Can I Refinance a Car under different name?
My car was bought under my dad's name, and I would like to refinance it under my name to lower interest int and establish credit. Is that possible?
By
rarafury
Posted on
01/07/08 Total Answers
5
Answers-
Depending on the car, how much is owed on it, and your current credit, you may or may not be able to do it.
The best bet would be to talk to your bank, and see how much they will lend you for the car. If it is enough to cover what your dad still owes on it, then he can basically just sell it to you.
He can probably cosign if they won't do the loan otherwise.
Answer by :
River Euphrates On Date
2008-01-07 06:08:38
You would actually be purchasing it from your dad. You can't refinance something that isn't yours. Go to your bank or credit union and tell them what you're trying to do. They will walk you through the steps and tell you what paperwork you need.
Another option, if your credit or income is not sufficient to finance it on your own, is your dad can go to his bank and refinance the loan with you as co-signer. Now both of you will be on title to the car and you can build your credit this way. The only problem with this is you will have to get it re-registered because the state will issue a new title with both your names on it.
Good luck!
Answer by :
bertha On Date
2008-01-07 06:08:42
Yes, of course it's possible.
It's called "buying the car from your dad".
Answer by :
mccoyblues On Date
2008-01-07 06:34:49
Whose name is on the title? If your name is on the title..go ahead and get re-financed.
Answer by :
Ragtop On Date
2008-01-07 06:34:51
Yes..................
When refinancing car loans, you pay off your current car loan with a refinancing car loan from a different lender that has a lower APR. This is good for you because refinancing auto loans makes your monthly car loan payments lower, and your interest rate drops, which can allow you to pay off the balance of your car loan even quicker.
