Co-borrower on auto loan... Re-fi question

[sguerra923]

Hi guys/gals,

I'm currently the co-borrower on an auto that I've been paying successfully for the past year. I want to re-fi with my local credit union and become the only the sole person on the auto loan and title. I was just curious what the process is in doing this? Do I just go to the credit union and do they handle everything? I just want to be prepared and wanted to see if anyone went through the same situation.

Thanks in advance!

[LSUTiger32]

Yeah, as far as the loan just go attempt to get one from the bank/credit union......credit union will probably be better. Once you are approved for the loan, you will just have to have the person on the title with you sign it over to you when you do the title transfer. You will incur some registration fees and stuff from the state, and likely get a new license plate. Hope this helps.

[sguerra923]

Yeah, as far as the loan just go attempt to get one from the bank/credit union......credit union will probably be better. Once you are approved for the loan, you will just have to have the person on the title with you sign it over to you when you do the title transfer. You will incur some registration fees and stuff from the state, and likely get a new license plate. Hope this helps.

Sounds good.. Thanks LSUTiger yeah can't escape those damn registration fees LOL

[LSUTiger32]

Sounds good.. Thanks LSUTiger yeah can't escape those damn registration fees LOL

Nope! These states have to fill those budget gaps!!!

[mijd]

LSUTiger32, summed everything up nicely. You may want to ask and consider what your new interest rate will be without your co-borrower on the loan. Also depending on your state of residency the CU should handle your title work to make sure their lien is place on your title. Also consider paying your tag and title transfer fees upfront instead of the CU adding these fees to the loan and you paying interest on them. Again depending on your title state, you'll probably be able to keep you tag.