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Can someone assume my car loan?
I can’t afford my car loan anymore, and my brother has always loved my car. He said he’d take over my loan for me if he could. Is it possible for someone to assume my car loan for me?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry you’re having trouble with your loan. Unfortunately, most lenders will not allow someone else to assume your
car loan
. But you still have other options, like selling the car.That being said, don’t assume your lender won’t allow someone to take over your loan. Call your lender and ask about their policy on transferring loans. If they allow it, your brother can likely assume the loan if he has a good income, debt-to-income ratio, and credit score.
If your lender doesn’t allow others to take over your loan, you can still
sell the car
along with the loan. All you need to do is:- Find a buyer who’s willing to pay off your loan.
- Settle on a fair price for the vehicle.
- Have the buyer pay off the loan.
- Collect your car title from your lender.
- Transfer the title to the new owner.
Remember, you need to pay off the loan before you can transfer the title. Try to work the cost of the loan into the price of your car—so you can pay off the loan and still make a profit.
If you’re planning on getting a more affordable car, use
Jerry
to make sure you get the best rate on the coverage you need. A licensed broker, the Jerry app can help you find and compare quotes from over 50 top providers for free. Just pick a plan you like, and Jerry can handle the rest—no paperwork, phone calls, or headaches required!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.
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