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Can you refinance a vehicle 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 you interactive financial calculators and tools that provide objective and original content. We also allow you to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website are provided by companies that pay us. This compensation could affect how and when products are featured on the site, such as, for example, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other products for home loans. But this compensation does not influence the content we publish or the reviews that appear on this website. We do not include the entire universe of businesses or financial deals that could be open to you.
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3 minutes read Read Published the 06th of February, 2023.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with 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 since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing concise, well-researched and well-sourced information that dissects complex subjects into digestible pieces.
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If you've discovered that your car's payments are high , you may feel inclined to get rid of the loan completely and instead have someone else assume the responsibility. This isn't an easy task and can't be accomplished by merely the vehicle that has an owner who is different from yourself. Instead, consider other routes to dispose of the vehicle. Key takeaway
It is technically possible to refinance a car into the name of someone else, but it is a multi-step process which involves refinancing twice. It might not work. Selling the vehicle is usually a better option.
How to transfer a car loan to someone else In order to transfer a car loan to someone else, you need to transfer the vehicle itself, which is legally thought of as selling the car. Here are two options to transfer ownership to someone else. Sell the vehicle If you are looking to transfer ownership of your vehicle but haven't yet completed the repayment of your loan, you have a lien on the vehicle. This means that the lender has a legal right over the vehicle until it is paid off or transferred to someone else. In this situation the simplest way to transfer it is through a dealership, but you may also sell it privately. If you sell privately, prepare to the vehicle title yourself. Bankrate insight
Selling the car is the best option when you want to transfer the car loan to someone else.
Refinance the vehicle two times If you plan on refinancing the vehicle under the name of someone else then you must take two steps. First, refinance the vehicle using an . Refinance it again to remove yourself from the loan. In the beginning, you must apply for the loan together with your co-borrower, and sign off with new equal responsibility. Next, you will refinance the loan yet again and this time you'll eliminate your name from the loan. Be aware that this may not be successful and is not recommended. Be aware that lenders have set their own rules . If the loan isn't a long time in the making, the lender is likely to not be able to approve this step. Also note that while there's no limit to the number of times you can do it, repeating the process in rapid in a row could damage your score on credit. You'll also pay loan origination and transfer fees. Other methods to save on your auto loan Here are some more feasible alternatives to cut costs on the current loan or sell 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 to benefit both the borrower as well as the lender. The borrower will still have access to the vehicle, and the lender doesn't have to cover the cost of repossessing the vehicle. Take note of your financial situation and prepare to present arguments for why your loan should be changed. It's not enough to state that you'll need it to be adjusted. You'll have to prove that you can keep paying your bills after the adjustments are made. Trade in your car If your issue is due to the ability to afford your current loan repayment and refinancing is no option for you, this could be a good opinion. If you're able to find a more affordable car that meets your requirements and costs the same or less than what you're paying now, you'll be able get rid of the current loan and drive away with lower monthly costs. Refinance your loan on your own. Refinancing on your own is wise if you intend to keep your current vehicle while . After considering the current loan and what you are able to be able to afford, it's best to apply for loan prequalification, and then shop for various options. Credit unions, banks, and online lenders are all available when you're ready to begin . Next steps It's not simple to refinance your car in the name of another person -- and in certain cases, it isn't even possible. If you're thinking of selling your car and loan to someone else, they must undergo the typical purchasing and financing procedure. The other alternative is to refinance your auto loan twice, allowing your new owner's loan and to remove yourself. You can also modify your loan when you decide to keep the vehicle.
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Authored 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 borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances through providing precise, well-studied information that breaks down complex topics into manageable bites.
Auto loans editor
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