What could happen if I add my fiancé onto my car loan?
What are the bad things and good things about adding my fiancé onto my car loan and let him take over the payments? Right now it's mine and I'll still be on the title and loan payments
The good news is that you can't add anyone to an existing loan. While you can often add someone to an apartment lease, loan contracts are not subject to renegotiation once signed.
You'd have to refinance it to do that. Depending upon how old the car is and how long you've had it, the interest rate might increase significantly since as far as any lender is concerned this is a new loan on a newly purchased vehicle. And if you're upside down on the loan (owe more than it's worth) you might not be able to refinance it at all.
Finally, never go into a joint agreement with anyone that you are not closely related to - a sibling, parent, or spouse. Those have a habit of turning out badly. If the relationship falls apart -- and they do -- there's no family pressure to do the right thing. You (or he) could be left holding the proverbial bag with no recourse whatsoever.
You can't just add somebody to a loan agreement. You would have to refinance and get a new loan with him as cosigner. The only reason to do that would be if you had bad credit and wanted to use his good credit to get a better interest rate. Even then it may not be possible depending on how much you owe and the value of the car.
He can make the payments on your current loan if he wants, but if he misses payment it will be your responsibility.
Well to begin with, you can't add anyone to your loan. Your loan is set in stone until it's paid in full. You could refinance your loan in both your names, but that's the only way you can do it.
Nada, since you cannot just add someone to a car loan, which is a legal agreement with the signer (you). Sorry , ain't gonna happen, time to grow up sweetie.
That's a personal option .By adding the your fiance you will have co-buyer in the title and if you going to sale you need his authorization as well as yours .
You can keep the car in your name and he pay the payment without indication of his name in the title and he will have check copies as payer of the loan which will be his receipt ,but you need to sign a agreement with him in order to be legal contract for any case if you going to disagreement ,he would have received of the monthly payment ,which is make it co-buyer ,but not car owner .
What exactly is your point in this? You would need the lender's permission and that is just too much paperwork for no benefit. You would have to refinance the car and use the fiancee as a cosigner. There is no point in this. It's not going to help you.
WHY the fk would you do this, seriously, if he wants to help have him give you the money and you make the payments, period , don,t ADD him to anything,
Answers & Comments
The good news is that you can't add anyone to an existing loan. While you can often add someone to an apartment lease, loan contracts are not subject to renegotiation once signed.
You'd have to refinance it to do that. Depending upon how old the car is and how long you've had it, the interest rate might increase significantly since as far as any lender is concerned this is a new loan on a newly purchased vehicle. And if you're upside down on the loan (owe more than it's worth) you might not be able to refinance it at all.
Finally, never go into a joint agreement with anyone that you are not closely related to - a sibling, parent, or spouse. Those have a habit of turning out badly. If the relationship falls apart -- and they do -- there's no family pressure to do the right thing. You (or he) could be left holding the proverbial bag with no recourse whatsoever.
You can't just add somebody to a loan agreement. You would have to refinance and get a new loan with him as cosigner. The only reason to do that would be if you had bad credit and wanted to use his good credit to get a better interest rate. Even then it may not be possible depending on how much you owe and the value of the car.
He can make the payments on your current loan if he wants, but if he misses payment it will be your responsibility.
Well to begin with, you can't add anyone to your loan. Your loan is set in stone until it's paid in full. You could refinance your loan in both your names, but that's the only way you can do it.
Nada, since you cannot just add someone to a car loan, which is a legal agreement with the signer (you). Sorry , ain't gonna happen, time to grow up sweetie.
That's a personal option .By adding the your fiance you will have co-buyer in the title and if you going to sale you need his authorization as well as yours .
You can keep the car in your name and he pay the payment without indication of his name in the title and he will have check copies as payer of the loan which will be his receipt ,but you need to sign a agreement with him in order to be legal contract for any case if you going to disagreement ,he would have received of the monthly payment ,which is make it co-buyer ,but not car owner .
What exactly is your point in this? You would need the lender's permission and that is just too much paperwork for no benefit. You would have to refinance the car and use the fiancee as a cosigner. There is no point in this. It's not going to help you.
WHY the fk would you do this, seriously, if he wants to help have him give you the money and you make the payments, period , don,t ADD him to anything,
Just extra paperwork & cost. No reason to.