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Do you need a cosigner to refinance a vehicle?
My original loan has an interest rate of 10%, so I want to refinance it as soon as possible. I had a cosigner on my original loan. Do I still need a cosigner?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a smart move to refinance from 10% interest, as you’re paying way too much interest currently.
To answer the question, whether you need a cosigner when you refinance a
car loan
is entirely dependent on your credit and income.Typically, a 10% interest rate is indicative of poor or mediocre credit. So if you’ve improved your credit since then, congratulations! You may not need the cosigner.
The good news is that the lender should tell you if you need a cosigner. The representative will analyze your credit, income, and debt-to-income ratio to see if you’re good to go on your own. If you aren’t, they’ll recommend that you find a cosigner.
Since you’re refinancing your vehicle, you may also want to see if you can find a better rate on car insurance. Download the
Jerry
app to compare rates from dozens of car insurance companies. With any luck, you’ll save money on both your insurance and your new car loan.View full answer
- Gregory R.
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