Refinancing my truck into my name?

Question

ok when i was 17 my dad put my truck that i pay for under his name because i wasnt 18 and my payments are now about 400 bucks and my dad has horrible credit.

but because im 18 now if i go and refinance in my name would i get a better monthly fee with lower interest rates?


and instead of sending them jsut 400 bucks a month what if i did 500 bucks would that extra 100 go towards my truck with out intrest?

Answer 1

If you're 18 and have never had a credit card, you probably have no credit which will make it ahrd to find a 'better' loan. But if your dad has horrible credit (and did when you bought it) try the same company you're with now and refi into your name.

And yes, the extra 100 woudl go directly towards the principal, and would save you in interst charges.

Answer 2

First you could request whoever is financing the truck to release the cosigner. Most likely that way you would have a lower interest rate. Or you could refinance and payoff loan. In refinancing shop around for the best interest rates. Don't forget to check out credit unions.

Answer 3

If you are planning to pay an extra $100 a month to them, make sure you tell them that you want the $100 applied to the principal.

If you don't they could put it down as a pre-payment of interest. It would still help and reduce your payments, but it won't help as much.

http://www.refinancingyourvehicle.com

Answer 4

Just go talk to your bank and see what they can do for you. Usually they like to know that you have a credit history, but it does have to start somewhere. You can find out interest rate and what payments would be and for what term (length of loan). You don't commit to it till you sign on the dotted line.

Answer 5

contact your financial advisor