topic Re: Re-finance Question (I'm not on the loan) in Auto Loans

Re-finance Question (I'm not on the loan)

QAMngrGirl — Sun, 16 Dec 2012 00:20:45 GMT

I don't know if I am wording this correctly but... My car loan is in my boyfriend's name (the apr on the loan for me at the time, even with him as a co-signer was 15.9%), the loan is at 4.0% now. I (of course), make the payments. Can this auto loan be refinanced in my name? Is that a possibility? He doesn't mind or anything, but a car loan reporting well, on my credit, would be nice.

Hope this makes sense. Thank you for any replies.

Re: Re-finance Question (I'm not on the loan)

webhopper — Sun, 16 Dec 2012 00:26:11 GMT

@QAMngrGirl wrote:
I don't know if I am wording this correctly but... My car loan is in my boyfriend's name (the apr on the loan for me at the time, even with him as a co-signer was 15.9%), the loan is at 4.0% now. I (of course), make the payments. Can this auto loan be refinanced in my name? Is that a possibility? He doesn't mind or anything, but a car loan reporting well, on my credit, would be nice.

Hope this makes sense. Thank you for any replies.

How many months are left on the auto loan; what is the principle balance. What is your income and credit scores?

Re: Re-finance Question (I'm not on the loan)

j_casteel — Sun, 16 Dec 2012 00:26:54 GMT

@QAMngrGirl wrote:
I don't know if I am wording this correctly but... My car loan is in my boyfriend's name (the apr on the loan for me at the time, even with him as a co-signer was 15.9%), the loan is at 4.0% now. I (of course), make the payments. Can this auto loan be refinanced in my name? Is that a possibility? He doesn't mind or anything, but a car loan reporting well, on my credit, would be nice.

Hope this makes sense. Thank you for any replies.

you just have to go to a lender and apply to refinance it into your name...it would be subject to credit approval of course.

Re: Re-finance Question (I'm not on the loan)

QAMngrGirl — Sun, 16 Dec 2012 00:48:49 GMT

36 mos. left $9000.00 principle, my income is 40K & my scores as of last month were 11/06/12: EQ 699/EX 685/TU 696, my credit history is only 15 months old though

I should just go in & try I think.

Well, actually after reading a bit, maybe after some of my newest account have aged 6 mos. or so (recent app spree that has me firmly planted in the garden now)

I really just wanted to know if a loan in someone else's name could be refinanced in mine.

Re: Re-finance Question (I'm not on the loan)

martinkk — Sun, 16 Dec 2012 01:38:06 GMT

Next time..put it in his name with you as the co-signer. I did this with my sister years ago and the history

brought her scores up nicely and kept her rates low. The next time, she got it On her own.

Re: Re-finance Question (I'm not on the loan)

maiden_girl — Tue, 18 Dec 2012 14:40:47 GMT

I'm a little confused by the post. It sounds to me that you've already refinanced the car once to get the APR to 4.0% from 15%. I wouldn't waste time paying document fees and doing paperwork if you only have 36 months left. Just next time, apply for the loan in your name and rate shop. What I figured out about a co-signer during my car buying experience is that a co-signer...even with the best of credit...can't really help the buyers APR especially if they are a first time buyer.

Re: Re-finance Question (I'm not on the loan)

QAMngrGirl — Tue, 18 Dec 2012 15:25:42 GMT

The paperwork drawn up (before it was signed) included my BF as a co-signer for me with the high apr. We proceeded the car purchase in his name only and he got the 4% interest. I am just going to wait it out and get the new one on my own. Thanks for everyone's replies.

Re: Re-finance Question (I'm not on the loan)

webhopper — Tue, 18 Dec 2012 16:38:44 GMT

My suggestion is to talk to a CU about Refinancing it into both parties names. A lot of CU's, (I'm thinking of NFCU here) are offering incentives to get you to refinance. Also, a lot of CUs use the score of the primary applicant on which to base the rate. I don't see you saving a ton of money on the refinance, but having a joint auto on YOUR report can help you with your rebuilding process.

Re: Re-finance Question (I'm not on the loan)

maiden_girl — Wed, 19 Dec 2012 04:03:17 GMT

@QAMngrGirl wrote:
The paperwork drawn up (before it was signed) included my BF as a co-signer for me with the high apr. We proceeded the car purchase in his name only and he got the 4% interest. I am just going to wait it out and get the new one on my own. Thanks for everyone's replies.

Oh ok! Got ya! Yea I'd just wait to apply for a car in your name only to build your credit back up. That's what I just did. Well...to build my credit up period. Lol.