Can I refinance my car loan into my friend's name?

I have a car, but my interest rate is way too high. Can I refinance my loan into someone else's name?

You can’t refinance a car loan into your friend’s name unless you’re selling the car. Essentially, your friend is taking ownership of the vehicle and assuming the loan. They will need to find a lender to work with and get approved for a new loan themselves.
If you want to keep the vehicle, you may be able to refinance the car with your friend as a cosigner.
If you have a high interest rate, chances are your credit score isn’t all that great. As such, refinancing in your name alone probably isn’t a possibility. However, if your friend has a strong credit score and steady income, you could add them as a cosigner and get a better interest rate.
To save some extra money on top of the reduced interest rate, take a look at your car insurance policy. Using the Jerry app, you may be able to find a better rate by comparing quotes from up to 50 top providers. The best part? Most Jerry users save $879 per year on average.
Eric Schad
Answered on Oct 25, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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