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Can you take over someone else’s car loan?
Can you help make loan payments for someone else’s loan? I was on the phone with my sister, and she mentioned that she struggled to budget enough money to pay her monthly loan amount. I suggested she transfer her loan to me.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That is very sweet of you to help pay for your sister’s loan payments! You can only take over someone else’s car loan if they transfer the title of the vehicle to you and if the lender allows it.
The rules surrounding car loans state that the individual on the loan must also be on the
title
to the vehicle. By having your sister sell the car and transfer the title to you, you may be able to take responsibility for the loan.Contact the lender to discuss possible options. Some lenders don’t allow car loans to be transferred. In that case, you would likely need to get your own loan to purchase the vehicle from your sister or have your sister refinance the vehicle and add your name as a cosigner.
Jerry
is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates.View full answer
- Gregory R.
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