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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 goal is to help you make better financial choices by offering interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct research and compare information for free — so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that are featured on this site are from companies that pay us. This compensation may impact how and where products appear on the site, such as such things as the order in which they may be listed within the categories of listing in the event that they are not permitted by law. Our mortgage or home equity products, as well as other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not cover the universe of companies or financial offers that may be open to you. SHARE: Tony Anderson/Getty Images

2 min read Published 12 September 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 late 2021. They are committed to helping readers feel confident to take control of their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate promise

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This compensation could influence the manner, place and when products are listed and categories, unless it is prohibited by law. We also offer mortgage, home equity, and other home lending products. Other factors, like our own rules for our website and whether the product is available in the area you reside in or is within your own personal credit score can also impact how and where products appear on this website. Although we try to offer an array of offers, Bankrate does not include details about every credit or financial products or services. Entering with a can seem like a good idea initially, but in some cases it may not go as planned. It is possible that the relationship between principal borrower and co-signer might go south or the financial situation of the co-signer may alter and consequently the co-signer might want to walk to get out of the contract. While it is possible to get out of an loan but changing one co-signer to another on the original loan is not likely. The process is more complex and can involve refinancing the loan or completing co-signer releases paperwork or simply paying the loan in full to stop the co-signer’s involvement. It’s not possible to simply substitute your existing auto loan co-signer. Many lenders won’t simply replace a current co-signer with a new one on an existing vehicle loan because it would require that they complete the approval procedure for the swap . Although it’s always a good idea to ask your lender about this possibility swapping one co-signer to another on an existing loan is not standard practice. The process typically applies to the conditions and terms of a loan and is not intended or designed to modify the parties who agreed to the loan. Refinancing may eliminate a co-signer from your vehicle loan and permit an entirely new loan. Another option to eliminate a cosigner of an auto loan is to simply . In other words, make a completely new loan that settles the current loan’s balance and closes the loan. The new loan is able to be opened through an entirely new lender and may be opened without co-signer involvement. In some instances it is possible to open it by the same lender — though this isn’t always feasible. In order to do this, however you must be able to qualify for the new loan by yourself, which requires a good credit score and payment history. If you’ve had a problem since first purchasing the car refinancing, it could also provide the opportunity of obtaining a more competitive interest rate or to modify loan repayment conditions. Bankrate tip: If your credit rating isn’t up to scratch it is possible to find someone you can trust and are at ease asking them to co-sign on a new loan. Removal of the co-signer from your auto loan could be an option. While not all lenders offer this option, it’s possible in some cases to eliminate a co-signer through signing a release of co-signer. Contact the lender First step is to get in touch with the lender who financed the loan and ask if they offer a release for co-signers option. Complete the required paperwork: If you find that the lender offers the option of release, you will typically need to complete paperwork that eliminates co-signers of the loan and will make you the principal borrower accountable for the paying back the loan. Only the primary borrower has the right to alter the terms of the loan. Lender approval: There’s no guarantee the lender will be able to approve the release of the co-signer. 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. If you make this alteration it is possible that your loan term may be changed. Eliminating a co-signer may also impact the interest rate of your loan in particular if the loan was initially granted based on the co-signer’s excellent credit. The main point is switching or removing a co-signer on a car loan is not as simple or as simple as it sounds. In most cases, you’ll need to , pay it off altogether or go through the process of making a co-signer releasein the event that the lender even offers this option. Think carefully before asking anyone to co-sign a loan for you, in the first place and make sure you choose the person you feel comfortable with. 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. The article was 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 with precise, well-studied information that break down complicated subjects into bite-sized pieces.

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