Getting an auto loan to pay off someone else's auto loan?

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RE :Getting an auto loan to pay off someone else's auto loan?

My mom got an auto loan for car but the interest rate is extremely high. I want the vehicle. I can get an auto loan with a very small interest rate, Question is - am I able to get the loan to pay off her remaining balance and just have my loan to pay off?

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Your loan would be based on the value of the car. Most banks will loan something like 75% of the value of a used car.

So, if her car is worth $5,000, the bank might loan you $3,500. This is complicated by the fact that many people with a loan on a car are "upside down." So, in the above example, she might actually owe $6,000 on the car.

At that point, you have a serious problem. You have a loan for $3,500, and she has a loan for $6,000. In order to close on your loan, she would have to sign over the title to you. In order to do that, she will have to pay off the $6,000 balance on the loan...so someone is going to have to come up with $2500 out of pocket.

Of course, your numbers will be different, as that's just an example.

Yes. Get her to get a payoff quote for her loan. Then take that to your bank and ask for a loan for that amount of money plus whatever extra she wants for the car if anything because maybe it's worth a lot more than the remaining loan balance.

Her loan balance might be higher than your bank is willing to loan, so you would have to pay the difference.

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RE Getting an auto loan to pay off someone else's auto loan?

My mom got an auto loan for car but the interest rate is extremely high. I want the vehicle. I can get an auto loan with a very small interest rate, Question is - am I able to get the loan to pay off her remaining balance and just have my loan to pay off?

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RE:Getting an auto loan to pay off someone else's auto loan?

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