{"id":39750,"date":"2022-05-05T11:59:19","date_gmt":"2022-05-05T11:59:19","guid":{"rendered":" https:\/\/dev.way.com\/blog\/?p=39750"},"modified":"2022-05-05T12:05:56","modified_gmt":"2022-05-05T12:05:56","slug":"can-you-refinance-your-car-loan-into-someone-elses-name","status":"publish","type":"post","link":"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/","title":{"rendered":"Can You Refinance Your Car Loan Into Someone Else&#8217;s Name?"},"content":{"rendered":"<p style=\"text-align: center;\"><em>High car loan payments troubling you? If you&#8217;re thinking of refinancing your car loan to someone else to free yourself of the burden, read this!<\/em><\/p>\n<p style=\"text-align: justify;\">If you&#8217;re a distressed car owner troubled by the <a href=\" https:\/\/dev.way.com\/blog\/gas-shortage-prices-united-states\/\" target=\"_blank\" rel=\"noopener\">rising gas prices<\/a>, high car loan monthly payments, and the overall increase in prices (including <a href=\" https:\/\/dev.way.com\/blog\/car-prices-2022\/\" target=\"_blank\" rel=\"noopener\">new<\/a> and <a href=\" https:\/\/dev.way.com\/blog\/when-will-used-car-prices-drop\/\" target=\"_blank\" rel=\"noopener\">used vehicles<\/a>) &#8211; you must be itching to save money! You&#8217;re not the only one frantically looking to transfer your auto loan to someone else. Hundreds of Americans are scrambling to switch to a used car or have someone else take on their loan.<\/p>\n<p style=\"text-align: justify;\">However, is there such a thing as &#8220;transferring a car loan&#8221;? Read on to find out more and whether there are any alternatives to it.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-39906 size-large\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/05\/can-you-refinance-with-same-lender-1024x683.jpg\" alt=\"Two persons discussing about refinancing a car loan into one of their names\" width=\"640\" height=\"427\" srcset=\"http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/can-you-refinance-with-same-lender-1024x683.jpg 1024w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/can-you-refinance-with-same-lender-300x200.jpg 300w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/can-you-refinance-with-same-lender-768x512.jpg 768w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/can-you-refinance-with-same-lender-600x400.jpg 600w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/can-you-refinance-with-same-lender.jpg 1125w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #e71346;color:#e71346\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #e71346;color:#e71346\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Is_It_Possible_To_Transfer_a_Car_Loan\" >Is It Possible To Transfer a Car Loan?\u00a0\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Why_Would_You_Want_to_%E2%80%98Transfer_a_Car_Loan\" >Why Would You Want to &#8216;Transfer&#8217; a Car Loan?\u00a0\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Whats_the_Best_Way_to_Transfer_a_Car_Loan\" >What\u2019s the Best Way to Transfer a Car Loan?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#How_To_Refinance_a_Car_Loan_Into_Someone_Elses_Name\" >How To Refinance a Car Loan Into Someone Else&#8217;s Name<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#How_to_Get_Out_of_a_Bad_Car_Loan_without_Transferring_It_to_Someone_Else\" >How to Get Out of a Bad Car Loan without Transferring It to Someone Else\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Ask_your_lender_to_defer_your_monthly_payments\" >Ask your lender to defer your monthly payments\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Renegotiate_with_Your_Dealer\" >Renegotiate with Your Dealer\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Choose_auto_loan_refinancing\" >Choose auto loan refinancing\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Trade_in_Your_Car_for_a_Cheaper_One\" >Trade in Your Car for a Cheaper One\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Consider_Getting_Rid_of_Your_CarSelling_It_to_Another_Party\" >Consider Getting Rid of Your Car\/Selling It to Another Party\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Voluntary_Repossession\" >Voluntary Repossession\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Frequently_Asked_Questions_FAQ\" >Frequently Asked Questions (FAQ)\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Can_Someone_Take_Over_My_Car_Loan\" >Can Someone Take Over My Car Loan?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Can_I_Refinance_A_Car_With_The_Same_Lender\" >Can I Refinance A Car With The Same Lender?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#Does_Refinancing_a_Car_Loan_Affect_Credit_Score\" >Does Refinancing a Car Loan Affect Credit Score?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/#How_Do_I_Transfer_a_Loan_from_One_Person_to_Another\" >How Do I Transfer a Loan from One Person to Another?