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How do you refinance a car in someone else’s name?

Can you refinance a car in someone else’s name? I’m struggling to make my loan payments, so my brother has offered to take over the loan.

avatar
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, you can’t refinance a car into someone else’s name. By law, the person who is named on a loan agreement must also be the owner (or co-owner) of the vehicle. 
So, for your brother to be the sole party listed on the loan, he’ll need to have ownership over the car.
  • Step 1: Your brother should apply for a new
    car loan
    to buy you out of your existing loan.
  • Step 2: Once he’s approved and the transaction has been made, you’ll need to
    transfer the title
    to him.
View full answer 
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