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Can You Refinance an Auto Into Someone Else's Name?

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There may be times when you want to refinance an auto into someone else's name, such as if you are selling your vehicle or if you where a co-signer for someone and no longer wish to be responsible for the loan. However, unfortunately when it comes to refinancing your car loan, there may be flexibility in some things, but as far as being able to refinance an auto into someone else's name, there really is no flexibility on that.

Can You Refinance on Auto Into Someone Else's Name?

When you refinance, it is usually the practice of the finance company that you refinance the car in your name. If you want to transfer the debt to someone else, that person will simply have to take an entirely new loan in his or her own name and purchase the car from you with that loan. However, you may be able to refinance an auto that you had a co-signer on if you have improved your credit and you no longer need that cosigner.

If you are going to try refinancing the loan in someone else’s name, consider whether or not that party was on the initial loan of the car. If they were on the initial loan of the car as a possible co-signer or if their name is on the title, then more than likely you will need to have him or her sign the title over to you.

The good news is, refinancing a car loan is probably much easier than the initial finance process. For one thing, you have more flexibility over the loan terms. For example, you may find that the lender will ask you how long you would like to refinance for. Consider how many months you will be able to budget paying off your car loan. Additionally, factor in the possible interest rate that you might get from the new refinanced loan.

If you wanted to refinance the car in someone else’s name because you think that you will get a better interest rate, then you are in luck though, because you may be able to get a lower rate by refinancing even when you keep the car in your own name. Usually, provided your credit is reasonably decent, your refinance rate may end up being somewhere between 6% and 8% so it is certainly possibly to refinance an auto and save money by doing so.

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