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How do you remove a co-signer from a car loan Part of Financing a Car Using co-signers in this series Financing a car with a Co-Signer

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2 min read published on October 21, 2022.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of taking out loans to purchase the car they want.

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

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing precise, well-researched and well-written facts that break down otherwise complicated subjects into digestible pieces.

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When your credit score isn’t perfect or you’re only beginning to build a credit profile co-signing with a person could help you obtain a . However, if your situation changes as time passes and your score increases and you would like to remove this cosigner off your loan, there are three options to consider. You can refinance, get an release from a co-signer, or repay the loan. There are a variety of options to remove the co-signer from a vehicle loan Co-signing on an auto loan is a fantastic option to get a loan from lenders if the credit scores of your applicants are less than ideal because it gives your lender an additional assurance that you’ll pay back the loan. However, those who carry financial responsibility alongside the main lender may decide to withdraw because of a variety of reasons. Refinance is one way to get rid of the co-signer from your loan can be to . To do this , you’ll make a new loan, possibly with another lender. If you do this the previous agreement will be shut and you can start from scratch with a new loan that is not tied to the co-signer anymore. Refinancing is also an opportunity to reduce the rate of interest on your car loan or even the monthly payment by increasing the loan term. Remember that in order to you will need to make your monthly payments punctually and have good to excellent credit. Get a co-signer release To get a co-signer release you must first contact your lender. After contacting them you can ask for the release when the lender allows it. It is a simple form which removes the cosigner of the loan and makes you the primary borrower, as the sole borrower on the loan. One of the drawbacks to this method is that your original loan term and interest rate could be affected. This is especially the case when your loan approval was contingent on the credit score of your co-signer. If the co-signer is released from the loan the lender could alter your current terms. It is also necessary to provide proof of punctual payments prior to when the lender accepts for the release of the co-signer. It’s also important to note the fact that not every loans come with release option for co-signers It is advisable to investigate this prior to agreeing to a loan. Pay off the loan The easiest way to remove a co-signer is to simply . If the reason for the removal is due to financial strain it may not be the most practical solution, however paying off your loan in full will rid from the obligation of both the principal borrower and co-signer. To accomplish this, you will be required to pay the current loan balance along with the amount to pay off. It is necessary to inquire with your lender for specific ways of repaying the loan, especially in the event that the deadline for repayment is longer than what was initially agreed on. Next steps Removal of a cosigner is an extremely time-consuming procedure It is best to consider your options before deciding to the removal of a . And you should only go ahead with a removal under very specific circumstances. If you choose to proceed with removing co-signers, you should research the options carefully to determine which approach makes the most sense for you. If you’re thinking about changing the terms of your loan or obtaining an agreement with a co-signer, look over your credit score and payment record to determine if your financial situation is sufficient to allow you to be eligible for an loan on your own.

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely taking out loans to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing concise, well-researched, and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.

Auto loans editor

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

1 minute read Mar 24, 2023

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