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 smarter financial decisions by offering interactive tools and financial calculators as well as publishing high-quality and impartial content. This allows you to conduct your own research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this website come from companies that compensate us. This compensation may impact how and where products appear on this website, for example for instance, the order in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home lending products. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not contain the universe of companies or financial offerings that could be available to you. SHARE: Tony Anderson/Getty Images
2 minutes 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 editing and writing for Bankrate since the beginning of 2021. They are committed to helping readers feel confident to take control of their finances with clear, well-researched 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 when products are displayed within the categories of listing in the event that they are not permitted by law. We also offer loan products, such as mortgages and home equity and other home loan products. Other factors, like our own proprietary website rules and whether the product is available within your area or at your personal credit score can also impact how and where products appear on this site. Although we try to offer a wide range offers, Bankrate does not include details about every financial or credit product or service. Making a deal with a co-signer may appear like the best idea in the beginning however in some instances the plans might not go as planned. The relationship between the primary co-signer and the borrower could go south or the financial situation of the co-signer could alter and consequently, the co-signer wants to walk away from the arrangement. While it is possible to from an loan just by swapping one co-signer for an additional one on the initial loan is not likely. The procedure is more complicated and may involve refinancing the loan and completing the co-signer release forms or paying the loan in full to end the co-signer’s role. You won’t be able to simply replace your existing auto loan co-signer. Many lenders won’t simply replace a current co-signer with another for an existing auto loan since it will require that they undergo the approval process to approve the swap . Although it’s never hurt to ask the lender about this possibility, changing one co-signer with another for an existing loan is not standard practice. The process typically applies to the conditions and terms of the loan and is not designed or intended to alter the parties who signed on to the loan. Refinancing could get rid of a co-signer for your vehicle loan and enable you to get the creation of a new one. A different method to remove a co-signer of an auto loan is to simply . In other words, open an entirely new loan which settles the current loan’s balance and closes the loan. The new loan can be opened with the help of a new lender and may be opened without the co-signer’s involvement. In some cases, it may be opened by the same lender but it’s not always feasible. To accomplish this, however you must be able to qualify for a new loan on your own and this requires a high credit score and payment history. If you’ve been in the process of purchasing the car, refinancing may also present an opportunity to obtain the most competitive interest rate or revised loan payment conditions. Bankrate’s tip If your credit score isn’t up to scratch then you may want to consider locating an individual you feel at ease asking them to co-sign for a new loan. Removing the co-signer from your auto loan is an option. Though not all lenders offer this option, it is possible in certain cases to get rid of a co-signer completing a co-signer release. Contact the lender First step is to connect directly with the lender who has financed the loan and inquire if it offers a co-signer release option. Make sure you have the proper paperwork in place If you are offered a release option by the lender offers the option of release, you will typically need to fill out paperwork that strips co-signers of the loan and will make you the principal borrower accountable for the paying back the loan. Only the borrower who is the primary one is able to make this change on the loan. Approval of the lender: There is no guarantee the lender will be able to approve the release of co-signers. You’ll need to show that you’re able to handle the loan by yourself and have a good credit score and sufficient funds to maintain repayment. When making this type of modification it is possible that your loan period could be altered. Removing a co-signer could impact the interest rate of your loan especially in the event that the loan was originally approved based on the co-signer’s excellent credit. The bottom line Switching or removing a cosigner from an auto loan isn’t as simple or as simple as it sounds. Most of the time, you’ll have to pay it off in full or go through the process of signing a release of co-signer -in the event that the lender even offers this option. Consider carefully whether you want someone else to sign on a loan for you, in the first place and make sure you choose 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. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers feel confident to manage their finances through providing precise, well-studied information that break down complicated subjects into bite-sized pieces.
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