s important to make sure listing them as a cosigner won’t affect their chances of getting additional credit down the road. In addition, if the cosigner’s DTI is too high with the loan included, they won’t qualify to cosign.

When to Consider a Cosigner

Many times, a subprime lender requires you to have a cosigner. If you aren’t sure if you’ll need one, consider these two scenarios where a cosigner can help you get an auto loan:

  • Your credit isn’t stellar – Poor credit can prevent you from getting approved for a car loan. When you apply for an auto loan with a subprime lender, they may or may not require a cosigner in order to approve you. Some lenders do this because a borrower’s credit history is too short. This gives you the chance to “share” your cosigner’s good credit until the loan is paid off.
  • Satisfy the car loan income requirement – If your only income source comes from social security or disability, you won’t meet the basic car loan income requirements. But, having a cosigner who does have earned (W-2) income can help get you approved.

The Bottom Line

If your boyfriend or girlfriend has good credit and earned income, there’s a good chance they can cosign for you. Keep in mind that their credit will be impacted, too, as any delinquencies affect both your credit score and your cosigner’s credit score.

If you’re ready to take on an auto loan, but aren’t sure where to begin, Drivers Lane wants to help. We work with a nationwide network of special finance car dealerships that have lenders available to help people who are struggling with credit challenges. Fill out our free of cost online car loan request form to get the process started now!