Help & Advice

Can you change names on car finance agreement?

Hi Rachel, My friend has a car under finance that he's only had for about a year, leaving 4 years left on the policy. He's moving to China in the new year and we've agreed i'll take the car off his hands.

Can i simply change the name on the car and finance agreement to mine, and pay the monthly payments into his account? Or would i have to take the whole finance off him/ buy the car from him? Thanks.

Phil Wych


Answer

Hi Phil, thanks for your question.

In order to purchase your friends car the current finance company won't just change names to yours on the agreement unfortunately.

The car would have to be purchased from your friend and the existing finance settled. Do you know the existing settlement figure on the car and how much it is worth?

Once you have this information we can then get a finance agreement put in place for yourself and we'd simply pay off your friends finance agreement and you would start a new one paying the monthly installments from your bank account. Please apply when you're ready and once approved we provide a no obligation quote. Kind Regards, Rachel

Answer correct as of September 2016

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More related questions

Hi ive got a car on finance over a 5 year contract. I have had the car 2 months and am struggling to pay due to changed circumstances. If i could get some one to pay me the settlement fee for the car does that mean one i have paid it off i can then get the car details changed in to their name?

Answer

Hi Becky. If you can get someone to settle the finance for you then the finance will be settled. You will then own the vehicle out right and can do with it whatever you wish. You cannot change the names on the finance agreement as the acceptance was based on your credit profile. I hope this helps.

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Hi, I have an Audi on finance which I have had for only a few months. We were honest about the high mileage I would be doing so pay a high monthly fee.

However, due to change of circumstances I am now not working. Can we change the agreement to a lower annual mileage to reduce payments? I can no longer afford to pay the finance but thought this may be an option. Many Thanks

Answer

Hi Maxine, thank you for using our Q&A.

This is a good idea to reduce your monthly payments but it is one that you'd have to ask Audi on. I think it should be possible but i don't know the T&C's of your agreement.

To keep your credit history up to date and clean please try and make all your payments on time otherwise this may effect your chances of credit in the future. Good luck! Kind Regards, Rachel

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Hi, my husband and I have a car on finance that is in my name only.

We have recently separated and he has agreed to pay for the finance. Can it be put in his name? Many thanks

Answer

Hi Sandra, thank you for your question.

As the agreement is between yourself and the finance company the name on the current agreement can't be changed unfortunately.

Your husband would have to apply for car finance and establish a new agreement to pay off the existing one you have in place. Kind Regards, Rachel

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Rachel Wilson, Underwriting Manager

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£
4 years

In this illustration your credit score is set to

Best available rate
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Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender