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 aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct your own research and compare information for free – so that you can make sound financial decisions. Bankrate has partnerships with issuers, including 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 website are provided by 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 be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews that you see on this site. We do not include the entire universe of businesses or financial deals that might be available 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. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the beginning of 2021. They are dedicated to helping their readers feel confident to manage their finances with concise, well-studied information that breaks down complex topics into manageable bites. The Bankrate guarantee
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Therefore, this compensation may affect the way, location and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own website rules and whether the product is available in the area you reside in or is within your self-selected credit score range could also affect the manner in which products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on every credit or financial item or product. Entering with a can appear to be a good idea initially, but in some cases the plans might not work out as intended. There could be a conflict between principal borrower and the co-signer may go south or the financial situation of the co-signer could change , and consequently, the co-signer wants to get out of the contract. While it is possible to benefit from an loan just by swapping one co-signer for another one on the original loan is not likely. The process is more complex and may require refinancing the loan, completing co-signer release forms or paying the loan completely to end the co-signer’s involvement. It’s not possible to swap your existing auto loan co-signer. Many lenders won’t just replace a co-signer by a different one on an existing vehicle loan as it requires that they undergo the approval process for an . Although it’s always a good idea to inquire with the lender about this possibility, changing one co-signer with another 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 designed to modify the parties who agreed to the loan. Refinancing can eliminate a co-signer from your vehicle loan and allow for an entirely new loan. Another method to remove a co-signer from an auto loan could be simply . That is, you can make a completely new loan that settles the existing loan’s balance and then closes the account. The new loan can be opened with a new lender and is able to be completed without the involvement of the co-signer. In some cases it is possible to open it with the same lender however it’s not always feasible. To accomplish this, however you must be eligible for a new loan by yourself and this requires a high credit score and a track record of paying. If you’ve been in the process of buying the car refinancing could provide the chance to get an interest rate that is more competitive or to modify loan conditions. Bankrate tip: If your credit score is not up to par, you might consider finding an individual you feel confident in asking them to sign a new loan. Removing the co-signer from your auto loan could be an option. Although not all lenders provide this option, it’s possible to eliminate a co-signer through signing a release of co-signer. Contact the lender: Your first step is to get in touch to the lender who has financed the loan and find out whether they offer a release for co-signers option. Complete the required paperwork: If the lender provides a release option, you will typically need to complete paperwork that eliminates co-signers from the loan and makes you the primary borrower responsible for payment of the loan. Only the primary borrower has the right to change the terms of the loan. Lender approval: There’s no assurance that that a lender will accept the release of the co-signer. You will need to prove that you’re able to handle the loan by yourself by proving you have a satisfactory credit score and sufficient funds to continue repayment. When making this type of alteration the loan duration could be modified. Eliminating a co-signer may also impact the interest rate of your loan especially when the loan was initially granted based on the co-signer’s excellent credit. The main point is switching or removing a cosigner from the car loan is not as simple or as simple as it sounds. Most of the time, you’ll have to pay it off completely or follow the procedure of completing a co-signer release — if the lender even allows this option. Be cautious when asking anyone to co-sign a loan for you, in the first place and be sure you select someone you trust. Learn more about
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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. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers feel confident to control their finances through providing precise, well-studied information that dissects complicated subjects into bite-sized pieces.
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