How To Refinance A Car Loan After Divorce

In many divorces car loans are on long term payment plans and cannot be refinanced into just one party s name very easily. Used car loan rates are typically higher than new car rates.

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Divorce brings a number of financial headaches and refinancing a car in your own name might be one of these.

How to refinance a car loan after divorce. How do i make him responsible for paying the auto loan. The prudent thing to do is to have the loan refinanced. You cannot remove your name from the car loan without the lender s consent.

What s worse if she is unable to assume liability for the lease or refinance the purchase loan then even if your divorce judgment says she is responsible for the payments the car creditor will come after you. This will help you qualify for a loan without your ex s contribution. His car loan is in my name i had to cosign as it shows up on my credit report even though the bill is addressed.

One spouse may be responsible for repaying certain loans after divorce even joint debt such as a car loan applied for by both partners. Go to a highly heated place in a hand basket. If after your financial assessment you believe it s unlikely that you ll meet the income or credit requirements needed for a car loan or a car loan with a decent rate it might be a wise to get someone with a more stable financial history to cosign for you.

If you and your ex spouse are dividing up property after a divorce refinancing could be one way to move forward. A refi alerts the lender that you re now solely responsible for making the payments. First be aware that your lenders might not acknowledge everything you agree to during the divorce process.

The following information about divorce and auto loan responsibility can help you understand what your options are when dividing marital assets and debts. Rates are typically lowest on new vehicles and some lenders won t refinance loans for cars over a certain age seven years for example. Somehow after a divorce is over those joint debts just don t get paid the ex spouse cannot refinance the house or car etc and the other party s credit rating credit limit ability to buy a new vehicle etc.

Let s look at whether you should refinance after divorce and what you should know about your responsibilities for the mortgage debt. Depending on how your income and credit rating compare to what you presented when you applied for the loan this could lead to an increased or decreased payment. Let s say you want to keep the car for yourself or your spouse wants it.

When it comes to your car loan and divorce make sure your property settlement agreement spells out what to do with your loan. You might even get a new car rate if you refinance immediately after buying from a dealer and taking advantage of dealer incentives. If your spouse is retaining as his her sole and separate property a vehicle with a debt owed against it and your name is on the debt you should have concerns about how to protect yourself if your spouse defaults on the loan.

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