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How to get rid of co-signers from a car loan Part Of Financing a Car Using a Co-Signer In this series Financing a car with a Co-Signer







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2 minutes read. Published October 21, 2022
Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely borrowing money to purchase an automobile.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain the confidence to control their finances by providing clear, well-researched data that breaks otherwise complex topics into manageable bites.









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When your credit score isn't excellent or you're just beginning to build a credit profile, having a co-signer can assist you in getting a . However, if your situation changes as time passes or your credit rating increases and you'd prefer to eliminate any co-signer on your loan There are three main options. You can refinance your loan, request an agreement with a co-signer or pay off the loan. Alternatives to remove a co-signer from a car loan Having a co-signer for an auto loan is a fantastic option to get a loan from lenders if the credit scores of your applicants are less than optimal, as it provides your lender an additional assurance that you'll pay back the loan. But those with added financial responsibility in addition to the primary borrower might want to get out due to a variety of reasons. Refinance One way to remove the co-signer of your loan could be . To do this you will make a new loan and possibly with a different lender. When you do this then the old contract is shut and you can start all over again with a fresh loan which isn't 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 installment by prolonging the loan duration. Keep in mind that to qualify, you will need to make your monthly payments punctually and have excellent to excellent credit. Request a co-signer's release to obtain a co-signer's release, you will first need to contact your lender. After contacting them you can request the release -- when the lender will grant it. This is just paperwork that removes the co-signer out of your loan and puts you, the primary borrower in the position of the sole borrower of the loan. One disadvantage of this option is that the initial loan term and interest rate could be affected. This is especially the case if your approval was dependent on your co-signer's good credit. If the cosigner is released from the loan the lender may adjust your terms. Additionally, you must demonstrate a track record of timely payments prior to when the lender accepts to let the cosigner go. It's important to know there are a few loans have release option for co-signers, so it's wise to investigate this before committing to the loan. Pay back the loan The easiest method to get rid of a co-signer is to just . If the reason for the removal has to do with financial pressure, this may not be the most practical option but paying off your loan in full removes the responsibility of both the co-signer and the primary borrower. To accomplish this, you'll be required to pay your current loan balance in addition to the amount to pay off. You must contact your lender for the specific methods to pay off the loan, especially if the pay-off timeline is later than the time originally agreed on. Next steps The removal of a co-signer can be a time-consuming process, so it's best to think about it before signing the removal of a . It is best to only go ahead with a removal in the most specific of circumstances. If you choose to eliminate co-signers, you should research your options thoroughly to determine which approach makes the most sense for you. If you're thinking of changing the terms of your loan or getting a co-signer release, review your credit score and payment record to determine if your financial profile is sufficient to allow you to be eligible for an loan on your own.


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Written by Auto Loans Reporter

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



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-researched and reliable information that breaks down otherwise complex topics into digestible chunks.






Auto loans editor




Next Part of Financing a Car With a Co-Signer

Read 0 minutes Mar 24, 2023










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