can I refinance later without a co-signer ?

[carlismycat]

My husband co-signed for me because his credit is better, and it added a higher total income. However, this car is mine and I am making the payments.  It is also a fixed rate with the financial company. I hope that when I've gotten my score higher and pay some of it down , I can refinance with another financial institution,  for a lower rate.  I asked the people Im financing through if they do that. They said the rate is fixed, and I would have to go through someone else to re-finance when the time comes. 

The reason He co-signed was to try to get the loan with no doen payment.  I was offered a rate of 10%  but needed to put money down.  After my husband did the application jointly with me, we were offered a rate of 5 % with no money down through Ally.  So that is who we are using. 

Also, the person at the dealership told me that both our names will  be on the title , because of him co-signing. Is this true?  It is my very first car purchase at 37 years of age so all this is new to me . It isnew to my husband too, because he had not bought a car sincehe was a very young adult. After married, 14 years ago, his parents gave us older hand me down vehicles that we very much appreciated. But the last one I got is out of commission,  and it was time for me to get my first car. This car is gently used, only 2 years old with 12,000. Miles And I love it !! Anyway, when I re-finance in just my name, ( if that is possible) , can we get the title switched to just my name only as well ? I will want it in my name , brcause I am the one paying for it. 

Last question : Is it possible to have two car loans at one time? Ehen I have mine paid down sugnifical

Ntly I imagine his truck will no longer be working to drive reliably.  It may even happen soon. When I get my highest cc balances paid off, I will have the money to psy on a second car loan, to buy him a truck, since he cant afford anything right now. Which is funny thst it took his credit&income to help us get the loan for my car . 

[Hoya08]

Yes, you may refinance without a co-signer later.

Your current lender may or may not refinance their own loans.  If not, you have to find a new lender to refinance. 

Since it's only 2-years old with 12,000 miles, you shouldn't run into collateral issues when you're ready to refinance... as long as your credit score qualifies.

[mo15473]

Hello,

Seams like you have a lot on your plate there. First let me answer a few questions for you that may help. Refi is possible. Make sure you look at the terms and agreement not just the rate. If you are looking for a smaller payment more then likely your going to have a longer term 72 or 84 months are ideal if you are looking for lower payments. Also food for thought if you plan on trading in the vechical you will be upside down if you do not double up on payments. Keep that in mind. (thousands of dollars out of your pocket)  As for your husband being on the current loan, That's not going to be an issue. All he has to do is sign the title over to you aka the bank which is pretty easy and pain less pending who you are rifinancing through.

Now to answer your last question. Yes it is possible to have 2 cars loans at the same time if you can afford them. Husband and wife's do it all the time. One is the buyer and the other is the cobuyer. That being said both loans will show up on your report. Now the question is can your prove to the bank that you and your husband make enough money to have two car loans. DTI will play an important factor in this process. I hope this helps.