I want to refinance my car but I dont know what to do?

Question

OK, so when I got my car my dad cosigned w/ me a couple of yrs ago. Well now i am 21 and I pay for the car I pay insurance. Now I want for the car to be solely in my name. SO ok refinance. Except I have bad credit. Since I have bad credit is there no hope for me to take his name off the car so only I can have my name on it?

Answer 1

Lenders are being very picky right now as to who they are loaning to. But if you really want to try, go to any lender or broker and just apply. The application is free, and all they can tell you is no. So it shouldn't be that bad, you're just left in the same situation you were in before. Try lending tree or rategenius (see below).

Answer 2

save up as much as you can so that if you do refinance you can make it more reasonable to the bank.

find out who the lender is and go talk to them.  it can not hurt.

Answer 3

You are probably out of luck.  A refinance is treated as a separate loan.  If your dad has the better credit, the lender probably will not take a chance on dropping him from the loan.

Answer 4

Beneficial. They helped me when I was in the same position as you. Good luck :0)

Answer 5

The title belongs to the lienholder, which is the company that provided the loan.  Until the car is paid off, it won't be in either of your names.

With bad credit, it would be a bad idea to refinance.  Even if you found a company to refinance your loan, they will give you a worse rate due to your credit rating.  You'll end up paying more than you would if you kept your current situation.

You should be approximately halfway through the loan.  I'd wait a while, work on improving the credit, and try to refinance it at a later time.  That's a better financial decision (otherwise trying to do it now would show you that you don't know how credit works)...You should want to keep the lower rate so that you pay less in the end...