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When you’re trying to get approved for a car loan in St. Louis, sometimes, a cosigner can make the process easier and less hassling. It’s generally easy to find a cosigner in a friend or family member, and the benefits can be great. However, if you already have a loan and are wondering, “Can you remove a cosigner from a car loan,” the answer is yes. Depending on your car loan, it can be as easy as contacting your lender to get a cosigner released. Learn more about how to get a cosigner off a car loan below.
The role of a cosigner is to make it easier for the borrower to get approved for a car loan — or any type of loan. If a borrower doesn’t have a high enough credit score or no credit, or doesn’t earn enough income to qualify for a car loan on their own, a cosigner can help improve their chances of getting approved. The addition of a cosigner can often help satisfy the lender that the loan will be repaid because if the borrower can’t make payments, the cosigner will. This is why it’s important that before cosigning a loan, a cosigner makes sure they can fit the loan payments into their budget.
So, can you remove a cosigner from a car loan? The short answer is yes, but you’ll need to refinance, sell the car and pay off the loan, or take advantage of cosigner release options that exist for your loan. If you have additional questions about auto financing near St. Charles and Florissant, contact us at Green Light Auto Credit!