Overhaulin'

Can I get a car title switched to my name if its loan is in repayment?

My mom took out a car loan for me in her name earlier this year. I've since moved out, to a place in the suburbs (where car insurance is generally cheaper). My credit is actually pretty close to hers at this point. If I wanted to get my own car insurance at my new address, would I need to refinance the car loan in my own name, or could we simply switch the title and keep the loan in her name?

Public Comments

1. You cannot change the title until it is paid off because the finance company actually owns the vehicle. You could ask about refinancing it in your name.
2. Talk to the lienholder. They may be willing to transfer if your credit is good.
3. I'm pretty sure since it's not paid off, you have to get your own loan to get the title transferred. It'd be a different story if it were paid off. But I don't think the car has to be in your name for you to get your own insurance for it. Try calling a local bank or insurance company and ask them, they'll probably be able to help you out.