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Can someone take over a car loan?
I'm a little over my head with finances, so my sister offered to take over my car payments. Can someone take over a car loan?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear you’re struggling financially right now! You should know that you aren’t alone when it comes to money troubles. It might be possible for your sister to take over your
car loan
, but it will depend on your loan terms. You should reach out to your lender to ensure that your auto loan is an assumable asset that someone else can take over. If it is, the lender will perform a credit check on your sister and likely change the terms of the loan agreement based on it. Once approved, you can work with the lender to sign the
title
over to your sister. If the lender doesn’t approve the loan transfer, another option would be for your sister to
refinance
the loan in her name.Since you’re having difficulty with your finances, you can also look into refinancing your loan yourself. On average, car owners pay $85 less every month by refinancing their auto loans. For an easy way to explore your lending options, try the
Jerry
app. Jerry removes the hassle by giving you one app that instantly connects you with top companies to meet your financial needs.
View full answer
- Gregory R.
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