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Can you refinance the car in someone else’s name? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and compare information for free and help you make sound 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 Make Money The products that appear on this site come from companies who pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. But this compensation does not influence the information we provide, or the reviews that you read on this site. We do not contain the universe of companies or financial offerings that could be accessible to you.

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3 min read Published February 06, 2023

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of borrowing money to purchase 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 dedicated to helping readers gain the confidence to take control of their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.

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If you’ve discovered that your car’s payments are high an issue, you might be tempted to remove yourself from the loan completely and instead have somebody else be responsible. This isn’t an easy task and can’t be accomplished by merely the car with a new owner instead of yourself. Instead, consider other routes to eliminate the vehicle. Important takeaway

Technically, you can refinance a car into the name of someone else, but it’s a multi-step procedure which involves refinancing twice. It may not work. Selling the car is often an option that is more beneficial.

How do you transfer a car loan to someone else order to transfer the car loan to another person, 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 another person. Sell the car if you’re looking to transfer ownership of your vehicle, but have not yet paid off the loan and you’re in possession of a lien on your vehicle. This means that the lender has a legal right over the car until it is transferred or paid off to someone else. In this situation, the easiest way to be able to sell your vehicle is through a dealer but you can still sell it privately. If you sell privately, make sure you have the vehicle title yourself. Bankrate insights

Selling your car is the best option when you want to transfer a car loan to another.

Refinance the vehicle two times If you’re planning to refinance the vehicle into someone else’s name You will need to follow two steps. First, refinance the car with an . Refinance it again to remove yourself from the loan. The first step is to submit an application to the loan with the co-borrower and accept the loan agreement with new equal responsibilities. Then, you’ll refinance the loan yet again, but this time remove your name from the loan. Be aware that this may not be successful and is not a recommended approach. Remember that lenders set specific . If the loan is relatively new, the lender may not allow this process. Also note that while there is no limit on the number of , doing it twice in quick succession can ding your credit score. Additionally, you’ll have to pay loan origination fees and title transfer charges. Other ways to save on an auto loan There are a few more sensible options if you want to cut costs on the 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 with your current lender. Most often, modifications are presented as a possibility to benefit both the borrower and the lender. The borrower will still have access to the vehicle, and the lender will not be required to make a payment to take possession of the vehicle. Gather information about your current financial circumstances and prepare to present the case that your loan must be altered. It’s not good enough to state that you’ll need to adjust it. It is essential to demonstrate that you’re able to keep paying the bills once the adjustments are completed. Sell your car your problem is based on being able to pay for your current loan repayment and refinancing is not an option, this could be a positive opinion. If you’re able to find an affordable vehicle that is still able to meet your needs and is comparable to or less than the amount you’re currently paying, then you’ll be able to pay off of the current loan and take home a more affordable monthly cost. Refinance your loan on your own. Refinancing on your own is wise if you intend to keep the car you currently own while . If you are considering the current loan and the amount you are able to manage, it’s a good idea to seek loan prequalification and look for various options. Banks, credit unions and online lenders are all available when you’re ready to start . Next steps It’s not easy to refinance your car into someone else’s name or sometimes it’s not even possible. If you’re interested in giving your vehicle and loan to someone else, they need to go through the normal buying and financing process. The other option is to refinance the auto loan twice in order to add your new owner’s loan and remove yourself. Or you can modify your loan if you want to keep the car.

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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to purchase the car they want.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances by providing concise, well-studied and well-organized data that breaks complicated topics into bite-sized pieces.

Auto loans editor

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