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What to know about switching co-signers on a car loan Part Of Financing a Car With a Co-Signer In this series Financing a Car With a Co-Signer Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free — so that you can make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that pay us. This compensation may impact how and where products appear on this website, for example such things as the order in which they may appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. However, this compensation will affect the information we provide, or the reviews that you see on this site. We do not contain the vast array of companies or financial offers that may be accessible to you. SHARE: Tony Anderson/Getty Images
2 min read published September 12, 2022
Written by Mia Taylor Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers to manage their finances through providing precise, well-researched and well-written facts that break down complex topics into manageable bites. The Bankrate promises
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So, this compensation can affect the way, location and in what order products are listed and categories, unless it is prohibited by law. We also offer credit, mortgage and other products for home loans. Other factors, such as our own rules for our website and whether or not a product is available in your region or within your self-selected credit score range could also affect the way and place products are listed on this website. We strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial item or product. Making a deal with a co-signer may appear to be an ideal idea at first however, in certain instances it may not be as successful as you had hoped. The relationship between the primary borrower and the co-signer may change or the financial position of the co-signer might change and, in turn, the co-signer wants out of the deal. It is possible to get out get out of the loan, simply replacing one co-signer with another on the original loan is not likely. The process is more involved and may require refinancing the loan, completing co-signer release paperwork or simply paying the loan in full to stop the co-signer’s involvement. It isn’t possible to substitute your existing auto loan co-signer Most lenders won’t just replace a co-signer with a new one for an existing auto loan as it requires the lender to undergo the approval procedure for a . Although it’s always a good idea to ask your lender about this possibility swapping one co-signer for one on an existing loan is not a standard procedure. The process typically applies to the conditions and terms of a loan and is not designed or intended to alter the parties who agreed to the loan. Refinancing may remove a co-signer on your car loan and permit a new one Yet another approach to eliminate a co-signer for an automobile loan is to simply . In other words, create a new loan which settles the current loan’s balance and closes the account. The new loan can be opened with the help of a new lender and may be opened without the involvement of the co-signer. In certain cases, it may be opened by the same lender but it’s not always feasible. To accomplish this, however, you need to be able to qualify for the new loan by yourself that requires a great credit score and a track record of paying. If you have since originally buying the car, refinancing may also present the chance to get an interest rate that is more competitive or to modify loan payment conditions. Bankrate’s tip: If your credit score isn’t up to scratch it is possible to find another individual who you are at ease asking them to co-sign on a new loan. Removing the co-signer from your auto loan could be an option. Although not all lenders provide this option, it is possible in some cases to get rid of a co-signer completing a co-signer release. Contact the lender First step is to get in touch to the lender who has financed the loan and ask if it offers a co-signer release option. Fill out the necessary paperwork: If you find that the lender provides the option of release, you will typically need to fill out paperwork that strips the co-signer from the loan and will make you the principal borrower accountable for the repayment of the loan. Only the primary borrower is allowed to change the terms of the loan. Approval of the lender: There is no assurance that a lender will accept the co-signer release. You will need to prove that you’re able to handle the loan by yourself, including having an acceptable credit score and financial resources to pay back the loan. If you make this alteration, your loan duration could be modified. Removing a co-signer could affect the interest rate on your loan in particular if the loan was initially accepted based on co-signer’s good credit. The main point is switching or removing a cosigner from the car loan is not as simple or as straightforward as it sounds. Most of the time, you’ll have to either pay off the loan altogether or go through the process of completing a co-signer release -in the event that the lender even provides this option. Think carefully before asking someone to co-sign for a loan for you, in the first place and ensure you select one you can trust. Learn more
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Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation’s leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers to take control of their finances through providing concise, well-studied and well-researched content that break down complicated subjects into bite-sized pieces.
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