Can you refinance your car loan into someone else’s name?

 You can refinance to add someone else as a co-signer. That means they will have a joint responsibility to pay off the loan with you. This is, however, not as simple as you think because first you need to find someone as a co-signer. And that’s the difficult part as a co-signer would be responsible for the loan payment if the primary borrower defaults. So, the co-signer is legally responsible for the loan while not having any claim over the asset or the car.

If you find a co-signer, then you can look around for refinancing options that allow a co-signer and offer better rates and lower APR. You can apply for loan refinancing once you find a suitable lender. But the application will only go through after considering not just yours but the co-signers credit score as well.

To refinance the car loan and car’s title to the co-signers name and to completely remove yourself from the equation, you need to apply for refinance again. It is recommended that you don’t refinance immediately and wait at least a few months before applying. And once the application is approved, the co-signer can remove your name, and you can take care of transferring the title of the car.