Everything is in his name, the car and the loan. I have poor credit, so he is saying I have to have a cosigner for the car. What is involved in getting the car and the loan in my name?
2007-03-12 08:06:33 · 3 answers · asked by nillawafers03 1 in Cars & Transportation ➔ Buying & Selling
I have poor credit. The loan I got from the car lot says I cannot pay it off before 5 years, or extra will be tacked onto the amount I already owe. I can get my parents to cosign with me. What should I do?
2007-03-12 15:36:56 · update #1
He is right whne he said you may need a co-signer for the assumption of the loan. He will have to sell you the car and you will have to obtain financing from another lender and the APR% will change and possibly the payment in accordance. On the bright side if you hae someone that is willing to co-sign with you, your name will appear as the principal borower and upon a good payment history your credit will im prove. I dont know about the amount you owe on the car but after a year or so of ontime payments you can also possible refi the car in your name once yor credit is better to rid yourself of the co-signer. I did this and it has made my score much better along with some other credit planning and managment. As long as you pay on time you have no worries besides obtaining that co-signer..
2007-03-12 08:20:20 · answer #1 · answered by Get Money 3 · 0⤊ 0⤋
Once you establish your own credit - then you can purchase the car from him by taking out a loan on his balance (as long as the value of the car is the same or higher as his balance due).
Financial institutions will not just allow anyone to take over a loan without good credit. They need to make sure you can pay the money back.
If you have bad/poor credit - then you won't be able to get a loan or car in your name until the current loan is paid in full - next time, listen to your boyfriend!!!!!!!!!!!!!!!!!!
2007-03-12 08:19:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
He will have to sell you the car. The loan may be another problem, most likely you will have to get another loan and pay the first one off if the credit company doesn't want to transfer the names. If your ex bf is making the payments it would benefit him to get it out of his name. If you have an accident, he will be held responsible since it's in his name. Good luck.
2007-03-12 08:12:55 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