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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 goal is to help you make better financial choices by offering interactive financial calculators and financial tools that provide objective and original content, by enabling you to conduct your own research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this site are from companies that pay us. This compensation can affect the way and where products appear on the site, such as for instance, the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home loan products. However, this compensation will affect the content we publish or the reviews you read on this site. We do not contain the universe of companies or financial deals that could be open to you.
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3 minutes read Read Published February 06, 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 with the details of borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing clear, well-researched information that dissects complex subjects into digestible pieces.
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If you’ve discovered that your vehicle payments are an issue, you might be tempted to take yourself off the loan entirely and let someone else take responsibility. This isn’t an easy task and can’t be accomplished by merely the vehicle that has the new owner, not yourself. Consider other options to eliminate the car. Key takeaway
Technically, you can refinance a car into another person’s name, however, it is a multi-step process which involves refinancing twice. It could not be successful. Selling the car is often a better option.
How to transfer a car loan in the name of someone else In order to transfer a car loan to someone else, you need to transfer the vehicle in itself, which legally as if you were selling the vehicle. Here are two ways to transfer ownership of the vehicle to someone else. Sell the vehicle if you’re looking to transfer vehicle ownership but you haven’t yet completed the repayment of your loan, you have an obligation on your vehicle. This means that the lender holds a legal claim over the vehicle until it is transferred or paid off to someone else. In this situation the simplest way to transfer it is through a dealership, however, you are able to sell the vehicle privately. If you decide to sell it privately, make sure you have your vehicle’s title yourself. Bankrate insight
Selling your car is the best solution when you want to transfer the car loan to someone else.
Refinance the vehicle twice If you plan on refinancing the vehicle into the name of someone else You will need to go through two steps. First, refinance the vehicle with a . After that, refinance to remove yourself from the loan. The first step is to apply for the loan with the co-borrower and accept the loan agreement with new equal responsibility. Then, you’ll refinance the loan in a second time, but this time remove 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 is relatively new it is likely that the lender may not allow this step. It is important to note that, while there is no limit on the amount of loans you can take , doing it twice in quick intervals could hurt your credit score. Additionally, you’ll have to pay loan origination and title transfer charges. Alternative ways to save money on your auto loan Here are more practical options to save money on your current loan or get out of your car. If you want to request a modification it, you’ll need to speak with your current lender. Most often, modifications are presented as an option to benefit both the borrower as well as the lender. You will retain use of the car, and the lender does not have to pay to repossess the vehicle. Find out information about your current financial circumstances and be prepared to present the case that your loan needs to be modified. It’s not enough to claim that you’ll need to adjust it. It is essential to demonstrate that you’re able to keep making payments once the changes are completed. Sell your car the issue is related to affording your current loan payment and refinancing is no option for you, it could be a positive opinion. If you can find a more affordable car that is still able to meet your needs and costs the same or less than the amount you’re currently paying, then you’ll be able to get out of your current loan and take home lower monthly costs. Refinance your loan on your own. Refinancing on your own is a good idea if you plan to hold on to the car you currently own while . 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 then shop to find different alternatives. Credit unions, banks along with online lenders offer possible options when you’re ready to begin . Next steps It is not easy to refinance your vehicle into the name of someone else — and sometimes it’s not even possible. If you are interested in selling your car and loan to another person, they will need to go through the normal purchase and financing process. The other alternative is to refinance your auto loan twice in order to add the new owner to the loan and remove yourself. Or you can modify your loan when you decide to keep the car.
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Writen 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 the car they want.
Edited 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 control their finances through providing clear, well-researched facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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