Transfer Auto Loan a Bad Idea?

[BlackOutUT]

So here's the scenario. My current truck has about three years left on a 5 year note. My step father consigned with me on it. He now is in the middle of some business financing (I don't know what exactly) and would like for me to try and switch to a loan in my name only. Hes not pressuring me to, but I'd like to help him out.

However, I'm planning on purchasing something new in the next 1-3 months. I'm concerned this would hurt me when I go for the new loan. So I have 3 options

1) switch loan to have me as the sole borrower.

2) leave it how it is.

3) pay the loan off completely. Use my current truck as a paid off trade in when I decide to pick something else up. 26k left on loan. I honestly don't think it's a good idea to throw that much cash at a car loan. Esp when it's at 1.9%.

Let's hear what you guys think.

 

[Weather Man]

Help your dad, move it to yourself.

 

[Equalbracket]

All you and your dad do is sign some papers, and the lien holder drops them off the note. Wont hurt you at all. As long as you have the credit to get another vehicle yourself, no big deal.

 

[BlackOutUT]

All you and your dad do is sign some papers, and the lien holder drops them off the note. Wont hurt you at all. As long as you have the credit to get another vehicle yourself, no big deal.

Do you have experience with this? I didn't think it was that simple. I assumed they would have to run my credit like a new loan.

 

[Equalbracket]

Yes, and it was exactly like that. That was through a credit union tho, I just went in and saw my banker, got the papers and had them signed and it was done as quick as she got to it.


I only had co-signer a year before they were removed. And once you hit 720 you get the lowest rates possible anyway, what she told me and that was many years ago

 

[Weather Man]

Do you have experience with this? I didn't think it was that simple. I assumed they would have to run my credit like a new loan.

If you have clean credit and your debt to income isn't out of wack, should be easy after paying for 2 years.

 

[black92]

What truck do you have and why do you plan to replace it so soon?

 

[BlackOutUT]

Well just an update. Bank said I would have to refinance it myself. I'm sure every institution has different policies.

 

[BlackOutUT]

What truck do you have and why do you plan to replace it so soon?

I have a 2012 f150 platinum. I'm just wanting to pick up a 4x4 and something I know I'll have for a long time

 

[ElscottHavoc]

Your step father took a risk and went out of his way to help you, regardless of how this affects your future ability to upgrade, with all due respect now is your turn to return the favor, allow him to proceed with his goals and aspirations and take sole responsibility for your loan.

It just seems a bit selfish after what he did to not take the opportunity to help him out even if it slightly hurts your ability to upgrade - not that I'm suggesting it will.

Posted via Topify on Android

 

[BlackOutUT]

Your step father took a risk and went out of his way to help you, regardless of how this affects your future ability to upgrade, with all due respect now is your turn to return the favor, allow him to proceed with his goals and aspirations and take sole responsibility for your loan.

It just seems a bit selfish after what he did to not take the opportunity to help him out even if it slightly hurts your ability to upgrade - not that I'm suggesting it will.

Posted via Topify on Android

I agree. I'm looking into several refinancing options.

 

[black92]

I have a 2012 f150 platinum. I'm just wanting to pick up a 4x4 and something I know I'll have for a long time

So you are looking to refinance the 2012 F150 Platinum in your name? And now you want to replace it with something new in the next few months?

If so, what is wrong with the 2012? I'd rather pay it off and continue driving it for the next few years since there really isn't a 1/2 ton truck worth upgrading to and prolonging the debt for.