Car Co-Owner vs. Co-Signer: What’s the difference?
Car co-owners and co-signers have different roles when it comes to financing a car. A co-owner is an equal owner of the vehicle and is responsible for making payments on the loan. A co-signer, on the other hand, is only responsible for making payments if the primary borrower defaults on the loan.
Co-ownership gives both parties an equal stake in the vehicle. This means that both parties are responsible for making payments on the loan and are equally liable for any debt associated with the car. Co-signers, on the other hand, are not owners of the car. They are simply guarantors who agree to make payments on the loan if the primary borrower defaults.
There are pros and cons to both car ownership arrangements.
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