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How do you take your name off of a car loan?
My roommate and I got a car loan together, but recently with my finances and the amount I use the car, we’ve come to the agreement it doesn’t make sense for me to still be on there. How do I remove my name from the car loan?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m glad you could agree; stuff like this can be hard to agree on! As for removing your name, the best way to remove your name is to refinance the loan.
All you guys have to do is contact the lender and refinance what you’re paying. The only caveat is that the person taking over the loan needs to be able to afford it individually. If your roommate doesn’t have the income or credit to sign on the new loan on their own, then they should look into getting a cosigner. Otherwise, you will both remain on the loan.
When refinancing, it’s always a good idea to shop around for the best rates. Help your roommate save time and money by having them use the
Jerry
app. Jerry is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.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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