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How do I remove a co-borrower from my car loan?
My mom was on my loan as a co-borrower when I first bought my car. Now that I'm financially stable, I want to remove her from the loan. How can I do this?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The only way to remove a co-borrower from your
car loan
is to refinance the vehicle. While that sounds easy enough, you have to make sure that your credit score and income are good enough to get approved for a refinance.Furthermore, there’s no point in refinancing the loan if you can’t get a lesser interest rate than your current loan. If you have a year or less on the loan, refinancing won’t be worth the effort, either.
While it’s great that you’ve built up financial stability, if your mom stays on the loan until you pay it off, you won’t face any consequences. You’ll just have a little extra security.
If you’re feeling more responsible the more financially stable you get, you may as well take a gander at your car insurance. To find better rates and save yourself hundreds of dollars a year, use the
Jerry
app to compare dozens of competitive quotes.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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