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 someone else take over the payments on a car loan?
I'm fine with continuing to pay off my car loan at the moment. But for future reference, in case I run into any trouble, I'm asking if someone else can take up the payments.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
This is a fairly open-ended question. When you say “take over the payments,” what does that mean? If you’re talking about using someone else’s money (such as your parents’) to pay the car loan with your name on it, that’s perfectly fine. Lenders typically don’t care who’s making the payments, as long as they’re on time and in full.
If you mean transferring the loan to someone else, this is also possible. Maybe you want to free up some debt to lower your debt-to-income ratio to make another purchase.
In this case, the other person will have to apply for the car loan. Then the lender will make a decision on whether or not to transfer the loan. If the other person has
good credit
, if you and the lender have a strong business relationship, and if you’re in good standing, they probably won’t have any issues with transferring the loan.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
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
