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Can you refinance a car into someone else's name? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow you to conduct your own research and compare data for free and help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and when products are listed on this site, including, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews you see on this site. We do not contain the universe of companies or financial offers that may be open to you.
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3 min read . Published on February 6, 2023.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely using loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances by providing precise, well-studied information that dissects complicated topics into bite-sized pieces.
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If you have found your car's payments are high an issue, you might be tempted to take yourself off the loan completely and have someone else take responsibility. But this is not a straightforward process and cannot be completed by simply the car with an owner who is different from you. Instead, consider other routes to dispose of the vehicle. Key takeaway
It is technically possible to refinance a car into someone else's name, but it's a multi-step procedure that involves refinancing twice and might not work. Selling the car is typically the best option.
How to transfer a car loan to someone else in order to transfer the car loan to another person, you must transfer the car itself, which is legally thought of as selling the car. Here are two options to transfer ownership to another person. Sell the vehicle if you're looking to transfer ownership of your vehicle, but haven't yet completed the repayment of your loan and you're in possession of a lien on the vehicle. This means that the lender holds a legal claim over the vehicle until it is sold or transferred to another person. In this scenario, the easiest way to be able to sell your vehicle is through a dealer however, you are able to sell the vehicle privately. If you are selling privately, you must prepare the vehicle title yourself. Bankrate insight
Selling the vehicle is the best choice when you want to transfer a car loan to someone else.
Refinance your vehicle two times if you are set on refinancing the vehicle under the name of someone else then you must take two steps. The first step is to refinance the vehicle with the help of . Refinance it again to remove yourself from the loan. The first step is to apply for the loan along with the co-borrower. Then, confirm the loan with new equal obligations. After that, you'll refinance the loan in a second time and this time you'll take your name off the loan. Take note that it might not be successful and is not a recommended approach. Be aware that lenders set specific . If the loan is relatively new it is likely that the lender may not allow this particular step. Also note that while there's no limit to the number of times you can do it, repeating the process in rapid intervals could hurt your score on credit. Additionally, you'll have to pay loan origination and title transfer costs. Other methods to save on your auto loan Here are more practical options if you want to reduce the cost of existing loan or get out of the car you're currently driving. If you're looking to modify your loan , you'll need to talk to your current lender. Typically, modification is presented as a possibility to benefit both the borrower and lender. You will retain use of the vehicle and the lender will not be required to make a payment to take possession of the car. Take note of your financial situation and be ready to make arguments for why your loan should be changed. It's not enough to say that you'll need it to be adjusted. You'll have to prove that you can keep paying the bills once the adjustments are implemented. Trade in your car If your issue is due to affording your current loan installment and refinancing no option for you, it could be a great idea. If you can find a more affordable car that meets your requirements and costs the same or less than what you're currently paying, you'll be able to get out of your current loan and drive away with a more affordable monthly cost. You can refinance yourself. Refinancing on your own is wise if you intend to keep your car as you . When you have a look at the current loan and the amount you are able to afford, it is wise to seek loan prequalification and shop around for various options. Credit unions, banks along with online lenders offer options for when you're ready to start . Next steps It is difficult to refinance your car in the name of someone else -- and sometimes, it isn't even possible. If you are interested in giving your vehicle and loan to someone else, they must undergo the typical purchase and financing process. The other alternative is to refinance your auto loan twice in order to add an owner new to the loan and remove yourself. Or you can modify your loan in case you wish to keep the vehicle.
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely using loans to buy a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-studied data that breaks otherwise complicated topics into bite-sized pieces.
Auto loans editor
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