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How do you refinance a car in someone else’s name?
Can you refinance a car in someone else’s name? I’m struggling to make my loan payments, so my brother has offered to take over the loan.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s so nice of your brother! However, you cannot refinance your car into someone else’s name. You’ll need to sell the vehicle to him instead.
By law, the person who is named on a loan agreement must also be the owner (or co-owner) of the vehicle. Therefore, this means in order for your brother to be the sole party listed on the loan, he’ll need to have ownership over the car.
Your brother should apply for a new loan to buy you out of your existing loan. Once he’s approved and the transaction has been made, you’ll need to
transfer the title
to him.At that point, you can cancel your car insurance, too. If your brother still needs to buy insurance, you should tell him about the
Jerry
app. By downloading Jerry, he could save up to $879 a year on car insurance.Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!
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