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How do I assume a car loan?
My older brother and I live together and share his car, but he will be moving to New York City in a few weeks. He doesn’t want to take the car with him and wants to hand it down to me. How can I take over his car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Not bringing a car to New York City is probably a good choice, and that’s nice of him to let you take over the loan!
Assuming a
car loan
is a relatively straightforward process, and you avoid having to make a down payment or pay any loan initiation fees. However, the lender must approve it.To assume the car loan, you should do the following:
- Confirm the loan can be assumed by reading the contract or contacting the lender.
- Provide any additional information requested that was not part of the application.
- Once approved, review the proposed contract and accept or reject the offer.
- Register the vehicle.
After completing the above steps, you should be all set to drive off in your new car!
Now that you are in charge of making the car payments, you may want to look for areas to save money. A good place to start is by looking at your
car insurance
and comparing quotes from multiple companies to ensure you are not overpaying for your coverage.If you’d rather leave the hard work of gathering quotes to someone else, use
Jerry
. The Jerry app can collect quotes from up to 50 top insurance companies, like Travelers, Nationwide, and Progressive, in seconds! They even help cancel your old policy once you’ve made your pick.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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