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Can I sign over my car loan to someone else?
Can I transfer a car loan to someone else? I was just wondering, is it possible to let someone else take care of my loan for me?
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you are experiencing difficulty managing your monthly loan payment, it is understandable why you would like some help to pay for your loan. However, with that said, if you want to sign over your car loan to someone else, you can’t do that without transferring the car title to them, as well.
By law, whoever has the title of the vehicle is responsible for paying off the loan. If you have a family member or friend willing to help take care of your loan, they can make payments after selling your vehicle to them. When you sell your car, you will also need to visit the DMV to
transfer ownership
to the other person.Note that you should contact your lender to ask if they event permit loan transfers prior to transferring the title of your car to another person. Many lenders do not, but it’s worth asking. If the lender says no, the friend or family member will need to apply for their own loan and buy the car from you using that loan instead.
To free up room in your budget to put toward your car loan, download the Jerry app to save money on your car insurance. A licensed broker that offers end-to-end support, the
Jerry
app gathers affordable quotes, helps you switch plans, and will even cancel your old policy. The average Jerry user saves $879 a year on car insurance!View full answer
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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