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3 min 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 with the details of taking out loans to purchase an automobile.







Editor: Rhys Subitch Edited by Auto loans editor

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









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If you have found your car's payments are high , you may feel inclined to remove yourself from the loan completely and have someone else assume the responsibility. But this is not an easy task and can't be accomplished by merely the car with the new owner, not yourself. Instead, consider other routes to get rid of the car. Important 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 could not be successful. Selling the vehicle is usually a better option.


How do you transfer a car loan to someone else In order to transfer the car loan to someone else, you must transfer the car itself, which is legally considered selling the car. There are two methods to transfer ownership to someone else. Sell the car if you are looking to transfer vehicle ownership but have not yet paid off the 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 a different person. In this case the most efficient way to sell it be able to sell your vehicle is through a dealer but you can still sell the vehicle privately. If you sell privately, prepare to the vehicle title yourself. Bankrate analysis
Selling your car is the best option when you want to transfer the car loan to someone else.


Refinance the vehicle twice If you are set on refinancing the vehicle into someone else's name then you must follow two steps. First, refinance the car with the help of . After that, refinance to remove yourself from the loan. The first step is to submit an application to the loan with the co-borrower and confirm the loan with new equal responsibility. Next, you will refinance the loan in a second time however this time, you will take your name off the loan. Be aware that this may not work and is not a recommended approach. Remember that lenders have set their own rules . If the loan is relatively new, the lender will likely not approve this particular step. Also note that while there's no limit to the number of , doing it two times in quick intervals could hurt the credit rating. There are also loan origination and transfer fees. Other methods to save on an auto loan Here are more practical options if you want to cut costs on the current loan or sell the car you're currently driving. Request a modification To , you'll need to talk with your current lender. Typically, modifications are offered as an option to benefit both the borrower and lender. You can keep using the car and the lender doesn't have to make a payment to take possession of the vehicle. Find out information about your current financial circumstances and be ready to make a case for why your loan should be changed. It's not enough to say that you'll need it to be adjusted. It is essential to demonstrate that you can keep paying the bills once the adjustments are made. Trade in your car If the issue is related to affording the current loan repayment and refinancing is not an option, it could be a great idea. 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 currently paying, you'll be able to get out of the current loan and leave with an affordable monthly price. Simply refinance on your own by yourself is the best option if you want to hold on to your current vehicle while . When you have a look at the current loan and what you are able to afford, it is wise to seek loan prequalification, and then shop to find different alternatives. Credit unions, banks, as well as online lending institutions are the best options for when you're looking to get started . The next steps are difficult to refinance your car in the name of someone else or in some cases, it isn't even possible. If you are interested in the transfer of your car and loan to someone else, they must undergo the typical buying and financing process. The other option is to refinance the auto loan twice to add the new owner to the loan and to remove yourself. Or you can modify your loan in case you wish to keep the car.


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely using loans to buy an automobile.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances through providing precise, well-studied information that breaks down complex subjects into digestible pieces.






Auto loans editor




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