Can a car loan be transferred to another person?

Can I transfer a car loan to another person? I was laid off from my job two weeks ago. I’ve been trying to find another job, but so far I haven’t had much luck. I’m worried I won’t be able to afford my car loan if I can’t find a job soon. My dad has offered to help and take over my loan.

Answer
When one door closes, another one opens—you will find another job!
Transferring car loans is a tricky subject. Since you don’t fully own your vehicle, you’ll have to get approval from your lender before doing so. If your lender does allow you to transfer your loan, your dad will still need to meet your lender’s requirements to qualify for the loan. Once approved, you’d also have to transfer the title to him.
If your lender doesn’t allow you to transfer a loan to someone else, another option is to have your dad refinance the loan under his name, giving him a financial interest in the car.
Since making your car payments is a concern, you can also look into refinancing your loan yourself. If you refinance, you can reduce your monthly payments or lower your interest rate.
Should you want to explore your refinancing options, try Jerry. Jerry is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates.
Phoebe Mah
Answered on Dec 06, 2021
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