Can I transfer my car loan to someone else?

Can I let someone take over my car loan? Eight months ago, I bought an expensive car to treat myself for my birthday. I recently got fired and I can’t afford my car payment. My brother offered to take over my loan until I found another job.

Answer
That is very kind of your brother to offer to help you! Transferring a car loan to another individual is a complicated matter, but it is possible.
If you need help with your monthly payments, your brother could give you money for them instead of transferring the loan. If he wants to drive the car and take ownership of the loan, this will require a few extra steps.
Before doing anything, you’ll want to check with your lender first. Doing so will give you an idea of what is possible. If your lender does allow transferring of a loan, your brother will need to qualify for a loan with your lender first.
If your lender doesn’t allow the transfer of loans, your brother may be able to refinance in his name. If refinancing is possible, transfer the car’s title to him and he’d then be responsible for the loan.
Remember, you do not have full ownership of the car, so you should talk to your lender and ask permission to sell your vehicle. If you have difficulty making payments, consider looking into refinancing yourself. Refinancing can help reduce your monthly payments or lower your interest rate.
If you’re looking to refinance your car loan, start your search with the Jerry app. You can compare quotes from multiple lenders without worrying about your credit history. Avoid the hassle of researching and sending documents to potential lenders. Jerry’s app instantly connects you with top companies to find a loan that best meets your financial needs.
Phoebe Mah
Answered on Dec 06, 2021
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