PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
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
Can I sign my car loan over to someone else?
I can't afford my current car payments, and I don't even need my car anymore. I live in a new city, work from home, and take public transportation everywhere. Is there a way I can sign my car loan over to someone else?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It sounds like you’re doing just fine without a car! While you can’t transfer your car loan to someone else, you do have other options:
- Sell it: If the value of your car is less or equal to the balance remaining on your loan, you can sell the vehicle to pay off the loan and pocket whatever’s left. If you’reupsidedown on your loan, you can still sell it, but you’d need to pay your lender the difference before the buyer could officially own the car.
- Refinance it: If selling the car isn’t an option right now, check with your bank and other loan companies to see if you can refinance. Ideally, this will help you find a lower monthly rate! For help refinancing, try theJerryapp. A licensed broker, Jerry can help match you with a lender to help you refinance for free.
- Get a co-signer: If you’d like to refinance or take out a different loan to help pay off the original one, find a co-signer. In essence, a co-signer agrees to be held financially responsible if you don’t make your payments. That way, the lender makes sure they’ll get their money, and you can find a lower-rate loan!
I hope this was helpful and good luck in your new city!
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
.jpg&w=64&q=75){kind=avatar}
Browse More Content
Insurance for Your Car
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
