Transferring a car loan for credit help??

[nelly16]

I purchased my first car after I graduated from college back in 2008. However, when I purchased it we used my dad's credit, since mine was pretty bad back then. Since then I have worked really hard to improve mine and have had a perfect record. Looking back, we probably should have co-signed, but didn't know to. Anyway, I've been making the payments on the car the whole time, yet am not getting any of the benefit on my credit. Currently just over $7K is owed and will probably be paid off in just over a year. (I could pay it off sooner, or in 2 years if I did the required payment).

So my questions---is it possible to transfer the loan to my name and credit? Is it difficult to do this? Also would it be beneficial at all since the car will probably be paid off in just over a year? Any advice or opinions would be appreciated. Thanks!

[chane]

I don't know about transfer, but I'm sure you could go to your bank and ask for a new loan to pay that loan off and just explain that you want to build credit.

It might be easier to just get a couple credit cards to build credit history that way.

[nelly16]

Thanks for replying! I started looking into it and I guess I can transfer it through Honda, but I'd need a higher credit score (my 627 wouldn't be high enough I imagine). And there would be fees. At this point since it will be paid off soon, it just doesn't seem to be worth it.

I've been trying to build credit with cc's but, it's taking forever. I'm sure once I get some negs removed from my report that will help (working on that). I have a couple cards and a $5k secured card that should hopefully go unsecured in a few months---guess I just have to be patient.

Thanks again though!