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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 smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and compare information at no cost to help you 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 Earn Profit The deals that are advertised on this website come from companies that compensate us. This compensation may impact how and when products are listed on this website, for example such things as the sequence in which they appear in the listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be accessible to you. SHARE: Tony Anderson/Getty Images

2 min read Published on 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 writing and editing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to manage their finances with concise, well-studied information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee

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Therefore, this compensation may influence the manner, place and in what order products are displayed within the categories of listing in the event that they are not permitted by law. This is the case for our loan products, such as mortgages and home equity, and other home loan products. Other elements, like our own rules for our website and whether a product is available within the area you reside in or is within your personal credit score can also impact the manner in which products appear on this website. While we strive to provide a wide range offers, Bankrate does not include details about every credit or financial products or services. Making a deal with a co-signer may seem like the best idea in the beginning, but in some cases the plans might not be as successful as you had hoped. It is possible that the relationship between principal borrower and the co-signer may go south, or the finances of the co-signer might change , and consequently co-signer may want to get to get out of the contract. Although it is possible to withdraw get out of a loan just by replacing one co-signer with an additional one on the initial loan is unlikely. The process is more involved and can include refinancing the loan and completing the co-signer release documents or paying off the loan completely to end the co-signer’s involvement. It isn’t possible to simply substitute your current auto loan co-signer. Many lenders won’t simply replace a current co-signer with another on an existing vehicle loan since it will require them to essentially undergo the approval process for a . While it never hurts to ask the lender about this possibility changing one co-signer with one on an existing loan is not a standard procedure. The process typically applies to the conditions and terms of the loan and isn’t designed or meant for modifying the parties that signed on to the loan. Refinancing could remove a co-signer on your car loan and enable you to get an entirely new loan. Another option to eliminate a cosigner from an auto loan could be simply . Also, open an entirely new loan that pays off the current loan’s balance and then closes the account. 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 some cases it is possible to open it by the same lender however that isn’t always possible. In order to do this, however you must be able to qualify for a new loan by yourself that requires a great credit score and payment history. If you’ve had a problem since first purchasing the car refinancing could provide an opportunity to obtain a more competitive interest rate or to modify loan repayment conditions. Bankrate’s tip: If your credit score isn’t up to scratch, you might consider finding someone you can feel at ease asking them to co-sign for 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 in certain cases to get rid of a co-signer completing a co-signer release. Contact the lender: Your first step is to connect with the lender who has financed the loan and find out whether it offers a co-signer release 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 from the loan and is the borrower who is responsible for payment of the loan. Only the borrower who is the primary one is able to make this change on the loan. The lender’s approval is not a guarantee the lender will be able to approve the release of co-signers. You must prove that you’re able to handle the loan by yourself by proving you have a satisfactory credit score and financial resources to continue repayment. If you decide to make this modification the loan term may be changed. Eliminating a co-signer may also impact the interest rate of your loan, particularly if the loan was initially granted based on the co-signer’s credit score. The bottom line Switching or removing a co-signer on the car loan is not as simple or as straightforward as it sounds. In most cases, you’ll need to , pay it off altogether or follow the procedure of signing a release of co-signer -in the event that the lender even offers this option. Be cautious when asking someone else to sign on a loan for you in the first place and be sure you select the person you feel comfortable with. Learn 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. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied information that break down complex topics into manageable bites.

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