Car Co-Owner vs. Co-Signer: What’s the difference?

When it comes to financing a car, there are a few different options available. One option is to have a co-signer on the loan. Another option is to have a co-owner on the loan. So, what’s the difference between these two options?

A co-signer is someone who agrees to sign the loan agreement with you. They are responsible for making sure that the payments are made on time. If you default on the loan, they will be responsible for paying off the entire balance.

A co-owner is someone who owns the car with you. They are not responsible for making sure that the payments are made on time. However, if you default on the loan, they will be responsible for paying off their portion of the balance.

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