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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 aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content, by enabling users to conduct research and compare data for free to help you make informed 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 Earn Money The offers that appear on this website are provided by companies that pay us. This compensation may impact how and when products are listed on the site, such as for instance, the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. However, this compensation will have no impact on the content we publish or the reviews that appear on this website. We do not include the universe of companies or financial offers that may 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. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the beginning of 2021. They are committed to helping readers feel confident to take control of their finances with concise, well-studied information that breaks down complicated topics into bite-sized pieces. The Bankrate promises

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We are compensated in exchange for the placement of sponsored products and services or when you click on certain hyperlinks on our website. So, this compensation can impact how, where and when products appear within listing categories, except where prohibited by law. This is the case for our loan products, such as mortgages and home equity, and other home loan products. Other factors, such as our own website rules and whether a product is available in your region or within your personal credit score could also affect the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include information about every financial or credit products or services. Entering with a can appear to be a good idea initially, but in some cases the plans might not go as planned. There could be a conflict between principal borrower and the co-signer may be strained or the financial position of the co-signer may change , and consequently co-signer may want to get to walk away from the arrangement. Although it is possible to withdraw benefit from the loan just by changing one co-signer to an additional one on the initial loan is not likely. The process is more complex and could include refinancing the loan, completing co-signer release documents or paying off the loan in full to stop the co-signer’s involvement. It’s not possible to swap your current auto loan co-signer. Most lenders will not just swap a current co-signer by a different one on an existing car loan since it will require that they undergo the approval procedure for the swap . While it never hurts to ask your lender about this possibility swapping one co-signer to one on an existing loan is not a standard procedure. The procedure typically is based on the conditions and terms of the loan and isn’t designed or intended to alter the parties that signed on to the loan. Refinancing can remove a co-signer on your car loan and enable you to get the creation of a new one. A different method to remove a co-signer for an automobile loan can be to just . Also, 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 the help of a new lender and is able to be completed without co-signer involvement. In certain cases it could be possible to open the loan with the same lender however that isn’t always possible. In order to do 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 have since originally buying the car refinancing could provide the opportunity of obtaining the most competitive interest rate or revised loan repayment terms. Bankrate advice: If your credit score isn’t up to scratch then you may want to consider locating someone you can trust and are confident in asking them to sign a new loan. Removing the co-signer from your auto loan may be an option While not all lenders offer this option, it’s possible in certain cases to eliminate a co-signer through signing a release of co-signer. Contact the lender The first step is to connect to the lender who funded the loan and ask if it offers a co-signer release option. Fill out the necessary paperwork If the lender offers an option to release the loan then you’ll typically have to complete paperwork that eliminates the co-signer out of your loan and is the borrower who is accountable for the paying back the loan. Only the primary borrower has the right to make this change on the loan. The lender’s approval is not a assurance that the lender will accept the release of the co-signer. You must prove that you are able to manage the loan on your own and have a good credit score and financial resources to pay back the loan. If you make this change it is possible that your loan duration could be modified. Eliminating a co-signer may also affect the interest rate on your loan, particularly when the loan was initially accepted based on co-signer’s excellent credit. The final word is that switching or eliminating a co-signer from the car loan isn’t as easy or straightforward as it may sound. In most cases, you’ll need to either pay off the loan in full or proceed with completing a co-signer release — if the lender even offers this option. Consider carefully whether you want someone else to sign on a loan for you initially and make sure you choose the person you feel comfortable with. Find out more

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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 editing and writing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing concise, well-studied and well-researched content that dissects complicated topics into digestible pieces.

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