how do i refinance a car?
ook so my friend wans to give me his car but he said all i have to do is take the title to the bank he still owes 17,000 on the car and pays 481 a month for it ..my questio is what are the steps after i take it to the bank what do they do?
i have no credit
Comments
You have to get pre-approved first to see if a bank can let you have a car loan based on your credit. Go to the bank, tell them the situation and apply for pre-approval.
how can you take the title when he doesn't even have it
if your making payments on a vehicle you DON'T get the title until its paid for, until you pay it off the bank or finance company (whichever place you got the loan from) has the title and then they send it to you after you pay it off, ya you sign the title so your name is on the title BUT you don't have the title
what you could try doing is both of you just go to the bank that gave him his loan and say that you two want to transfer the loan from him to you, you'll probably have to take out a separate loan since your credit won't be the same as his so you'll have different interest rates and all, so all that will happen if your approved is take the loan out for you for enough money to at least pay off his loan, so if he owes $17,000 it will be less because some of that interest will be taken off since the loan includes the interest amount for the whole loan period, so ask how much it will be if its paid off that day, if he don't care for making any extra money then he can sell it to you for however much the has on it
but remember the vehicle HAS to be worth what he still owes, if its not then the bank won't give a loan for his loan payoff, but since its both going to be done at the same bank im sure they can just transfer the loan to you to where you pay off the same amount thats left but your interest rate will be different