How To use A Co-Borrower For Getting An Auto Loan?
A personal loan is an unsecured loan you can use for a range of purposes – from consolidating debt or paying for a wedding to funding emergency repairs on your vehicle or any other number of life situations where you need a large chunk of money quickly.. personal loans are doled out as a lump sum and typically come with fixed monthly payments.
A co-borrower, on the other hand, does have legal rights to the vehicle. Typically, a co-borrower is a spouse and is listed on the car title along with the primary borrower, and they can co-mingle funds to qualify for the loan. Unlike a cosigner, a co-borrower is equally protected in the event the primary borrower declares bankruptcy.
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There are a few ways to get a co-borrower removed from an auto loan. Tips Depending on the situation, you may be able to remove a co-buyer’s name from your loan if you request a loan modification or refinance the loan with another company.
Auto lenders or refinancers may ask you to add a co-borrower to qualify you for a loan you can’t get approval for on your own, but they can’t require or force you to use a certain person, like your spouse or parent. Of course, if you don’t add a co-borrower, the lender can refuse you the loan.
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Alternatively, you can look into getting a second loan, and use the proceeds to pay off the loan you have with your co-borrower. Then you would have only the second loan to pay. The first would be gone. I would not say it is common, but some credit unions and banks will do this as a refinancing arrangement. It’s just like refinancing a mortgage.
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