Can I transfer my car loan to my wife?

My wife's job is stable and her credit score is better than mine. We've been together for 10 years and have been married for about six. There are a couple of years left on the loan, but she said we'll save money by her taking it over. Can I transfer my car loan to my wife?

Answer
It’s great you guys have ways to save on car ownership.
Your wife will need to refinance the loan under her name. Refinancing is the only way to change the terms of your car loan and the people it includes. This also means that the interest rate (APR) and length of the loan will change.
It’s a good idea to shop around for the best APR. If you guys want help looking for good deals, try the Jerry app. Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you. On average, car owners pay $85 less every month by refinancing their auto loan.
After refinancing your car, you will need to change the owner of the title and notify your insurance company. When doing this, your new lender may have some guidelines to follow and require documentation.
I hope that this car loan transfer to your wife allows your family to pay it off faster and easier!
Lauren Smith
Answered on Oct 29, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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