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Can you refinance a vehicle to someone else’s? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site are from companies that compensate us. This compensation could affect how and when products are featured on this site, including, for example, the order in which they may appear in the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. This compensation, however, does affect the information we publish, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offers that may be open to you.
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3 min read Published the 06th of February, 2023.
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of using loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances with clear, well-researched information that breaks down complex subjects into digestible pieces.
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If you’ve discovered that your car’s payments are high and you are tempted to remove yourself from the loan completely and have someone else assume the responsibility. But this is not a straightforward process and cannot be completed by simply the vehicle that has an owner who is different from you. Consider other options to get rid of the car. Important takeaway
In theory, it is possible to refinance a car into someone else’s name, but it’s a lengthy process which involves refinancing twice. It could not be successful. Selling the vehicle is usually an option that is more beneficial.
How to transfer a car loan to someone else in order to transfer the car loan to someone else, you have to transfer the car itself, which is legally as if you were selling the vehicle. Here are two ways to transfer ownership to another person. Sell the vehicle If you are looking to transfer ownership of your vehicle, but have not yet completed the repayment of the loan and you’re in possession of an obligation on your vehicle. This means the lender holds a legal claim over the vehicle until it’s paid off or transferred to a different person. In this situation, the easiest way to sell the vehicle is through a dealer, but you may also sell it privately. If you sell privately, you must prepare your vehicle’s title yourself. Bankrate insight
Selling the car is the best option if you are looking to transfer the car loan to someone else.
Refinance the vehicle two times If you plan on refinancing the vehicle in the name of someone else then you must go through two steps. First, refinance the vehicle with an . After that, refinance to get rid of the loan. First, submit an application to the loan along with the co-borrower. Then, confirm the loan with new equal responsibility. After that, you’ll refinance the loan in a second time however this time, you will take your name off the loan. Make sure you are aware of this might not be successful and is not a recommended approach. Be aware that lenders set specific . If the loan isn’t a long time in the making and not yet approved, the lender may not allow this particular step. Be aware that although there is no limit on the number of times you can do it, doing it two times in quick in a row could damage your credit score. There are also loan origination and title transfer charges. Alternative ways to save money on your auto loan There are a few more sensible options if you want to reduce the cost of your current loan or get out of your car. Request a modification To it, you’ll need to speak to your existing lender. Typically, modifications are offered as an option to benefit both the borrower as well as the lender. You can keep using the car, and the lender does not have to make a payment to take possession of the vehicle. Find out information about your current financial circumstances and be ready to make the case that your loan must be altered. It’s not good enough to claim that you’ll need to adjust it. It is essential to demonstrate that you can keep making payments once the changes are made. Trade in your car If your issue is due to affording your current loan installment and refinancing the only option available, it could be a great idea. If you’re able to locate a more affordable car that is still able to meet your needs and is comparable to or less than what you’re currently paying, you’ll be able to get out of the current loan and take home lower monthly costs. Refinance your loan on your own. Refinancing on your own is the best option if you want to keep your car while . When you have a look at the current loan and the amount you are able to afford, it is wise applying for loan prequalification and shop around for various options. Credit unions, banks along with online lenders offer available when you’re ready to start . Next steps It’s not simple to refinance your vehicle into the name of another person — and in certain cases it’s not even possible. If you’re thinking of selling your car and loan to someone else, they must go through the usual purchase and financing process. The other alternative is to refinance your auto loan twice, allowing the new owner to the loan and to 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 to navigate the ways and pitfalls of using loans to buy an automobile.
Edited by 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 the confidence to take control of their finances by providing precise, well-studied information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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