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Can I take over my friend's car loan?
My friend can't pay for her car loan anymore due to some extenuating circumstances. Can I take over her loan? (I love her car, too.)
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a shame to hear about your friend’s financial hardship, but you can help her out by assuming the
car loan
. Loan assumption is a full takeover: you will get ownership of the car and the loan at once. If the lender allows you to assume the car loan, the only thing you have to do is qualify. You’ll need good credit and enough income to make regular payments and keep up with your usual expenses.
When you’re approved, your friend can set up a meeting and the lender should take care of all the paperwork, including the title transfer and registration.
If the lender doesn’t allow for assumption of car loans, you could take over your friend’s loan by purchasing the car from her. You would have to get approved for a loan to begin paying off the car’s balance. She can use the money you gave her for the car to pay off any extra fees.
During either process, you will need to show proof of insurance, so now’s a great time to double-check your rates. Use
Jerry
to compare dozens of competitive quotes (for free!) and access hundreds of dollars of possible car insurance savings.View full answer
- Gregory R.
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