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How to get rid of a co-signer from a car loan Part Of Financing a Car Using the Co-Signer in this video Financing a Car with a Co-Signer







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2 min read 21st October, 2022.
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of borrowing money to purchase an automobile.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to control their finances through providing concise, well-researched, and clear information that breaks down otherwise complicated topics into bite-sized pieces.









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If your credit score is less than perfect or you're only beginning to build your credit profile, having a co-signer could help you obtain an . However, if your situation changes over time and your score rises and you would like to get rid of any co-signer on your loan There are three options to consider. You can refinance, get a co-signer release or repay the loan. Alternatives to remove the co-signer from a vehicle loan Co-signing on an auto loan is a great option to get a loan from lenders if your credit score is lower than ideal because it gives your lender an additional assurance that you'll pay back the loan. However, those who have financial responsibility to the borrower might want to get out because of a variety of reasons. Refinance is one way to get rid of the co-signer from an loan can be to . To do this , you'll take out an entirely new loan and possibly with an alternative lender. If you do this the previous agreement will be shut and you can start fresh with a brand new loan that is not tied to the co-signer anymore. Refinancing can also be an opportunity to cut down the interest rate on your car loan or even the monthly payment by increasing the loan time. Be aware that to qualify, you will need to be making your monthly payments punctually and have good to good credit. Get a co-signer release To get a co-signer release you must first contact your lender. After you have contacted them, you can request the release -- if the lender will grant it. This is just paperwork that removes the co-signer of the loan and places you, the primary borrower as the sole borrower of the loan. One disadvantage of this method is that the initial loan period and rate might be affected. This is especially the case in the event that your loan approval was contingent on your co-signer's good credit. If the co-signer is released from the loan your lender could alter the terms of your loan. Additionally, you must provide proof of punctual payments prior to when the lender accepts to let the cosigner go. It is also crucial to remember the fact that not every loans come with a co-signer release option, so it's wise to look into the possibility prior to signing a contract for an loan. Take care to pay off the loan The easiest method to get rid of a co-signer is to simply . If the reason for removal stems from financial hardship, it may not be the best alternative, but repaying this loan in full will rid from the obligation of both the principal borrower and co-signer. In order to do this, you'll be required to settle the current loan balance along with the payoff amount. You will have to contact your lender to find out the exact method of repaying your loan in particular in the event that the deadline for repayment is longer than what was initially agreed on. Next steps The removal of a co-signer could be lengthy, so it's best to think before agreeing to an . And you should only go ahead with a removal in the most specific of situations. If you choose to eliminate co-signers, study the options carefully to determine which approach is the best for you. If you're considering refinancing your loan or obtaining an agreement with a co-signer, look over your credit score and payment history to ensure that your financial profile will allow you to qualify for the loan on your own.


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of using loans to buy the car they want.



Editor: 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 control their finances by providing clear, well-researched information that breaks down complicated topics into manageable bites.






Auto loans editor




Up next Part of Financing a Car With a Co-Signer

Read 0 minutes Mar 24, 2023










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