Can a cosigner be removed from a car loan?

+1 vote
asked May 7, 2018 in Buying & Selling by Formota (400 points)
Can a cosigner be removed from a car loan?

1 Answer

0 votes
answered May 7, 2018 by Grahlu (33,320 points)
If you've made a certain number of on time payments to the lender on the car loan then usually just asking the lender to remove the cosigner from the car loan will usually work.

If not then the only other way to remove a cosigner from your car loan is to refinance the loan which means taking out an entirely new loan with new terms and conditions, interest rates, payment terms etc.

You'll need to have good credit to refinance the car loan in your name without a cosigner.

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