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

When it comes to buying a car, many people are confused by the differences between a co-owner and co-signer. Both involve two parties being responsible for the loan, but they both involve different requirements and responsibilities. It's important to know the difference between these two roles before signing any paperwork.

A car co-owner has legal ownership of the vehicle, meaning that they are allowed to take out loans with the financed car as collateral without having to get permission from anyone else who is involved in the financing process. As a co-owner of a vehicle, you will have rights to decide what happens with it, such as selling or trading it in for another vehicle. Along with this responsibility comes financial liability and any missed payments on your behalf could negatively affect your credit score.

The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706