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Hi, I am currently driving a car under my aunt's name. Basically my aunt bought this car and for some reason she realized that she can't afford the monthly payment. Instead of returning it back to the dealership me and my wife decided to take over the payment. Now my question is, I've been paying this car for a year now. I am paying $400 and the loan is for 6 years. Me and my aunt had a written agreement that once we pay off the car the title will be transferred into our name. But now I am thinking of getting a car under my name from a dealership. Because i think we are paying more for that car than what we are supposed to. But the dealership will approved me with a hight interest rate due to bad credit. My only concern why I want to bite the offer from dealership is that it will help me re-establish my credit history. Please let know if it's worth it.
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