[TSX 'R' US]

I'm looking to refinance my car through my credit union...cause I want to keep the car under my dad's name, but have the car loan under my name (and at a cheaper rate). Is there anything in particular I should watch out for?

 

[netoperek]

Be carefull so the insurance doesnt find out.

 

[TSX 'R' US]

Would the insurance company like it better if I put my dad on the loan also?

 

[MarkPinTx]

To have an insurable interest in the vehicle, the owner must be the insured.

Also, for risk reasons, most insurance companies wont insure a vehicle that isnt owned by the insured for fairly obvious reasons (kind of like a rental car).

 

[TSX 'R' US]

Hmm...
I'll call up our insurance comp and ask them about it...wouldn't want to shoot ourselves in the foot..

Thanks guys.

 

[netoperek]

before you call the insurance company know exaxcly what you want to do. If you are worry about high insurance rates, put everything in your dads name assuming that his rate will be cheaper. if you live in a state where insurance rates are low and want to build up credit for yourself have the loan in your name

 

[TSX 'R' US]

Yeah, I just want to keep everything the same except have my name on the loan to help build up my credit, and since I've been making all the payments. Too bad I didn't think of this before I bought the car