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Can I put my car loan in someone else's name?
I can't afford my car loan anymore, but my dad said he'd take it over. How do you transfer a car loan into someone else's name?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
- Transfer the car loan: Have your dad apply for the loan with your lender, then transfer the contract once he’s approved.
- Refinance the car: If you can get a lower interest rate with your dad as aco-signer on the loan, shopping around to refinance the car is well worth the effort.
Before you rush into making the switch, you’ll need to read the terms of your loan contract to find out which one (if either) is a possibility—and if you’ll incur any fees for transferring the loan.
Keep in mind: You will also need to add your father to the
car title
once he becomes the primary borrower on the loan. View full answer
- Gregory R.
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