Refinancing a truck?

Question

My husband and I just got married in June. Okay, so his mom was supposed to be taking care of his bills and she did not so all of his bills got turned over to the collection agency even though he is in the military and was going through basic at the time. He has a 2007 truck and it is in his and his grandfather name we want to refinance it so we can get it in his name only mu question we will be able to refinance it if he has bad credit he was 3 months behind before I got a hold of it?

Answer 1

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Answer 2

He should be able to refinance it as long as the payments are up to date and he is not in default.  I am not sure how the rest of his credit will affect the chances of being able to refinance..but usually with cars as long as you're making the payments on time the car company will be happy to refinance for you.

Answer 3

If your credit is good and they allow you to finance the truck in your name alone, then you should be able to, but banks are tightening their guidelines all the time because of the credit crisis.  

Answer 4

It will depend on the equity in the truck.  If there is enough equity that the lender could repo it and get their money back then you shouldn' have a problem.  However if the equity is thin, with bad credit you could have a problem.  Good Luck.