Add or Remove a Co-Borrower

When your refinance your auto loan with RefiJet

Life changes can impact your financial health many times during your lifetime. With help from RefiJet, you may have a few tools to help you to keep things balanced and your debts paid on time. There are some situations when our borrowers benefit from adding or removing a co-borrower to their loan. If you have an auto loan right now, consider what this could mean for your situation. Our team can help you determine if this is a good idea for your next auto loan refinancing.

Add Someone With Better Credit

If you are currently paying on a loan with a high monthly payment or a high-interest rate, it may be because your credit history was not as good as it could have been when you applied for that loan. That doesn’t mean you have to stick with it. Sometimes, our borrowers will see their credit improve over time. When they refinance, they can tap into that better score to get an improved rate.

For others, their credit score hasn’t changed. If that’s where you are right now, our team may be able to help if you add a co-borrower to your new loan. A co-borrower is someone who shares the liability and whose credit credentials are considered when the lender is setting the loan structure, such as the APR. For lenders, it helps to minimize the risks of default on the loan. If you choose a co-borrower, it may make it easier for you to qualify for a lower interest rate.

The key here is to choose a co-borrower that has a good or better credit score than you have.  The co-borrower can also strengthen your application by adding additional income, which could also contribute to receiving a lower interest rate.  When you do, that person’s good credit and income may help to show lenders there’s less risk, allowing them to lower the interest rate they charge you.

What Can a Co-Borrower with Good Credit Do for You?

Lenders want to see the least amount of risk present when approving auto loan refinancing. Adding a co-borrower with a better credit score may help you in one or more ways.

  • You may qualify for better loan terms. This may mean a longer-term, which can extend your payment window, but reduce your monthly payment.
  • You may secure a lower APR. A lower interest rate on your auto loan can help to reduce how much money you spend to buy your car overall. Lower interest may also mean a lower monthly payment to some borrowers.
  • You may also get improved flexibility about deal structure. When you add a co-borrower, the addition of stronger credit and/or additional income can help the application qualify for different loan structure options.

If you know someone that has a good credit score that is willing to be your co-borrower, contact RefiJet today. We can determine if this helps you qualify for a better deal on your auto loan refinancing.

Removing a Co-Borrower

In some situations, you may already have a co-borrower on your auto loan. Perhaps you needed that borrower to help you qualify for the loan. Now, you may have stronger credit or more income. You may now qualify for an auto loan on your own for various reasons.

Removing a co-borrower from your current loan is possible in most situations. Refinancing your auto loan can help to accomplish this, though there are several steps that must be taken to ensure it is possible. If you believe you qualify for a loan on your own – using just your credit – speak to RefiJet about your options.

How RefiJet Can Help With the Process

When you refinance with RefiJet, our team can handle the process of getting a new title that reflects the changes you want to make. At RefiJet, we make this far easier on you than you think it could be. The new title will reflect the addition or removal of the borrower. Keep in mind that the co-borrower needs to agree to this process. Our team can obtain the necessary permission from the person that you wish to add to or remove with your new auto loan. Learn more about RefiJet’s Auto Refinance Process.

Is This the Right Option for You?

Many times borrowers want to remove a co-borrower or consider a loan refinance with an added co-borrower, but they are worried about the process, including whether they will qualify for the loan. It’s okay – we can help answer those questions.

When you fill out the contact form, our Financial Services Representatives will work with you to calculate all of your options. You can apply for a loan refinancing very quickly and get an idea of what you can expect from the process right away.

Adding or removing a Co-Borrow From Your Auto Loan

We can do this for you without any risk to you and at no cost. You do not have to just wonder about these options. We can help you figure out the solution.

RefiJet works with a variety of borrowers and can help in many situations. As the #1 rated auto lender in customer satisfaction on LendingTree for Five consecutive quarters, we are committed to supporting you as you weigh your options. We also have an A+ rating from the BBB.

Changing the title and auto loan you have can make a big difference in the long term for you. Take the first step to find out what you can expect to pay for a new loan with or without a co-borrower by contacting our team. It’s easier than you think to get the support you need. Get Started Now.

Important Disclosures and Requirements

Federal ESIGN Disclosure and Consent 

 Electronic Consent:  Consent to Receive Information Electronically 

The Electronic Signatures in Global and National Commerce Act requires users of this Site who submit a Contact Form (“you” or “your”) consent to receive certain disclosures electronically. Please read this disclosure and consent carefully and retain a copy of this document for your records. 

