I currently have an auto loan that started out at about 13k and is now down to 11k. I started back in January. I had to have a Co-App since it was my first auto loan and got it with my local CU and at the time my score was a 692 and the co-app was a 780. so my interest rate is 2.74. But my question is does it way any differently if I refiance in my name or if i left it like it the way it is. And local cu told me the only way to take co app off was to refinance the loan. My EQ score now is a 711. So im not sure what I should do.
@Anonymous wrote:That is correct. The only way to remove the co-signer is refinance. They pay off the loan with both of you and restart a loan with you as the single holder. But I dont think you should really bother. Your interest rate is low and It wont make much a difference in payment. I suppose you could just pay off the loan early and be done with it. I wish I was at 11k!
@Harvey26 wrote:I currently have an auto loan that started out at about 13k and is now down to 11k. I started back in January. I had to have a Co-App since it was my first auto loan and got it with my local CU and at the time my score was a 692 and the co-app was a 780. so my interest rate is 2.74. But my question is does it way any differently if I refiance in my name or if i left it like it the way it is. And local cu told me the only way to take co app off was to refinance the loan. My EQ score now is a 711. So im not sure what I should do.
Lol ok sounds good and I wish I could have an Amex too.