I need to take my wife out of the car Loan that she had to co-sign for a vehicle we purchased a couple of years ago. Thankfully my income has gone up significantly so now I’ll be trying to refinance to take her out of it. Wondering if refinance would take the same interest rate as we have right now or it could be different? Auto loan is from Scotiabank.
Posted Dec 20, 2019, 6:09 AM UTC
I've seen a lot of 'take over my finance' ads on Kijiji for cars so maybe call the dealership and ask what the options available to you are?
Pretty good chance you may be able to just assume the finance from your wife. But your first call should be to the dealership/finance company holding the loan.
Turns out these big banks don’t do auto loan re-financing.
Luckily a family member came to the rescue, paid off my loan and now I just have to make monthly payments to him. Motivates me to make bigger payments and be done with this.
[deleted]
This.
I used to be an "financial advisor" at one of the big 5, and they basically don't refinance auto loan. You have to apply for a new personal loan. If you ask for a line of credit to pay out debt and the advisor lets its slide. The underwriter more than likely will deny the application because revolving credit is not the best tool to payout debt.