Refinancing car to another name

[Anonymous]

Here's the current situation. I was looking to getting a new car a while back but my credit was/is quite shaky so instead of having an extremely high interest rate, high down payment and being stuck with a car that I didn't really want, my wife and I decided to wait and rebuild before we take on a new loan with not so great terms. Fast forward to now, my scores still aren't that great. My sister in law wants my wife and I to take over her payments on her 2013 Hyundai elantra because her and her husband are trying to decrease some of their debt and don't want a repo on their credit. I am starting a new job this month and we were planning to get an old beater because my wife and I are sharing one car and my new job is a little bit of a drive. I have been at my current job 8 years. The car is financed through carmax financial. She has a cosigner on the loan and obviously the cosigner wants to be off completely before any of this happens. If I go to try to get a loan for the remainder of the original loan, will I be responsible for a down payment as if I'm buying a new car? Or will I just pick up where she left off? I know my payments will be higher. She's paying 294 a month now but I'm expecting to pay 400-500 with my scores. We can now afford the higher payments now if we can get a loan. Fico's are around 530-570 across the board. Slightly higher than they were but not where they need to be. Just curious if we'd have to put something down or not.

[Appleman]

You will basically need to buy the car from your sister-in-law. As far as I know there are no auto loans that allow you to just take over the current payment schedule and transfer everything into your name.

Getting financing with those FICO scores will be a challenge.

You could call Carmax financial and see if they have any suggestions...

[RonM21]

I agree, I haven't heard of being able to transfer everything and redo the payment set up. I hope everything works out for you.

[Anonymous]

I don't think any bank will fund a loan for car from a private seller. For something like that think u need to take out a personal loan or equity line. In which is for ppl with good credit. Not sure I've never bought a car from a private seller before. If anything I think only bank is capital one with finance with a score in the 530-570. I don't think any other bank will touch it

[Anonymous]

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@Anonymous wrote:
Here's the current situation. I was looking to getting a new car a while back but my credit was/is quite shaky so instead of having an extremely high interest rate, high down payment and being stuck with a car that I didn't really want, my wife and I decided to wait and rebuild before we take on a new loan with not so great terms. Fast forward to now, my scores still aren't that great. My sister in law wants my wife and I to take over her payments on her 2013 Hyundai elantra because her and her husband are trying to decrease some of their debt and don't want a repo on their credit. I am starting a new job this month and we were planning to get an old beater because my wife and I are sharing one car and my new job is a little bit of a drive. I have been at my current job 8 years. The car is financed through carmax financial. She has a cosigner on the loan and obviously the cosigner wants to be off completely before any of this happens. If I go to try to get a loan for the remainder of the original loan, will I be responsible for a down payment as if I'm buying a new car? Or will I just pick up where she left off? I know my payments will be higher. She's paying 294 a month now but I'm expecting to pay 400-500 with my scores. We can now afford the higher payments now if we can get a loan. Fico's are around 530-570 across the board. Slightly higher than they were but not where they need to be. Just curious if we'd have to put something down or not.

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Sorry to say but if ur buying a 2013 car for 500/month payment for 60 months that's 30000. U might wanna help ur sister in law to get out of loan but ur putting urself in a big debt. For the payment u mentioned u can get a brand new civic or something and finance it through capital one and be paying less per month for 60 months