How long does a cosigner stay on a car loan?

I’m 18 and I’m getting a car loan. My parents agreed to cosign my car loan, but the term length we decided on is long, and I don’t want them stuck on my car loan for six years.

Answer
Congratulations on your car!
Cosigners remain on the loan until the loan:
  • Reaches term (it ends)
  • Is paid off
  • Is refinanced
If your financial situation improves enough for you to refinance your car loan, you can release your parents as cosignors. Other than that, you will need to pay off the loan or wait for the loan to end to remove cosigners.
If you want to try refinancing, use the Jerry app. No matter what your credit score is, Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you. On average, car owners pay $85 less every month by refinancing their auto loan.
Lauren Smith
Answered on Oct 29, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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