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How can I assume a car loan?
My friend is moving out of the country soon and wants to get rid of her car before leaving. I’m in the market for a new vehicle, and she offered to let me take over the car loan. I like the car a lot, but how can I assume the car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That seems like impeccable timing and takes the hassle out of finding a car!
Taking over a
car loan
is incredibly similar to applying for a new auto loan. However, assuming a car loan lets you avoid any fees you may usually incur at the start of the loan period.To assume a car loan, do the following:
- Confirm with the lender that you can assume the loan.
- Complete and submit an application to assume the loan.
- Get a cosignerif necessary.
- Once approved, analyze the loan contract and accept or reject the offer.
- Register the vehicle.
When purchasing car insurance for the vehicle, use the
Jerry
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- Gregory R.
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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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