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Can I swap a car loan?
I can no longer afford to pay for my car loan, but I was wondering if it was possible to swap the loan to someone else. Is this something I can do?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, nearly all lenders allow a
car loan
swap if you can find the right borrower to take your place. This other borrower must : - Have enough income to support the loan
- Have a good credit score
- Have a debt-to-income ratio no higher than 43%
If the other party qualifies for the loan, they should also know that the terms of the loan won’t change. Payment dates and contract stipulations will stay the same.
Additionally, you have to transfer the car’s title over to the new borrower. Some lenders technically consider this
selling the car
, as you will no longer have any legal rights to the vehicle.You can also save money by taking a look at your car insurance policy. When you download the
Jerry
app for free, you can compare quotes from over 50 insurance carriers so that you find the best possible rates. The average Jerry user saves $879 per year on car insurance.View full answer
- Gregory R.
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