Question : 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?
- asked by rarafury
All Answers:
Answer #1
Depending on the car, how much is owed on it, andyour current credit, you may or may not be able todo 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 oweson it, then he can basically just sell it toyou.He can probably cosign if they won't do theloan otherwise.
- answered by River Euphrates
Answer #2
You would actually be purchasing it from your dad.You can't refinance something that isn't yours. Goto your bank or credit union and tell them whatyou're trying to do. They will walk you throughthe steps and tell you what paperwork youneed.Another option, if your credit or income isnot sufficient to finance it on your own, is yourdad can go to his bank and refinance the loan withyou as co-signer. Now both of you will be on titleto the car and you can build your credit this way.The only problem with this is you will have to getit re-registered because the state will issue anew title with both your names on it.Good luck!
- answered by bertha
Answer #3
Yes, of course it's possible. It's called "buyingthe car from your dad".
- answered by mccoyblues
Answer #4
Whose name is on the title? If your name is on thetitle..go ahead and get re-financed.
- answered by Ragtop
Answer #5
Yes..................When refinancing car loans,you pay off your current car loan with arefinancing car loan from a different lender thathas a lower APR. This is good for you becauserefinancing auto loans makes your monthly car loanpayments lower, and your interest rate drops,which can allow you to pay off the balance of yourcar loan even quicker.
- answered by UCANTCME
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