Rep Power: 314

well my parents have the car under there name, but i want to have it under my name so i can finish paying the loan off since i just pay them anyways. is there a way i can take over the loan payments and have the car in my name in order to build credit? would i still be able to pay the same amount or would i have to be approved by the company for another loan. thanx.

 
Rep Power: 0

the reason why you have the car under your parent's name is because of credit line right? cuz if you can handle the apr, why did you have them buy the car for you in the first place, unless it's a gift. they will kill you with apr if you don't have credit line under your name. i don't think you could get the same low apr if you loan under your name alone.
when you loaned the car, is the loan strictly under your name or both you and your parents? when i did my loan, i have both me and my parent under the loan so i just made my payments automatically deducted from my checkings. that builds up credit for me because i don't have to worry about getting late/fvcking up my credit. also inorder to change title/owner, you have to have the car paid off. so if you want the car to be completely "owned" by you. then the car should be paid off then go transfer ownership at your DMV office.

 
Rep Power: 314

well i got the car cuz i needed a new one and the credit line is my parents, cuz i got a 0.9% apr. i guess if i had my name on it i probably wouldn't be able to get that low of a rate. i do have excellent credit tho. mind u... i got this car 2 yrs ago and had no credit, now i have some. is there a way to get ur name under the loan as well or not really? like a co-signer so i can get some credit for paying it or is it too late i guess cuz u gotta do that when u buy it? i pay the car everytime the bill comes.

 
Rep Power: 399

co-signing would be the only way. if the car is in your parents name and not even your name, then you got ZERO credit from this deal.

and while you may think your credit is good, it's probably not. unless you've had accounts open like credit cards and such for at least 5-7 years, then you have NO credit history. and if you've never even had something larger installment-wise, such as a car loan, then you have even less.

the only option you'd have would be to refinance, and have your parents cosign. however, that's a poor option, because you'll lose your 0.9% APR. IMO, just pay off the car, then someday use it for trade-in while it still has some good value (at least 5000) to buy a different used car. if you do that, then getting a loan in your name shouldn't be too hard to do. you may not get a fantastic rate, but something in the 5-7% shouldn't be a problem since you technically have your trade-in as down payment.

 
Rep Power: 330

although....people frequently sell "their" cars that are not paid off yet to other people. you know, like taking over payments or whatever.

edit: nevermind, that would mean he would have to get a loan in his name, likely meaning a higher APR than what his parents could get.

 
Rep Power: 281

Just keep paying them until car is paid off, unless you wanna loose a good amount of money just to have it in your name. After you pay it off go to the dmv and pay the 30 bucks to switch it over.
Why do you want it in your name, any reason other than trying to establish credit for yourself???

 
Rep Power: 314

well the only reason was to get the credit for myself but ill keep it in there name since its like zero interest im paying on it.

 
Rep Power: 281

smart man!!!

 
Rep Power: 0

Sorry, I don't think your credit is "excellent" you may have never been late on a bill/credit card payment. But that doesn't mean your credit is excellent. You don't start with an excellent rating and screw it up from there, you start from nothing and build excellent credit. You said two years ago you didn't have any credit. Now, your credit is probably good. You could probably get a loan for a car, but the interest rate wouldn't be that great. Just pay off the car as-is and continue building good credit. It would have been best if you signed for the loan and your parent(s) co-signed, but it's over now. Once you pay off the car have your parents gift it to you, there should be no taxes or anything involved when a parent gifts something to their child(ren).

 
Rep Power: 314

ehh... u guys dont know a persons credit history. just cuz someone is young doesn't mean they dont have good credit. kids can have nice credit just like older people. none of that.. oh u think u have good credit. like u said, its not just cuz u have a cc and have it for a while, theres other ways.