I have looked and have not yet located an answer to my question.
Does anyone know how I might go about refinancing a car loan that is under my brother's name and transfering it into my name?
He helped me out when I got into a major accident and totalled our car, and we were in the middle of bankruptcy and had no other options.
His credit is/was abysmal, and so the rate is 17% on a used Mazda 2.
I want to refinance it under my name, as I've been making the payments and my bankruptcy discharged on March 4th.
But I have no idea on where to start, I am a member of Navy Fed, PenFed and a couple other credit unions.
Capital One Auto pre-qual says I'd be in the range of 10% APR for a used car through their dealers.
So I know the general range I'd be in. I just don't know how to initiate the process.
Any help would be greatly appreciated!
This would not be a refinance, it would be a purchase because legally you are two seperate parties. Should be pretty simple because its just the matter of purchasing the car from him and getting a loan to do so. Are you on the title, registration or the current loan at all?
Thank you, I only realized that once I read your reply.
My name is not on it, I only pay the insurance.
It's all under my brother's name.
So I should ask PenFed and Navy Fed about what I qualify for, for financing I guess.
Thank you for your help,