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Can you refinance the car to someone else's? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and compare information for free to help you make informed financial decisions. 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 deals that are advertised on this site are from companies that pay us. This compensation could affect how and where products appear on the site, such as such things as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the information we publish, or the reviews that appear on this website. We do not contain the vast array of companies or financial deals that could be available to you.



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3 min read Published on February 6, 2023.
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to purchase the car they want.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances through providing concise, well-researched and well-sourced information that dissects complex topics into manageable bites.









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If you have found your vehicle payments are and you are tempted to get rid of the loan entirely and let someone else assume the responsibility. However, this isn't an easy process that can be accomplished by merely the car with a new owner instead of you. Instead, consider other routes to dispose of the car. Key takeaway
Technically, you can refinance a vehicle in the name of someone else, but it's a lengthy process that requires refinancing twice, and may not work. Selling the car is often 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 in itself, which legally thought of as selling the car. Here are two ways to transfer ownership to another person. Sell the car if you're looking to transfer vehicle ownership but you haven't yet paid off your loan and you're in possession of a lien on your vehicle. This means the lender holds a legal claim over the vehicle until it's paid off or transferred to someone else. In this case, the easiest way to be able to sell your vehicle is through a dealer but you may also sell it privately. If you are selling privately, you must prepare your vehicle's title yourself. Bankrate insight
Selling your car is the best choice for those looking to transfer the car loan to someone else.


Refinance your vehicle two times if you are set on refinancing the vehicle in someone else's name, you will have to follow two steps. First, refinance the vehicle by using an . Refinance it again to get rid of the loan. The first step is to submit an application to the loan along with the co-borrower. Then, accept the loan agreement with new equal responsibility. Then, you'll refinance the loan in a second time however this time, you will eliminate your name from the loan. Be aware that this may be ineffective and not a recommended approach. Keep in mind that lenders have set their own rules . If the loan is not a new one and not yet approved, the lender will likely not approve this process. It is important to note that, while there is no limit on the number of , doing it twice in quick in a row could damage your credit score. You'll also pay loan origination fees and title transfer costs. Other methods to save on your auto loan There are a few more sensible options to reduce the cost of your current loan or get out of your car. If you're looking to modify your loan discuss the possibility, you'll have to speak to your existing lender. Typically, modification is presented as an option to benefit both the borrower and the lender. You can keep using the vehicle, and the lender does not have to pay to repossess the car. Gather information about your financial situation and be ready to make the case that your loan needs to be modified. It's not good enough to claim that you'll need it to be adjusted. You'll have to prove that you're able to keep paying the bills once the adjustments are made. Transfer your car to a different owner if your issue is due to being able to pay for your current loan payment and refinancing is the only option available, this could be a positive opinion. If you can find an affordable vehicle that is still able to meet your needs and is comparable to or less than what you're paying now, you'll be able to pay off of your current loan and take home an affordable monthly price. Simply refinance on your own by yourself is the best option if you want to hold on to the car you currently own while . If you are considering your current loan and the amount you are able to be able to afford, it's best applying for loan prequalification and look for various options. Credit unions, banks and online lenders are all available when you are looking to get started . Next steps It's not simple to refinance your vehicle into the name of someone else or in certain cases it's not even feasible. If you're thinking of the transfer of your car and loan to someone else, they need to go through the usual buying and financing process. Another option is to refinance the auto loan twice in order to add an owner new to the loan and remove yourself. Alternate your loan if you want to hang onto the car.


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Authored 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 a car.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied facts that break down otherwise complicated topics into bite-sized pieces.






Auto loans editor




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