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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 mission is to help you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows users 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 limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this site are from companies that compensate us. This compensation could affect how and where products appear on this website, for example such things as the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. But this compensation does affect the information we publish, or the reviews appear on this website. We do not cover the universe of companies or financial offers that may 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. Written 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 to manage their finances with concise, well-studied information that breaks down complex topics into manageable bites. The Bankrate guarantee
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We are compensated in exchange for the promotion of sponsored goods and, services, or through you clicking certain links posted on our site. This compensation could impact how, where and in what order items are displayed within the categories of listing in the event that they are not permitted by law for our loan products, such as mortgages and home equity, and other home lending products. Other factors, such as our own website rules and whether the product is available within your area or at your personal credit score may also influence the manner in which products appear on this site. While we strive to provide a wide range offers, Bankrate does not include specific information on every credit or financial products or services. It may appear to be the best idea in the beginning however, in certain instances the plans might not go as planned. There could be a conflict between principal co-signer and the borrower could be strained, or the finances of the co-signer may alter and in turn co-signer may want to get out of the deal. Although it is possible to withdraw from the loan, simply changing one co-signer to an additional one on the initial loan is not likely. The procedure is more complicated and can require refinancing the loan and completing the co-signer release documents or paying off the loan completely to end the involvement of the co-signer. It isn't possible to substitute your current auto loan co-signer. Most lenders will not simply replace a current co-signer with a new one on an existing vehicle loan because it would require that they undergo 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 isn't a common practice. The process typically applies to the terms and conditions of a loan and isn't designed or meant for modifying the parties who agreed to the loan. Refinancing may remove a co-signer on your car loan and allow for a new one Yet another approach to eliminate a co-signer from an auto loan can be to just . In other words, create a new loan that settles the balance of the loan and closes the account. The new loan is able to be opened through a new lender and may be opened without the involvement of the co-signer. In some cases it is possible to open it by the same lender but this isn't always feasible. To accomplish this, however, you need to be able to qualify for the new loan by yourself that requires a great credit score and a track record of paying. If you've been in the process of purchased the vehicle refinancing could provide the chance to get the most competitive interest rate or to modify loan payment conditions. Bankrate tip: If your credit score is not up to par, you might consider finding someone you can are confident in asking them to sign a new loan. Removing the co-signer from your auto loan may be an option Though not all lenders offer this option, it is possible to eliminate a co-signer through making a co-signer release. Contact the lender First step is to connect directly with the lender who has financed the loan and ask if they have a co-signer release option. Fill out the necessary paperwork: If you are offered a release option by the lender provides the option of release it is common to sign a form that removes co-signers of the loan and will make you the principal borrower responsible for repayment of 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 that a lender will accept the release of the co-signer. You will need to prove that you can handle the loan by yourself and have a good credit score and financial resources to continue repayment. When making this type of change, your loan duration could be modified. The removal of a co-signer can impact the interest rate of your loan in particular if the loan was originally granted based on the co-signer's excellent credit. The final word is that switching or eliminating a co-signer from an auto loan isn't as simple or straightforward as it may sound. Most of the time, you'll have to , pay it off altogether or proceed with making a co-signer release- if the lender even allows this option. Think carefully before asking someone to co-sign for a loan for you initially 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 since late 2021. They are committed to helping readers to manage their finances through providing precise, well-studied information that break down complicated topics into digestible pieces.
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