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Can you refinance a car to someone else’s? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive tools and financial calculators as well as publishing independent and objective content, by enabling you to conduct your own research and compare data for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this site are from companies that compensate us. This compensation could affect how and when products are listed on the site, such as, for example, the sequence in which they be listed within the categories of listing, except where prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does not influence the content we publish or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offerings that could be available to you.
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3 minutes read Read Published February 06, 2023
Authored 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 borrowing money to purchase an automobile.
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 control their finances with concise, well-researched and well-sourced information that breaks down otherwise complex topics into manageable bites.
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If you have found your car’s payments are high an issue, you might be tempted to remove yourself from the loan entirely and let someone else take responsibility. This isn’t a straightforward process and cannot be accomplished by merely the vehicle that has an owner who is different from you. Consider other options to eliminate the car. Key takeaway
In theory, it is possible to refinance a car into another person’s name, however, it’s a multi-step procedure that requires refinancing twice, and might not work. Selling the car is typically a better option.
How to transfer a vehicle loan for someone else? in order to transfer a car loan to someone else, you have to transfer the car itself, which is legally considered selling the car. Here are two ways to transfer ownership of the vehicle to someone else. Sell the vehicle if you are looking to transfer ownership of your vehicle but haven’t yet completed the repayment of the loan and you’re in possession of a lien on the vehicle. This means the lender holds a legal claim over the car until it is paid off or transferred to another person. In this case the most efficient way to sell it be able to sell your vehicle is through a dealer but you can still sell the vehicle privately. If you decide to sell it privately, make sure you have the title of the vehicle yourself. Bankrate insights
Selling your car is the best solution when you want to transfer a car loan to another.
Refinance the vehicle two times If you’re planning to refinance the vehicle into the name of someone else then you must go through two steps. First, refinance the car using a . Then, refinance again to remove yourself from the loan. First, make an application for loan together with your co-borrower, and accept the loan agreement with new equal responsibilities. After that, you’ll refinance the loan once again and this time you’ll remove your name from the loan. Take note that it might not be successful and is not recommended. Be aware that lenders set specific . If the loan isn’t a long time in the making and not yet approved, the lender will likely not approve this process. It is important to note that, while there is no limit on the amount of loans you can take , doing it twice in quick succession can ding your score on credit. There are also loan origination and title transfer charges. Other ways to save on an auto loan There are a few more sensible options to cut costs on existing loan or sell the car you’re currently driving. If you’re looking to modify your loan it, you’ll need to speak to your existing lender. Most often, modifications are presented as a possibility to benefit both the borrower and lender. The borrower will still have access to the car and the lender will not be required to make a payment to take possession of the car. Take note of your current financial circumstances and be ready to make arguments for why your loan should be changed. It’s not good enough to state that you’ll need it to be adjusted. It is essential to demonstrate that you can keep making payments once the changes are completed. Sell your car your issue is due to the ability to afford the current loan repayment and refinancing is not an option, can be a positive opinion. If you’re able to find an affordable car that still meets your needs and is comparable to or less than the amount you’re paying now, you’ll be able to pay off of your current loan and take home lower monthly costs. Simply refinance on your own by yourself is wise if you intend to keep your car while . If you are considering your current loan and what you are able to afford, it is wise to seek loan prequalification and shop around to find different options. Credit unions, banks, along with online lenders offer options for when you’re ready to begin . The next steps are difficult to refinance your car into someone else’s name — and sometimes it’s not even feasible. If you are interested in selling your car and loan to someone else, they must go through the normal purchase and financing process. The other option is to refinance the auto loan twice to add an owner new to the loan and then remove yourself. Or you can modify your loan if you want to hang onto the vehicle.
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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 to navigate the ways and pitfalls of taking out loans to purchase an automobile.
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 through providing precise, well-studied information that breaks down complex topics into manageable bites.
Auto loans editor
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