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drewrico
Posts: 105
Registered: ‎01-02-2013
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Need Advice

I bought a 2011 Jeep Wrangler in early 2012. I was still a minor when i bought the car so we had to put it in my parents name. Ive been paying on my car for at least 6 months now without it doing anything to show on my credit. Should i refinance the car and put it in my name or any other suggestions?

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Jutz
Posts: 1,216
Registered: ‎05-10-2012
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Re: Need Advice

What else do you have in your name in terms of credit? A student credit card maybe?  Putting it in just your name is probably going to be an expensive proposition, but if you have had 6 months with another credit product in your name, it may be worth it to refi and have it be a joint loan with you and your parents.

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dabrian
Posts: 321
Registered: ‎12-10-2012
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Re: Need Advice

I doubt you'll get as good of an interest rate as your parents.
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MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Need Advice

+1 but refinancing joint with your parents will diversify your credit portfolio and help you start to build good credit history.
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