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*♥♫MusicLovin'Girl♫♥... | My Dad cosigned on my car since I have no credit... but? |
Since I'm trying to earn credit and I make all the payments on my car, can I have the car put in my name? Or do I have to have established credit for them to make that decision?
If it's possible...what's the process of having this done?
Thanks thanks thanks! |
 |
 
$m¤¤v¥ £¤¢¤
 |
If your father co-signed on your car, it still should build credit for you anyway, depending on whether the finance company they use reports to all 3 agencies. |
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Joy L
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If your name is first on the paperwork, and your dad merely co-signed, then as long as you keep up the payments, your dad should not enter into it. In other words, you don't have to worry about anything till the car is paid off and then you can see how the title comes to you (whether both your names will be on it). If your name is on the paperwork for the credit grantor (whomever you are making the payments to), your credit is being built--- if you make the payments on time, it is helping your credit. If you are late on payments or don't make them at all, then your little bit of credit will be bad. Hope this helps! |
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alialoggi
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I think you can transfer the title to your name alone, once the car it paid off. You can also try getting a loan in your name, once you've been paying on this loan for some time. Try a bank or a credit union, tell them your plan. If you've established credit, paid on time, they can probably help you. A consistent job would also be nice. |
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Doctor Deth
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don't worry about it until you pay it off - while your father's name is still on the loan - he still co-owns the car |
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mySelf & I
 |
No matter what if you don't have credit yet, it is best that your dad co-sign the car for you. It is better than paying a car with really high interest. Let him cosign and then in about 6 months, you tell the bank, hey I have been paying for the car(on time and good) and that you would like to take your dad off of the car. At that time the bank will take him off and then you'll get the credit. Now as you are paying for the car, the credit is being split to both of you. Remember to make the payments in your name though so by the time you do change to you only, you will have proff that you are the one making the payments. |
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Dalebert
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The answers already given are very wise. However, one aspect of a co-signed loan hasn't been mentioned that is very important. You signed the loan papers as the principal owner being responsible to make make the payments according to the loan agreement. Your fathers' signature ensures the bank that the conditions of this agreement will be met, based on his good credit standing. If for some reason, you cannot meet the payment obligation, your father must. This will adversely affect both of your credit rating.
The car is yours, the title will be in your name with the bank being the first secured party. They loaned you the money. I would suggest that you continue to pay the monthly installments and build your own credit status. If you can pay-off the loan earlier than last the payment date, all the better.
Not knowing how long you have been making payments, if the bank, and your father, deem that you are responsible enough to accept the sole burden of this obligation, even better yet. Good luck. Establishing credit is a very daunting task. |
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suckygolfer19
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if your dad cosigned that was just a signature that they needed to have a strong enough credit score established, dont worry about doing anything you will have to refinance the car which is not really a good idea, you are building credit right now, so there is no point really to do this. |
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Natalie
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Everyone is right if he cosigned you are receiving credit for it. If you want to improve beyond that get a credit card, if you can't get a credit card get a secured credit card. Once you have either go buy something for less then 40% of your max on the card and pay the minimum every month I know it is annoying you have to pay interest but it will help show credit. |
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pooh
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After making your payments for at least 6 months on time you can ask whoever financed the car to remove his name, they may want it to be longer then six months but when I had bad credit and bought a new car they told me that after six months of making payments on time they would lower my instrest rate so I believe the same applies to co-signers. |
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Just me!!!
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Don't worry, you are still getting credit for making the payments. Your dad was just the co-signer. Don't take him off because your interest rate will increase because no bank is going to want to lend you credit at the same rate say someone like you dad. Leave as is until your car is paid off. You'll see that by the time that happens, you credit will be good. |
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united9198
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If you have no assets, they are not going to increase their risk by removing your dad. They want to keep him on in the event that you don't pay. I doubt they would release him under any circumstances.
You want to earn credit. Why not learn to save money and pay cash. |
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Joey M
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Go to a bank and tell them you want to apply for an auto loan. All that will happen is they will say yes or no. Be aware that if they say yes, you may get a higher interest rate, which would make your payments higher. If your name is on the loan with your dad, then you are establishing credit, so I would just leave it as is. |
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