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3 min read . Published February 06, 2023
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of using loans to buy an automobile.
The edit was done 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 confidence to manage their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
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If you’ve found that your vehicle payments are an issue, you might be tempted to get rid of the loan completely and have someone else assume the responsibility. But this is not a straightforward process and cannot be done by just the vehicle that has an owner who is different from you. Consider other options to get rid of the car. Key takeaway
It is technically possible to refinance a car in another person’s name, however, it’s a lengthy process that requires refinancing twice, and might not work. Selling the car is often the best option.
How do you transfer a car loan to someone else in order to transfer the car loan to another person, you have to transfer the car itself, which is legally as if you were selling the vehicle. 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 completed the repayment of your loan, you have a lien on the vehicle. This means that the lender holds a legal claim over the car until it is paid off or transferred to a different person. In this situation the most efficient way to sell it be able to sell your vehicle is through a dealer but you may also sell it privately. If you sell privately, make sure you have the vehicle title yourself. Bankrate insights
Selling your car is the best solution when you want to transfer the car loan to someone else.
Refinance the vehicle twice If you plan on refinancing the vehicle in the name of someone else then you must follow two steps. First, refinance the car by using a . Then, refinance again to eliminate yourself from the loan. The first step is to submit an application to the loan together with your co-borrower, and accept the loan agreement with new equal responsibilities. After that, you’ll refinance the loan once again however this time, you will eliminate your name from the loan. Make sure you are aware of this could be ineffective and not a good idea. Keep in mind that lenders make specific . If the loan is not a new one it is likely that the lender is likely to not be able to approve this step. Be aware that although there is no limit on the number of , doing it twice in quick in a row could damage your score on credit. There are also loan origination and title transfer costs. Other ways to save on your auto loan Here are some more feasible options to reduce the cost of your current loan or sell 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 a possibility to benefit both the borrower as well as the lender. You will retain use of the vehicle and the lender doesn’t have to cover the cost of repossessing the vehicle. Find out information about your current financial circumstances and prepare to present a case for why your loan should be changed. It’s not good enough to say that you’ll need it to be adjusted. You’ll have to prove that you’re able to keep making payments once the changes are completed. Transfer your car to a different owner if the issue is related to being able to pay for your current loan payment and refinancing is the only option available, this could be a good opinion. If you’re able to locate an affordable car that meets your requirements and that is the same or less than what you’re currently paying, you’ll be able to pay off of your current loan and take home a more affordable monthly cost. You can refinance yourself. by yourself is the best option if you want to hold on to your current vehicle while . After considering your current loan and what you can manage, it’s a good idea to apply for loan prequalification and shop around for various options. Banks, credit unions and online lenders are all options for when you are looking to get started . The next steps are difficult to refinance your vehicle into someone else’s name — and sometimes it’s not even possible. If you are interested in giving your vehicle and loan to someone else, they need to go through the normal buying and financing process. Another alternative is to refinance your auto loan twice, allowing an owner new to the loan and then remove yourself. Or you can modify your loan if you want to hang onto the vehicle.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances through providing clear, well-researched facts that break down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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