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Can I transfer my car loan to my wife?
My wife's job is stable and her credit score is better than mine. We've been together for 10 years and have been married for about six. There are a couple of years left on the loan, but she said we'll save money by her taking it over. Can I transfer my car loan to my wife?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s great you guys have ways to save on car ownership.
Your wife will need to refinance the loan under her name. Refinancing is the only way to change the terms of your
car loan
and the people it includes. This also means that the interest rate (APR) and length of the loan will change.It’s a good idea to shop around for the best APR. If you guys want help looking for good deals, try the
Jerry
app. Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you. On average, car owners pay $85 less every month by refinancing their auto loan.After refinancing your car, you will need to change the owner of the title and notify your insurance company. When doing this, your new lender may have some guidelines to follow and require documentation.
I hope that this car loan transfer to your wife allows your family to pay it off faster and easier!
View full answer
- Gregory R.
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