Can you transfer a car loan to someone else?

Can you transfer your car loan to another person? I work two jobs and do my best to budget my money every month. Somehow, I am still struggling to pay my car payment every month. My aunt offered to take over my car loan, so it’d be one less bill for me.

Answer
Working two jobs and managing your bills is not an easy task, so it is understandable why you would like to transfer your car loan. To help make your payments, your aunt could give you the money to pay for your loan until you can make the payments yourself again.
If your aunt would like to take ownership of your car, you would need to sell her the vehicle and transfer the car title. Since you don’t have complete ownership of your vehicle, you’ll need to talk to your lender first.
If they allow transfers, your aunt will need to qualify and apply for a new loan with your lender. Should this not be possible, she can also try to refinance your existing loan under her name.
Another option is refinancing your loan yourself, as it’s a great way to lower your car payments. On average, car owners pay $85 less every month by refinancing their auto loans. Since finding the right lender can be stressful and time-consuming, consider using the Jerry app to compare top lenders.
Phoebe Mah
Answered on Dec 06, 2021
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