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Can I transfer my car loan to my wife?
My wife's job is stable and her credit score is better than mine. We've been together for 10 years and have been married for about six. There are a couple of years left on the loan, but she said we'll save money by her taking it over. Can I transfer my car loan to my wife?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While you cannot just transfer a car loan, you can refinance under someone else’s name—and you might get better terms.
Be aware that, when you refinance, the terms of your new agreement (
APR
, length of the loan) may be more or less favorable than your old agreement. It will depend on the qualifications of the person who will carry the loan, and it also depends upon the financial institution’s situation and the economy. You should definitely shop around to find the best APR for refinancing your car loan. Credit unions and smaller banks tend to offer better rates than bigger banks, FYI.
After you refinance and
transfer the car loan
, you need to change the owner on the title and notify your insurance company. Your new lender may have some guidelines to follow and they may require documentation, so check with them before you proceed.Hope this helps you
pay off your car loan faster
! If you can’t find a good APR
by refinancing, you can always consider other ways to reduce your car payments
.View full answer
- Gregory R.
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