ELECTRONIC RECORDS 

Some communications with and disclosures by Yield Solutions Group, LLC dba RefiJet.com (“RefiJet.com” or “us” or “we”) on its behalf and on behalf of participating banks, finance companies, and credit unions (hereinafter called “Lenders”) are conducted electronically. In order to access, receive and retain required notices and your documents, including, any notices and disclosures required by state or federal law, such as our Privacy Notice, loan documents and disclosures that we provide to you on behalf of any Lender, and any other transaction notices and information from us (collectively, “Documents”) electronically, you must satisfy the minimum system requirements outlined below. However, if you wish to obtain a paper copy of any Documents that RefiJet provides you in connection with your credit inquiry and any subsequent application to our Lenders, you may contact Yield Solutions Group, LLC (dba RefiJet.com) in writing at 7555 E. Hampden Ave., Ste. 500, Denver, CO 80231 or by email at Info@RefiJet.com. We currently do not charge a fee to send you a paper copy of any electronic Document, but reserve our ability to do so. Be sure to state which of the Documents you are requesting.  

RefiJet.com reserves the right, in its sole discretion, to stop providing Documents electronically. RefiJet may also send Documents to you in paper form because we are legally required to do so or because we determine in our sole discretion that you should receive the Documents in paper rather than electronic form.  RefiJet.com will provide you with notice of any such termination as required by applicable law. If RefiJet.com chooses to stop providing Documents electronically, RefiJet.com will send any future Documents to you in paper form. Certain disclosures, however, will be made to you verbally if permitted by applicable law (the “Verbal Disclosures”).   

YOUR CONSENT IS REQUIRED 

You must consent to receive Documents  electronically in order to complete the credit inquiry process with RefiJet.com and any subsequent loan process with one of our participating Lenders. Your consent will apply to Documents as defined above. You may withdraw your consent for receiving electronic Documents by notifying us in any of the ways described above. Since RefiJet.com is structured to process all or part of your credit inquiry and any subsequent loan  electronically, not consenting, or withdrawing your consent to receive electronic Documents may result in the termination of the credit inquiry and/or loan process. Your withdrawal of this consent is effective only after we have had a reasonable period of time to act upon your withdrawal. Even if you consent, note that the Verbal Disclosures will be made to you telephonically. 

If you wish to withdraw your consent to do business electronically with our participating Lenders, you may do so at no cost to you by contacting the Lender at the mailing address, email address or telephone number they provide to you separately for such purpose.  

CONSENT TO RECEIVE DOCUMENTS ELECTRONICALLY 

In order to use this service, you must consent to receive Documents electronically and you agree that these electronic disclosures will be sufficient as a “writing” under applicable law.  

HARDWARE AND SOFTWARE REQUIREMENTS 

In order to receive, access and retain electronic Documents, you will need the following hardware and software: 

  • a computer, mobile device, tablet or similar device with an internet connection; 
  • a current web browser that supports HTTPS connectivity;  
  • a current version of a software program that can open and display PDF files (such as an Adobe Acrobat reader); 
  • a valid email address with email software to communicate with us electronically; and 
  • an installed printer or sufficient storage space to save, store, print or otherwise retain electronic Documents. 

 These disclosures and the Documents are both provided to you in PDF; therefore, your access to this page from your own system/device verifies that your system/device has the necessary software to permit you to receive and access PDF files. 

If the system requirements for accessing the copy of your Documents on the secure webpage change so as to require different or additional hardware or software, or upgrades, plug-ins or enhancements to the hardware or software used by you (all such changes referred to as a “Systems Enhancement”), we will notify you and you may either withdraw your consent or upgrade your hardware and/or software as required by the Systems Enhancement.  

This consent is valid until revoked by either party. 

It is important that you keep your email address current with us.  Please notify us at 1.800.260.5355 if your contact information changes at any point in the refinance process.  We may treat your failure to provide us with a valid email address, or the malfunction of the email address we have for you, as a withdrawal of your consent to receive Documents electronically. 

System Requirements to Retain Information 

If you have a valid email address, a copy of the loan Documents will be provided to you upon execution in the form of an email link to a secure portal that will contain the PDF loan documents. You will log into the secure portal using your access credentials. The PDF document will be available to you in the secure portal for thirty (30) days. To retain a copy of the Documents, you may choose to print them, save them or both. In order to print them, you must have a functioning printer connected to your personal computing device.  If you wish to retain an electronic version of the Documents, you must have a personal computing device with the hardware and software necessary to download and store PDF files. 

By clicking to accept, you: 

  • acknowledge your receipt and review of the foregoing Federal ESIGN Disclosure and Consent; 
  • give your affirmative consent to our providing electronic Documents to you as described above; and 
  • confirm that your computer or access device satisfies the hardware and software requirements needed to access and retain the Documents that will be provided to you in electronic form, including through use of a valid email address to access a link to a secure portal to access the Documents. 

If you do not click to accept you are not consenting to our providing electronic Documents to you as described above, and you are terminating your transaction with us