Can you refinance someone else's car under your name if they decide to get another one?

Question

Can you refinance someone else's car under your name if they decide to get another one?

Answer 1

Only if you buy it from them.

Car's are not like houses.  They don't get refinanced.  You can get personal loans or home equity loan and use that to pay off the car loan.

Good Luck...

Answer 2

Kind of, but not really.

It's more like you have to call around and find someone to give you a loan for that particular car at whatever number is needed to statisfy the orginal loan.

So if the person owes 12k, but the payoff amount is 13k, then you need a loan for 13k to take ownership of the car.

The people doing the loan can handle all the hard stuff, but the person who no longer wants the car has to call for a payoff amount so you know how much of a loan need.

You would be buying the car at this point.

This is a terrible idea becuase there is usually a reason someone sells a car like that, and its never really a good one if they're buying a newer car.  It means trade in value was too low for them to buy another car and trade in the one they have.

Other times they just can't afford the payments and are buying a beater.

I wouldn't reccommend risking it though.

Answer 3

Stay away from these kinds of purchases. 9 times ut of 10  its a losing deal. Either the car is not worth it or the price in the long run is too high.

Besides  you dont get any protection if it turns into a lemon excepts (sometimes) just someones word,,and that turns out to be Zero.

Answer 4

That's called "buying a car".  Yes, you can buy their car.

Answer 5

It would be purchasing the car. You can't refinance a loan that is in someone else's name. Is there a reason he needs the loan refinanced?