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?
Sorry to hear you can’t afford your car loan, but at least your dad is a knight in shining armor!
The good news is that there are two ways to put a car loan in someone else’s name. However, you’ll want to read your loan contract first to find out if it’s a possibility and if you’ll incur any fees for making the transfer.
Once you’re good to go, here’s how to offload your car loan to someone else:
- Have your dad apply for the loan with the lender, then make the transfer once he qualifies
- Refinance the loan in your dad’s name
If you can get a lower interest rate with your dad on the loan, shopping around to refinance the car is well worth the effort. If you can’t, the transfer of the loan is the better option.
Keep in mind that you will also need to add your father to the car title since he’ll become the primary borrower. This is usually a painless process. Just call your DMV or browse its website to find out how.
If you’re looking for other ways to cut back on expenses, check out Jerry. Jerry is an insurance comparison app that shops for low prices with over 50 different car insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away! The average Jerry user saves $879 a year.
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