A cosigner is a person who can help you qualify for a loan when you can't do so on your own. Cosigners share equal responsibility for the debt and will be responsible for payments if you are unable to pay.
Who would be a good cosigner?
To choose a good cosigner, keep the following in mind — This person should be financially stable, have a steady source of income and have good or excellent credit to help.
Can a cosigner help lower my rate?
A cosigner could potentially help you qualify for a lower interest rate, however, adding one does not guarantee your rate will change.
To see if your cosigner will impact your interest rate, they will need to be added to your application. Your cosigner will receive their invitation through email. They will enter their information and consent to being added, as well as supply any required documents.