topic Re: Need Advice in Auto Loans

Need Advice

drewrico — Sat, 05 Jan 2013 07:57:29 GMT

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?

Re: Need Advice

Jutz — Sat, 05 Jan 2013 13:35:40 GMT

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.

Re: Need Advice

dabrian — Sat, 05 Jan 2013 13:55:50 GMT

I doubt you'll get as good of an interest rate as your parents.

Re: Need Advice

Anonymous — Sat, 05 Jan 2013 15:10:35 GMT

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