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Can I assume a car loan for my buddy?
My friend can't pay his car loan. I want to help her, but I don't just want to make her car payments. I've always loved her car, so I'm wondering if I can just take over the loan and get possession of the car. Is this possible?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re a great friend by helping your buddy out!
In most cases,
car loan
assumption is rare. If you transfer the registration and title to a new person, the lender would need to be notified. The lender will then check the new owner’s credit and start a new loan process. That said, some banks may work with you and your friend to figure something out—but you’ll still have to go through the steps of applying for a loan.
Regardless of who owns the car, you’ll need full coverage car insurance.
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