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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 goal is to help you make better financial choices by offering you interactive tools and financial calculators as well as publishing independent and objective content, by enabling you to conduct research and compare information for free — so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this site, including for instance, the order in which they may appear within 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. But this compensation does have no impact on the content we publish or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offerings that could be accessible 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 specializes in assisting readers in navigating the ways and pitfalls of taking out loans to purchase a car.

The edit was done 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 by providing precise, well-studied information that dissects complex subjects into digestible pieces.

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If you’ve found that your vehicle payments are and you are tempted to take yourself off the loan entirely and let someone else assume the responsibility. This isn’t an easy process that can be done by just the vehicle with an owner who is different from yourself. Consider other options to eliminate the vehicle. Important takeaway

It is technically possible to refinance a car in the name of someone else, but it’s a lengthy process which involves refinancing twice. It might not work. Selling the car is typically a better option.

How to transfer a car loan for someone else? order to transfer a car loan to someone else, you also need to transfer the vehicle in itself, which legally as if you were selling the vehicle. Here are two options to transfer ownership to someone else. Sell the car if you’re trying to transfer ownership of your vehicle but have not yet paid off the loan and you’re in possession of a lien on the vehicle. This means the lender holds a legal claim over the vehicle until it’s sold or transferred to someone else. In this situation the most efficient way to sell it sell the vehicle is through a dealer, but you may also sell it privately. If you sell privately, make sure you have the vehicle title yourself. Bankrate analysis

Selling the car is the best solution for those looking to transfer a car loan to someone else.

Refinance your vehicle two times if you’re planning to refinance the vehicle in the name of someone else, you will have to go through two steps. First, refinance the car using the help of . After that, refinance to eliminate yourself from the loan. The first step is to submit an application to the loan with the co-borrower and confirm the loan with new equal responsibilities. Next, you will refinance the loan in a second time however this time, you will remove your name from the loan. Make sure you are aware of this may not be successful and is not a good idea. Keep in mind 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 step. Be aware that although there’s no limit to the number of times you can do it, repeating the process in rapid in a row could damage the credit rating. Additionally, you’ll have to pay loan origination fees and title transfer costs. Alternative ways to save money on an auto loan Here are more practical options to save money on your current loan or even get rid of your current car. If you’re looking to modify your loan discuss the possibility, you’ll have to speak to your existing lender. Most often, modifications are presented as an option to benefit both the borrower and the lender. The borrower will still have access to the vehicle, and the lender does not have to cover the cost of repossessing the car. Take note of your current financial situation and be ready to make the case that your loan needs to be modified. It’s not good enough to say that you’ll need it to be adjusted. It is essential to demonstrate that you are able to continue paying your bills after the adjustments are implemented. Sell your car your problem is based on the ability to afford your current loan payment and refinancing is the only option available, this could be a great idea. If you’re able to find an affordable vehicle 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 your current loan and drive away with an affordable monthly price. You can refinance yourself. by yourself is a good idea if you plan to hold on to the car you currently own while . After considering the current loan and what you are able to afford, it is wise to seek loan prequalification, and then shop for different options. Credit unions, banks along with online lenders offer possible options when you are ready to start . Next steps It’s not easy to refinance your vehicle into someone else’s name — and in certain cases it’s not even possible. If you are interested in the transfer of your car and loan to someone else, they must go through the normal purchase and financing process. Another alternative is to refinance your auto loan twice in order to add your new owner’s loan and to remove yourself. Or you can modify your loan if you want to hang onto the car.

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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls 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 since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied facts that break down otherwise complex topics into manageable bites.

Auto loans editor

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