Unfortunately, over the past year, we’ve watched vehicle prices rise – and, as a result, cars become less affordable. Adding a Carvana co-signer (such as a partner, family member, or spouse) to your account isn’t just easy – it could also help make your next car purchase more affordable. How? Let’s explore the program and see. 

How Does Adding A Co-Signer for A Car Benefit Me?

We know that rising inflation has made it harder than ever to keep up with the cost of living – money doesn’t go as far now as it did just a few months ago. For many customers, the car purchase they looked forward to in 2021 is no longer feasible. 

Adding a co-signer to your account can put you back in the driver’s seat of your purchasing decision – and your ideal car. Applying with a co-signer allows you to combine their income and credit history with yours, which could qualify you for better terms on the vehicle you want and make others more affordable. 

For example, applying with a co-signer could reduce your required down payment. Just take a look:

Adding a Carvana co-signer could reduce your downpayment - image showing lower downpayment with a co-signer.
Terms shown are illustrative only and your actual terms may vary based on your credit profile and vehicle selection.

Adding a co-signer can also decrease your monthly payments. If your Carvana co-signer has a better credit score than you, they may be able to help you get a lower interest rate than if you applied alone. 

Beyond potential cost savings, co-signing could help you build your credit history. Whether you’re just starting to build your credit or looking to improve the score you have, consistently paying off a co-signed loan can help you get there! 

How Does Co-Signer Work?

We had a mission: Make adding a co-signer to your account (and understanding what you get out of it) easy.

To achieve that, we incorporated adding a co-signer into our pre-qualification and purchase process. If we pre-approve your co-signer, you’ll immediately see the terms (and potential benefits) of financing your next car with them! Put the days of wading through pages and pages of pre-qualifiers behind you – it just takes a few quick clicks to know whether your co-signer qualifies to help finance your vehicle. 

To add a co-signer, just follow these simple steps:

Step-by-step for adding a Carvana co-signer step one - enter your contact and financial information.
Step One: Enter your contact and financial information.
Step two - add them and have them fill in their contact information.
Step Two: Add your co-signer and have them fill in their contact information.
Step three - have your co-signer add their employment information and agree to the terms and conditions.
Step Three: Have your co-signer add their employment information and agree to the terms and conditions.
Step four - enter your social security number, have your co-signer do the same, hit next, and you're done!
Step Four: Enter your social security number (have your co-signer do the same), hit next, and you’re done!

If you want to add a co-signer for a car, there are a few other things you should know:

  • Your co-signer must reside at the same address as you and be present whenever Carvana delivers your vehicle or you pick it up from one of our vending machines. Requiring your co-signer to reside at your address allows us to consider both their credit and income during pre-qualification. 
  • Your co-signer will not appear on the title or registration for your vehicle. 
  • You do not need to list your co-signer on your insurance. However, it’s wise to do so if they’ll also drive the vehicle.
  • Checking your terms to see if you pre-qualify will not affect you or your co-signer’s credit score.

Co-Signer Rights: What You Need to Know

If you’re a potential co-signer for a car, you may be wondering how co-signing will impact you. We’ve discussed some aspects of being a Carvana co-signer already, but let’s go over some other important details:

  • As a co-signer, you cannot be removed from or take over a loan unless the vehicle is refinanced. 
  • Co-signers are equally responsible for vehicle loans as the primary borrower, meaning they are equally responsible for making sure payments are made on time.

The Future of Carvana Co-Signer: What’s Next?

For many Americans, having a reliable vehicle is a necessity. Allowing co-signers enables us to make transportation more accessible and affordable, so you can get the car you need on the terms you deserve. As we look towards the future, we’re excited to continue exploring innovative ways to drive our customers happy. 

To learn more about Carvana Co-Signer or financing your next car with Carvana, please refer to the following support articles. 





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