Can I Refinance My Car to Someone Else?
Financing a vehicle isnt cheap, and refinancing is a great way to get a better rate on a car loan. Another thing refinancing can do is allow you to add or remove someone from an auto loan. But can someone take over your car loan?
Can You Refinance a Car Loan to Another Person?
Theres no such thing as transferring an auto loan, and while someone cant technically take over it, ownership can be switched if someone else finances the vehicle.
While refinancing a car loan can remove a cosigner or co-borrower, you cant refinance the car in someone elses name and remove your name from the title. This can only be done by selling the vehicle.
To do this, the new owner needs to find a lender to work with, get approved for a loan, sign the loan documents, receive a release of lien letter, and have the title transferred at their local DMV office. Read more “Can I Refinance My Car to Someone Else?”
