Can You Remove a Cosigner From a Car Loan?

Sometimes when you want to get into the driver’s seat of your dream vehicle, you may need assistance from a cosigner. When you apply for financing with a cosigner, your chances of getting approved increase so you can drive around Scottsdale in a vehicle you’ve always wanted. However, after some time, you may be interested in removing a cosigner from your auto loan.

So, can you remove a cosigner from a car loan? Yes! It’s often possible to remove a cosigner from your auto loan, depending on your exact loan contract. Learn how to remove a cosigner from an auto loan today with the finance experts from Scottsdale Maserati! Here are the questions we’ll be going over:

• Is removing a cosigner from your auto loan possible?
• What are cosigners?
• What are the steps for how to remove a cosigner from an auto loan?

What Is a Cosigner & Can You Remove a Cosigner From a Car Loan?

Before we go over how to remove a cosigner from a car loan, we’ll go over the details of what a cosigner is in the first place. Essentially, a cosigner is another person the lender can depend on to help you pay your automotive loan. Here are the details of a cosigner:

• Paradise Valley and Chandler drivers with low or no credit can benefit from a cosigner as it shows that someone else trusts that you’ll pay back your loan.
• Cosigners are responsible for the loan payments if you can’t make the payments.
• Keep in mind that if you miss a payment, you can also hurt your cosigner’s credit.

How To Remove a Cosigner From a Car Loan

After you’ve made payments on time for a little while, you may be wondering how to remove a cosigner from a car loan and our experts are here to help. Most auto contracts allow you to remove a cosigner but it’s a good idea to discuss the details with your lender. Generally, there are three ways to remove a cosigner from a car loan. Take a look at how to remove a cosigner from an auto loan below:

• Refinance: When you refinance your loan, you’re essentially working out new loan terms with your lender or a different lender. In addition to changing your loan terms, you can also have your cosigner’s name removed.
• Release Form: Some loan contracts have a cosigner release form that can be completed. Most of the time, these loan contracts allow the cosigner to be released after you’ve made a certain amount of payments on time.
• Pay Off the Loan: You can always sell your vehicle to pay off the loan or have a lump sum of cash to make towards your vehicle loan so that the loan is paid in full. If the loan is paid in full, you no longer have to worry about a cosigner.

We Can Help With Removing a Cosigner From Your Auto Loan!

Removing a cosigner can be confusing but our team in Phoenix can assist. Let us know if you have any questions about removing a cosigner from your auto loan and we’ll do what we can to assist!