If I want to take over the loan through the credit union that financed the first loan, would I be buying the car from him or refinancing to get it in my name? How hard is this process?
2006-11-03 14:08:42 · 4 answers · asked by dunnsriver1963 1 in Cars & Transportation ➔ Buying & Selling
Refinancing would be if your boyfriend were to have his own loan rewritten... for example, if he were to borrow money against the value of the car or if he were to change the length of his loan to pay it off more quickly.
It sounds like you want to take out your own loan to purchase the car from your boyfriend. I am guessing the car is in his name if it was used as an asset to obtain the loan.
When you are preapproved for a loan in your own name, your boyfriend can sign the car over to you at the bank, while they transfer funds from your loan to pay off his account in full (or whatever the purchase price leaves him with)
You will then be fully responsible for the car and the loan payments.
2006-11-03 14:17:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your boyfriend would essentially have to sell the car to you by paying off his loan, and for you to take out another loan for the purchase price. Your loan could be with the same loan company or any other.
2006-11-03 23:23:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The C.U. may let you take over his payments but you would have to qualify creditwise. I would imagine that is a problem since he financed it for you in the first place. Your best bet is to get a loan and he will sell it to you. That is really the only way. Shop around online for lenders, there are plenty to choose from. I know Capital One Auto is huge. Good Luck
2006-11-04 10:28:08 · answer #3 · answered by typhon1991 3 · 0⤊ 0⤋
you would have to get him to agree for you to refinance the loan. talk to a rep at the CU. good luck. is he deliquent on the loan?
2006-11-03 22:11:48 · answer #4 · answered by MiaDiva28 6 · 0⤊ 0⤋