It is highly unlikely you can find a co-signer using the Internet, as co-signing a car loan presents great financial risk. Your co-signer should be someone who trusts you and can make your car payments if you cannot. Consider the risks involved for a co-signer so you can decide whom to ask. Other purchase options may exist if you cannot find a co-signer.
Co-Signer Liability
A co-signer has the same payment and loan responsibilities as the person for which he co-signs. Payments must be made on time. Any late payments are reported to the credit bureaus, which is damaging to either person's credit history. If you are unable to pay your loan, the co-signer must pay for you or the vehicle will be repossessed, which causes significant credit damage. The co-signer might also have trouble pursuing an additional loan or piece of credit because of the recently opened account on his credit history, even though he is not the registered owner of the vehicle.
Application Process
A co-signer applies for the loan with you. She must provide her Social Security number, employment and address information, income and date of birth. A copy of the co-signers driver's license number and signature is also required. Once the application is approved, the co-signer must read the lending contract over and sign it, just as you do. Because a co-signer must provide her personal information and faces significant financial risk by securing someone else's loan, it may prove difficult to find one from a source like the Internet.
Whom to Ask
You may find that relatives or close friends are uncomfortable co-signing your loan. Ideal co-signers include parents, aunts, uncles, cousins, siblings or close friends. The person you ask must have good credit, a stable income and address history. Your co-signer should be local to you, but some dealers or banks can send a contract to a co-signer in another state to obtain a signature. Don't be afraid to contact close friends or family that aren't in your state if your bank allows this.
Other Options
If you're a student, a first-time buyer or a recent graduate, a bank may have a program in place to help you obtain lending. As long as you are employed and don't have any previous or negative credit, a bank might extend a loan to you. You can check the websites of various car manufacturers and local banks to view credit offers and programs. If you can't find suitable lending options, consider purchasing a vehicle from a buy-here, pay-here lot. These lots do not check credit but require money down.
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