\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Is_It_Possible_To_Transfer_a_Car_Loan\"><\/span><span data-contrast=\"none\">Is It Possible To Transfer a Car Loan?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b><span data-contrast=\"auto\">No, it is not possible to directly &#8216;transfer&#8217; a car loan to another person<\/span><\/b><span data-contrast=\"auto\">. When you take on an auto loan, you sign an agreement that you will eventually become the owner of the vehicle. Until then, it is your personal responsibility to pay off the loan amount used to purchase the vehicle. Therefore, you cannot transfer this responsibility to someone else.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, there might be other ways to reduce the burden of paying high auto loan payments &#8211; like <\/span><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">refinancing it<\/span><\/a><span data-contrast=\"auto\"> or selling the car off to a third party. These options will let you close your loan prematurely and avoid the high costs of continued monthly payments.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Why_Would_You_Want_to_%E2%80%98Transfer_a_Car_Loan\"><\/span><span data-contrast=\"none\">Why Would You Want to &#8216;Transfer&#8217; a Car Loan?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">Those looking to sign a loan over to someone else typically do so<\/span><a href=\" https:\/\/dev.way.com\/blog\/how-to-get-out-of-a-bad-car-loan\" target=\"_blank\" rel=\"noopener\"><b><span data-contrast=\"none\"> because they are stuck in a bad loan<\/span><\/b><\/a><span data-contrast=\"auto\">. A bad auto loan could have a<\/span><b><span data-contrast=\"auto\"> high APR, high monthly payments, strict terms and conditions<\/span><\/b><span data-contrast=\"auto\">, and more that could hamper your ability to pay the lender in time. You may have heard about people &#8216;transferring&#8217; their loan to someone else, but in reality, there is no such thing &#8211; it&#8217;s a misnomer.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Whats_the_Best_Way_to_Transfer_a_Car_Loan\"><\/span><span data-contrast=\"none\">What\u2019s the Best Way to Transfer a Car Loan?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You can choose two ways to get yourself out of a bad car loan:<\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Selling your car off<\/span><\/b><span data-contrast=\"auto\"> to a third party changes the ownership of the vehicle, and it will be the new owner&#8217;s responsibility to pay the car loan monthly amounts. The new buyer has to apply for an auto loan independently, get approved, get funding, and then buy the car from you.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Refinancing the car to include a cosigner<\/span><\/b><span data-contrast=\"auto\"> will help you share the responsibility with a new person.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2 class=\"ewa-rteLine\"><span class=\"ez-toc-section\" id=\"How_To_Refinance_a_Car_Loan_Into_Someone_Elses_Name\"><\/span>How To Refinance a Car Loan Into Someone Else&#8217;s Name<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-39907 size-large\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/05\/Can-you-refinance-with-the-same-lender-1024x768.jpg\" alt=\"How to refinance a car loan into someone else's name\" width=\"640\" height=\"480\" srcset=\"http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Can-you-refinance-with-the-same-lender-1024x768.jpg 1024w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Can-you-refinance-with-the-same-lender-300x225.jpg 300w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Can-you-refinance-with-the-same-lender-768x576.jpg 768w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Can-you-refinance-with-the-same-lender-1536x1152.jpg 1536w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/Can-you-refinance-with-the-same-lender.jpg 2000w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<div>\n<p><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Auto loan refinancing<\/span><\/a><span data-contrast=\"auto\"> can help you remove yourself from a car loan and sign the loan over to someone else. However, <\/span><b><span data-contrast=\"auto\">you won&#8217;t be able to do it in one single step,<\/span><\/b><span data-contrast=\"auto\"> and will take time to process. Here&#8217;s what you should do:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span data-contrast=\"auto\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">1. Refinance the current auto loan to add a new person as a co-signer<\/span><\/b><\/p>\n<p><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span data-contrast=\"auto\">Apply for refinancing with multiple lenders using a finance platform like Way.com. You&#8217;ll get to compare offers and choose one that allows co-signers. The approval is mostly done based on both your credit scores. If you qualify, the vehicle title will be updated to include your co-signer as well. The co-signer has full responsibility to pay back the loan along with you (the primary borrower).