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How do I remove my co-borrower from a car loan?
The co-borrower on my loan is my sister, but she recently fell on tough financial times. She wants to reduce her amount of debt liability. Can I remove her from my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Sorry to hear about your sister’s financial plight. I’m happy to say, though, that you have several options to remove her as the co-borrower on your
car loan
:- Refinance the car. If you have good credit and proof of income that can comfortably cover the loan, this is a smart choice—it not only removes the co-borrower from the loan, but may make you eligible for a lower interest rate.
- Sell the car. This isn’t ideal, if you still need your vehicle—but if you need to save money and can’t refinance, this might be your best option.
In either scenario, you’ll need her written permission. As this isn’t a situation where you had a falling-out, this doesn’t seem like it would be a problem. You may also need to retitle the car if your sister’s name is on the title, and you’ll want to refinance on your own.
If you decide to refinance, you may also want to shop for car insurance to save as much money as possible. The easiest way to do this is with
Jerry
—we’ll get you personalzied quotes from top providers in minutes, so all you have to do is choose the plan that works best for you!Best of luck with everything, and hopefully your sister’s financial straits improve soon!”
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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