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Can I refinance a car loan if I still need a cosigner?
I found numerous lenders with a lower interest rate on car loans than what I'm currently paying. Can I still refinance if I need a cosigner?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you want to refinance your
car loan
but you need a cosigner, you can usually do so, provided that you both meet the criteria for approval.When you refinance a car loan, you will need to meet the lender’s criteria for approval, including proving you have sufficient income and a good credit score. If you have both of these, you may even get approval on your own. However, the lender will notify you if you still need a cosigner.
If you do, this will be the same process you went through when you got the original loan. The only difference is that you will need to provide the lender with a payoff letter for your old car loan. Keep in mind that your cosigner will also need to gain approval before you can move forward with the refinancing process.
When you refinance, you will have to show proof of insurance, so it’s the ideal time to shop around for new car insurance. Using the
Jerry
app, you can quickly, easily, and simply compare quotes from car insurers without the fear of high prices, phone calls, or other problems. Jerry takes care of all of the hard work for you—even canceling your old policy! View full answer
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