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How do you remove a co-signer from a car loan Part of Financing a Car with co-signers in this series Financing a Car With co-signers
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2 minutes read. published on October 21, 2022.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of using loans to buy a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
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If your credit score is less than excellent or you’re just beginning to build a credit profile, having a co-signer could help you obtain an . But if your circumstances change over time and your score improves and you’d prefer to eliminate the co-signer from your loan, there are three main options. You can refinance, get an release from a co-signer, or repay the loan. Alternatives to remove a co-signer from a car loan Co-signing on an auto loan is a fantastic method to be accepted by lenders in the event that your credit score is lower than ideal because it provides your lender added assurance that you’ll be able to pay the loan. However, those who carry financial responsibility in addition to the primary borrower might want to get out due to a variety of reasons. Refinance A way to eliminate a co-signer from an loan can be to . In order to do this, you’ll make a new loan or perhaps with an alternative lender. In this case then the old contract is shut and you can start fresh with a brand new loan that is not tied to the co-signer anymore. Refinancing could also provide an opportunity to reduce the interest rate on your car loan or even the monthly installment by prolonging the loan term. Keep in mind that to qualify, you will need to be making your monthly payments on time and have good to good credit. Request a co-signer’s release to get a co-signer release first, you need to get in touch with your lender. After contacting them you can request the release — in the event that the lender allows it. It’s merely paperwork which removes the cosigner from the loan and puts you, the primary borrower in the position of the sole borrower of the loan. One disadvantage of this method is that your original loan duration and interest rate may be impacted. This is especially true in the event that your loan approval was contingent on the credit of your co-signer. If the co-signer is released from the loan your lender could alter the terms of your loan. Additionally, you must show a history of timely payments prior to when the lender accepts for the release of the co-signer. It is also crucial to remember there are a few loans have a co-signer release option, so it’s wise to investigate the possibility prior to signing a contract for the loan. Pay to pay off the loan The easiest method of getting rid of a cosigner is to just . If the reason for the removal has to do with financial strain it may not be the best alternative, but repaying the loan in full will rid from the obligation of both the co-signer and the primary borrower. In order to do this, you will be required to pay the current loan balance, in addition to the payoff amount. You must contact your lender for specific ways of repaying your loan particularly when the timeframe for payment is longer than what was initially agreed on. Next steps The removal of a cosigner is an extremely time-consuming procedure It is best to think before agreeing to the removal of a . You should only move for a removal only in very specific circumstances. If you do decide to eliminate a co-signer, research your options thoroughly to determine which one makes the most sense for you. If you’re considering changing the terms of your loan or seeking an agreement with a co-signer, look over your credit score as well as your payment record to determine if your financial situation can allow you to qualify for the loan on your own.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely taking out loans to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances through providing concise, well-researched, and well-researched content that breaks down otherwise complex topics into manageable bites.
Auto loans editor
The next step is financing a Car With a Co-Signer
Read 0 minutes Mar 24 2023
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