<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><strong>2. <\/strong><b><span data-contrast=\"auto\">Refinance the loan a second time to keep the co-signer and remove yourself from the loan<\/span><\/b><\/p>\n<p><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">The next step is removing yourself from the vehicle title, which means you need to refinance once again. It is recommended that you don&#8217;t refinance immediately and wait at least a few months before applying. However, there is no guarantee that your chosen lender will approve it.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<\/div>\n<div><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/02\/REFINANCE-BANNER.png\" alt=\"How to refinance a car loan to someone else's name\" width=\"744\" height=\"276\" \/><\/a><\/div>\n<div><\/div>\n<div>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"How_to_Get_Out_of_a_Bad_Car_Loan_without_Transferring_It_to_Someone_Else\"><\/span><a href=\" https:\/\/dev.way.com\/blog\/how-to-get-out-of-a-bad-car-loan\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">How to Get Out of a Bad Car Loan<\/span><\/a><span data-contrast=\"none\"> without Transferring It to Someone Else<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Ask_your_lender_to_defer_your_monthly_payments\"><\/span><span data-contrast=\"none\">Ask your lender to defer your monthly payments<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\" https:\/\/dev.way.com\/blog\/can-you-defer-a-car-loan-payment\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Deferring a car loan payment<\/span><\/a><span data-contrast=\"auto\"> involves asking your lender<\/span><b><span data-contrast=\"auto\"> to let you lower the upcoming payment<\/span><\/b><span data-contrast=\"auto\">, <\/span><b><span data-contrast=\"auto\">pay only the interest portion of it<\/span><\/b><span data-contrast=\"auto\">, or <\/span><b><span data-contrast=\"auto\">skip it entirely<\/span><\/b><span data-contrast=\"auto\">. You can either defer the payment for a month or even more, depending upon the severity of your financial situation. However, you must resume payments after the relief period.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Renegotiate_with_Your_Dealer\"><\/span><span data-contrast=\"none\">Renegotiate with Your Dealer<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">You could ask your lender to give your a temporary forbearance which will pause your payments for a short period. However, this option may not work if the lender has sold your loan to a financial institution.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Choose_auto_loan_refinancing\"><\/span><span data-contrast=\"none\">Choose <\/span><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">auto loan refinancing<\/span><\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">Auto refinancing on your own can help you score a lower APR, lower monthly payments, and better terms and conditions.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Trade_in_Your_Car_for_a_Cheaper_One\"><\/span><span data-contrast=\"none\">Trade in Your Car for a Cheaper One<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">The advantage of this is that you can pay off at least a part of the car loan that&#8217;s causing you financial stress, while still having a vehicle with cheaper costs.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Consider_Getting_Rid_of_Your_CarSelling_It_to_Another_Party\"><\/span><span data-contrast=\"none\">Consider Getting Rid of Your Car\/Selling It to Another Party<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">If both trading in and refinancing do not seem feasible, you can also pay off the loan by selling off the car. The advantage of selling off the car is that you can pay off a large amount of the loan quickly.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Voluntary_Repossession\"><\/span><span data-contrast=\"none\">Voluntary Repossession<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-contrast=\"auto\">The last resort is to voluntarily turn in the car and ask the lender to clear the loan. Doing this might hurt your credit score \u2013 but it\u2019ll save your from the disaster of future default.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQ\"><\/span><i><span data-contrast=\"none\">Frequently Asked Questions (FAQ)<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Can_Someone_Take_Over_My_Car_Loan\"><\/span><span data-contrast=\"none\">Can Someone Take Over My Car Loan?