Can I refinance a loan that has a co-signer? 

The short answer is yes.

You have two options when refinancing a vehicle that has a co-signer. The first option is to have the co-signer agree to sign on the new loan. The second option is to apply alone without a co-signer. If the goal is to not have a co-signer, complete an application with just your personal information. The financial institution will consider the application based on your creditworthiness and will offer the appropriate interest rate. It’s best to start the refinance process with this option.
The financial institution will inform you as to whether a co-signer is required. If that is an option for you the cosigner’s information will have to be added to the application. There’s always a chance that by adding a co-signer you may qualify for a better interest rate.

There is one important issue to be considered when refinancing a vehicle with a co-signer. If the co-signer is also listed on the title as an owner, and you qualify for the refinance alone additional paperwork will be required by the financial institution. This issue will be governed by the requirements of the individual lending institution you are working with. It’s best to divulge upfront in the application process that the current loan involves a co-signer especially if the co-signer is also an owner of the vehicle.

To start to process, simply complete the short seven-minute application below.