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Can someone take over my car loan?
Would it be possible for someone else to take over my car loan? I took out a car loan a year ago and I’m in way over my head. My mom offered to take over the loan for me, but she told me that I would have to arrange everything. I don’t even know where to start!
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Typically, lenders won’t allow someone else to take over your car loan but it’s worth asking to see what their policy is on loan assumption. If your lender allows loan assumption, your mom will have to go through a process very similar to the initial loan signing.
The lender will perform a credit check to ensure that your mom qualifies for the current terms, conditions, and due date set by your financial situation. If your mom qualifies for the loan, she’ll need to sign the contract to assume the loan.
If your lender doesn’t allow loan assumption, another option would be refinancing the loan. Finding a new lender could lower your monthly payments and make the loan more manageable for you, so you don’t have to give up your vehicle entirely.
It could also help to cut costs in other areas, like your car insurance. It can be difficult to find affordable insurance, but the
Jerry
app makes it easy by doing the hard work for you! Just take a minute to answer some questions on the app and Jerry will show you a list of competitive quotes that work for you and your vehicle. The average Jerry user saves $879 per year!MORE: How to get a cosigner for a bad credit car loan
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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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