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">You cannot let someone &#8216;take over&#8217; your car loan directly. You can either borrow money from them (parents, trusted friends, spouses) and pay off the loan, or refinance to add them as a co-signer. That means they will have a joint responsibility to pay off the loan with you.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Can_I_Refinance_A_Car_With_The_Same_Lender\"><\/span><span data-contrast=\"none\">Can I Refinance A Car With The Same Lender?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">Yes, you can refinance a car loan with the same lender as long as they don&#8217;t have any explicit clauses against it. However, you should also try applying to other mainstream lenders, shop around, and compare several rates before making a decision.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Does_Refinancing_a_Car_Loan_Affect_Credit_Score\"><\/span><span data-contrast=\"none\">Does Refinancing a Car Loan Affect Credit Score?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">When you first apply for refinancing a car loan, it will temporarily affect your credit score by a few points. However, you will be able to improve it to even higher as long as you are consistent in your payments.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"How_Do_I_Transfer_a_Loan_from_One_Person_to_Another\"><\/span><span data-contrast=\"none\">How Do I Transfer a Loan from One Person to Another?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">While you can&#8217;t directly transfer a loan from one person to another, you can always refinance to bring them on as a co-signer. After that, you can refinance once again to put the loan exclusively in the co-signer&#8217;s name.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<\/div>\n<div><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/02\/REFINANCE-BANNER.png\" alt=\"How to refinance a car loan to someone else's name\" width=\"744\" height=\"276\" \/><\/a><\/div>\n<div style=\"text-align: center;\">\n<hr \/>\n<p><em>Here\u2019s more info on\u00a0<\/em><a title=\"https:\/\/www.way.com\/airport-parking\" href=\"https:\/\/www.way.com\/airport-parking\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link top-rated airport parking\"><em>top-rated airport parking<\/em><\/a><em>,\u00a0<\/em><a title=\"https:\/\/www.way.com\/cities\" href=\"https:\/\/www.way.com\/cities\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link the best parking spots in your city\"><em>the best parking spots in your city<\/em><\/a><em>, the most affordable\u00a0<u><a title=\"https:\/\/www.way.com\/auto-insurance\" href=\"https:\/\/www.way.com\/auto-insurance\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link auto insurance\u00a0\">auto insurance\u00a0<\/a><\/u>for your car, and\u00a0<\/em><a title=\"https:\/\/www.way.com\/car-wash-near-me\" href=\"https:\/\/www.way.com\/car-wash-near-me\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Link top-rated car washes near you\"><em>top-rated car washes near you<\/em><\/a><em>.<\/em><\/p>\n<\/div>\n<div>\n<hr \/>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>High car loan payments troubling you? If you&#8217;re thinking of refinancing your car loan to someone else to free yourself of the burden, read this! If you&#8217;re a distressed car owner troubled by the rising gas prices, high car loan monthly payments, and the overall increase in prices (including new and used vehicles) &#8211; you&hellip; <a class=\"more-link\" href=\"https:\/\/dev.way.com\/journal\/can-you-refinance-your-car-loan-into-someone-elses-name\/\">Continue reading <span class=\"screen-reader-text\">Can You Refinance Your Car Loan Into Someone Else&#8217;s Name?<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":39905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1962,1855],"tags":[5631,5632,5633,5634,5635,5636,5637,5638,5639,5630],"class_list":["post-39750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-refinance","category-finance","tag-can-you-transfer-a-car-loan-to-someone-else","tag-can-i-transfer-my-car-loan-to-someone-else","tag-can-you-put-a-financed-car-in-someone-else-name","tag-transfer-car-loan-to-another-person","tag-can-i-transfer-a-car-loan-to-someone-else","tag-how-to-change-the-name-on-a-financed-car","tag-can-someone-take-over-my-car-loan","tag-taking-over-car-payments","tag-signing-car-loan-over-to-someone-else","tag-how-to-transfer-a-car-loan-to-another-person","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.3 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can You Refinance Your Car Loan To Someone Else?<\/title>\n<meta name=\"description\" content=\"High car loan payments troubling you? 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