Removing a Cosigner from an Auto Loan at Orem Toyota

Removing a Cosigner from an Auto Loan at Orem Toyota

Getting a car loan from the bank or a dealership in the Orem area is not an easy task to do. Many financial aspects come into play that determines if you can get a loan such as credit scores, among other things. But one way to get a car loan from our Orem dealership is using a co-signer who’ll assume penalties if you’re not able to pay them.

Now, some customers who come to our Orem dealership ask how to remove a co-signer from a car loan. It’s not the easiest task to do, but with the help of our finance center and experts, we can get this done for you. If you’re interested in our services or learning how to remove a co-signer from an auto loan, contact us at Orem Toyota today! Apply for financing to see if you qualify for an auto loan today!

Removing a Co-signer From an Auto Loan

There are a few ways of removing a co-signer from an auto loan. As mentioned above, this can be easier or harder for certain individuals depending on several factors. If you’re to trying find out if you can remove a co-signer from a car loan, you have the following options available to you:

• Refinancing Your Loan – ‘Refinancing’ is another way of working out new loan terms with either the same lending partner or a new one. If you can refinance by yourself, your cosigner’s name gets removed, and you may even earn a better interest rate. This only works if your credit has gone up since taking out the original loan.
• Cosigner Release – Look at the fine print of your contract and see if there’s a cosigner release option. If you have made enough on-time payments, some contracts can let you remove the cosigner’s name.
• Sell the Car and Pay Off Your Loan – You can consider selling your vehicle and paying off the loan. This will only work if you’re not underwater on your car loan. This instantly removes everyone’s obligation.

Discover Your Financing Options at Orem Toyota

At our Provo-area dealership, you can find out if you can remove a cosigner from a car loan or even if you can get one. Our finance center specializes in all things auto financing, and we’ll gladly help you. Contact or visit us at Orem Toyota if you have any questions or concerns about removing a co-signer from an auto loan!