PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How do you get someone to take over a car loan?
I’m having money trouble and can’t afford my payments. How do you get someone to take over a car loan so I don’t have to return the car?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear you’re having trouble with your finances, but know that you aren’t alone! To find out if you’re able to have someone take over your
car loan
, check with your lender. If you can transfer the loan, keep these things in mind:
- The name on the vehicle title will need to be changed to reflect the change in ownership. You can do this by calling your lienholder and working with them to collect payment from the buyer andtransfer the title.
- The person taking over the loan will need to qualify for it. The lender will perform a credit check to ensure the new borrower meets their requirements. Depending on their credit score, their interest rate and monthly payments may be higher or lower than your loan agreement.
If you can’t transfer the loan, the person who would like to take it over may be able to
refinance
it in their name. Since you’re having money trouble, you should also consider refinancing your loan yourself. Refinancing your auto loan is a great way to lower your car payments, but finding the right lender can be stressful and time-consuming.
Jerry
makes it simple–download the app and compare top lenders. 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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies