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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.
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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. View full answer
- Gregory R.
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