Need help with my current auto loan ,

[Anonymous]

So , it's about to be 2 years now , I took out a truck for my dad under my name my credit , he makes the payments though of course , but now I'm going to apply for a house within a year or 2 , if I transfer the loan to him , would it hurt my credit since the financing is not done ? 

[Bankrupt2019]

All depends on what the rest of your file looks like. Do you have any other open installment loans? 

[Shooting-For-800]

You score may go down because you don't have an installment loan...

BUT

You will also have a better income to debt ratio and less debt overall...

SO 

It is probably better overall for you to qualify for a mortgage.

NOW

He will have to qualify for a new loan on his own; you can't just transfer the responsibility.

GL!

[Anonymous]

Yes , I have 2 more others well one now , I paid off one auto loan this month , and I owe 10k on another , which I'll b paying off this year , that leaves me with only one auto loan , which is not my car just under my name . Reason is , I want to apply for a home so I need my DTI ratio to be as low as possible , I'm credit card debt free as well . 

[Anonymous]

---

@Shooting-For-800 wrote:

You score may go down because you don't have an installment loan...

BUT

You will also have a better income to debt ratio and less debt overall...

SO 

It is probably better overall for you to qualify for a mortgage.

NOW

He will have to qualify for a new loan on his own; you can't just transfer the responsibility.

GL!

---

His credit score is actually much better than mine lol , but he had me apply for his truck back in 2018 because he took out a home so helped his DTI ratio I guess , but now I want a better DTI so I want to let go of the loan and give it to him so he can finance, just scared my scores will take a dip .