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Can you transfer your car loan to someone else?
How do you transfer your car loan to another person? I’ve accumulated a lot of debt and I don’t have enough money to pay off my car loan. My sister has offered to take over my loan.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question. Sometimes life happens, and people have difficulty managing their loan payments. While it is a helpful gesture, the person covering your car loan will need to apply for a new loan under their name or
refinance
your existing loan in their name.Whoever has ownership of the vehicle is responsible for paying off the loan. When you sell a car to the family or friend covering your loan, you will also be
transferring the title
.That said, not every lender allows this, so you’ll need to check with them before making any changes to your loan.
If it’s difficult to make your monthly payments, consider
refinancing
your loan yourself. Refinancing can lower your rate and reduce your monthly payments to make them more manageable. Finding the right lender can be stressful and time-consuming.
Jerry
makes it simple–download the app, compare top lenders, and see if refinancing your car loan can save you hundreds of dollars per month.View full answer
- Gregory R.
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