How do I refinance my car which is in someones name?
My credit isnt that great so my friend financed a car for me. I am not on the contract. I just take care of everything for the car finacialy. I want the car in my name. Ive had it for about 8 months and made on time payments. I was told that I can refinance in my name in 6 months is this true? How can I go about doing that?
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Healthy Diet For Your Pets said on March 14, 2009
chronicbadbreath.info
Not being on the loan has not helped your credit at all. But, assuming you are OK now, call e-loan. They did my car refinance for me and did a good job with it too.
cheap water fountains for your garden said on March 16, 2009
Discount Boutique
You have several options.
1) go to a local bank or credit union and meet with the loan officer. They are experts in determining your ability to get a loan and will explain all you need to know.
2) If your don’t qualify on your own, you could have a Friend co-sign with you on the loan. It will help your credit just as much with a co signed loan, the drawback is that the co-signer is just as Liable as you are for repayment. SO…..if you don’t make the payments and bank will attempt to collect from the co-maker.
The reason for a joint loan is to reduce the banks risk….so u should get a better rate than going alone.
Check several banks and lenders…shopping will save you money
Of course have all the info on the vehicle…Year, make, model, miles etc.
Good luck!
cheap water fountains for your garden said on March 19, 2009
There Are Alternatives to Bankruptcy
If the car is not in your name, you do NOT own it. Your friend will have to sell it to you and you will have to get your own financing. Just apply for the loan; they’ll let you know if you are approved.
This is NOT a “re-fi” transaction as you do NOTown the vehicle, your friend does.
There Are Alternatives to Bankruptcy said on March 20, 2009
Healthy Diet For Your Pets
Financing a car for someone else in your own name alone is illegal. It’s called a “straw purchase.” And as mentioned, it’s not helping your credit at all. Your friend is on the hook legally and if a car dealer told you to do this, they are on the hook as well. I’d definitely look into putting it in your name as soon as possible.
What you’ll need to do is have your friend call the finance company and get a 10 day payoff. This will be your sale price. Once you have that, you’ll know exactly what you’ll need to ask for from a bank or lending institution. Beware, with such a recent purchase (8 months ago), the payoff may far exceed the loan value of the vehicle, thus adding more difficulty to financing.
Another problem will be that the better sub-prime lending companies are only affiliated with franchise dealerships. So purchasing from a private individual will be impossible with the larger lenders.
Seek help from your local bank or possibly a credit union from a place of work. There are places to get the loan, it just might be difficult if your credit history is poor. If you have trouble with this on your own, seek a qualified CO-SIGNER to help put you on the note. A close relative is what most banks want as a co-signer.