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Can you refinance a car in someone else's name? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive financial calculators and financial tools that provide objective and original content, by enabling users to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site come from companies who pay us. This compensation can affect the way and when products are listed on this site, including such things as the sequence in which they appear in the listing categories, except where prohibited by law. Our mortgage, home equity and other home lending products. However, this compensation will not influence the information we provide, or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that could be accessible to you.
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3 min read . Published February 06, 2023
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to purchase an automobile.
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 dedicated to helping readers gain confidence to take control of their finances with clear, well-researched information that dissects complex subjects into digestible pieces.
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If you've found that your car's payments are high and you are tempted to get rid of the loan completely and instead have someone else take responsibility. This isn't an easy task and can't be done by just the vehicle that has a new owner instead of you. You should consider alternative ways to dispose of the vehicle. Important takeaway
It is technically possible to refinance a car in the name of someone else, but it's a lengthy process that requires refinancing twice, and could not be successful. Selling the car is typically an option that is more beneficial.
How do you transfer a car loan to someone else In order to transfer the car loan to someone else, you also need to transfer the vehicle in itself, which legally considered selling the car. Here are two options to transfer ownership of the vehicle to another person. Sell the vehicle If you are looking to transfer vehicle ownership but have not yet completed the repayment of the loan, you have a lien on the vehicle. This means that the lender has a legal right over the vehicle until it's paid off or transferred to another person. In this case the most efficient way to sell it is through a dealership, but you may also sell the vehicle privately. If you are selling privately, you must prepare the title of the vehicle yourself. Bankrate insight
Selling your car is the best choice if you are looking to transfer the car loan to another.
Refinance the vehicle twice If you're planning to refinance the vehicle into someone else's name, you will have to follow two steps. First, refinance the car using the help of . Refinance it again to eliminate yourself from the loan. The first step is to make an application for loan along with the co-borrower. Then, sign off with new equal responsibilities. Then, you'll refinance the loan once again, but this time take your name off the loan. Be aware that this could be ineffective and not recommended. Remember that lenders have set their own rules . If the loan is not a new one and not yet approved, the lender will likely not approve this particular step. Also note that while there's no limit to the amount of loans you can take , repeating the process in rapid succession can ding your score on credit. There are also loan origination and title transfer fees. Other ways to save on your auto loan Here are more practical options if you want to save money on the current loan or even get rid of your car. Request a modification To discuss the possibility, you'll have to speak to your existing lender. Typically, modifications are offered as an option that benefits both the borrower and the lender. The borrower will still have access to the car and the lender will not be required to cover the cost of repossessing the car. Find out information about your financial situation and prepare to present arguments for why your loan must be altered. It's not good enough to claim that you need it adjusted. It is essential to demonstrate that you can keep paying the bills once the adjustments are completed. Transfer your car to a different owner if the issue is related to the ability to afford your current loan payment and refinancing is no option for you, can be a great idea. If you can find an affordable car that is still able to meet your needs and that is the same or less than what you're currently paying, then you'll be able to pay off of your current loan and drive away with a more affordable monthly cost. Refinance your loan on your own. Refinancing on your own is the best option if you want to hold on to your current vehicle while . If you are considering the current loan and the amount you are able to afford, it is wise to seek loan prequalification and shop around for various alternatives. Credit unions, banks as well as online lending institutions are the best available when you are looking to get started . Next steps It is not simple to refinance your car in the name of another person -- and sometimes it's not even possible. If you're thinking of giving your vehicle and loan to someone else, they need to undergo the typical buying and financing process. Another option is to refinance the auto loan twice in order to add an owner new to the loan and remove yourself. Alternate your loan when you decide to keep the car.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely borrowing money to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances through providing precise, well-studied facts that break down complex subjects into digestible pieces.
Auto loans editor
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