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Can you refinance a car into someone else's name? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive tools and financial calculators as well as publishing independent and objective content. We also allow you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this site, including such things as the order in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. But this compensation does have no impact on the information we provide, or the reviews that you read on this site. We do not cover the universe of companies or financial offers that may be open to you.



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3 minutes read Read Published February 06, 2023
Authored 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 ways and pitfalls of borrowing money to purchase a car.







Editor: 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 manage their finances through providing precise, well-studied information that dissects complex subjects into digestible pieces.









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If you've found that your car's payments are high an issue, you might be tempted to take yourself off the loan completely and instead have somebody else be responsible. This isn't a straightforward process and cannot be done by just the vehicle with the new owner, not you. Instead, consider other routes to eliminate the vehicle. Key takeaway
Technically, you can refinance a vehicle in someone else's name, but it is a multi-step process that involves refinancing twice and may not work. Selling the car is typically an option that is more beneficial.


How to transfer a car loan in the name of someone else In order to transfer a car loan to someone else, you also must transfer the car in itself, which legally thought of as selling the car. There are two methods to transfer ownership of the vehicle to another person. Sell the car if you're trying to transfer vehicle ownership but you haven't yet paid off the loan or loan balance, you are in possession of a lien on the vehicle. This means the lender holds a legal claim over the vehicle until it is sold or transferred to a different person. In this scenario the simplest way to transfer it be able to sell your vehicle is through a dealer however, you are able to sell the vehicle privately. If you sell privately, prepare to the vehicle title yourself. Bankrate insights
Selling your car is the best option if you are looking to transfer the car loan to another.


Refinance the vehicle two times If you're planning to refinance the vehicle in someone else's name then you must take two steps. First, refinance the vehicle with an . Refinance it again to eliminate yourself from the loan. First, make an application for loan along with the co-borrower. Then, accept the loan agreement with new equal obligations. Then, you'll refinance the loan in a second time however this time, you will eliminate your name from the loan. Make sure you are aware of this could not work and is not a recommended approach. Remember that lenders set specific . If the loan is relatively new, the lender may not allow this particular step. Also note that while there is no limit on the number of , doing it twice in quick intervals could hurt your credit score. There are also loan origination and title transfer charges. Alternative ways to save money on your auto loan Here are some more feasible alternatives to cut costs on your current loan or even get rid of the car you're currently driving. If you want to request a modification , you'll need to talk with your current lender. Typically, modification is presented as an option that benefits both the borrower as well as the lender. You will retain use of the car as well as the lender does not have to cover the cost of repossessing the vehicle. Take note of your current financial circumstances and prepare to present arguments for why your loan should be changed. It's not good enough to state that you'll need to adjust it. You'll have to prove that you are able to continue making payments once the changes are made. Transfer your car to a different owner if your problem is based on the ability to afford the current loan repayment and refinancing is not an option, this could be a positive opinion. If you're able to locate an affordable car that still meets your needs and is comparable to or less than the amount you're currently paying, then you'll be able to pay off of your current loan and take home a more affordable monthly cost. You can refinance yourself. Refinancing on your own is a good idea if you plan to keep your car as you . When you have a look at the current loan and what you are able to be able to afford, it's best to apply for loan prequalification and look to find different options. Banks, credit unions along with online lenders offer options for when you are looking to get started . The next steps are difficult to refinance your car into the name of another person -- and in some cases, it isn't even possible. If you're thinking of the transfer of your car and loan to someone else, they need to go through the usual purchasing and financing procedure. Another alternative is to refinance your auto loan twice, allowing your new owner's loan and remove yourself. Or you can modify your loan when you decide to hang onto the car.


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Writen 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 an automobile.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.






Auto loans editor




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