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How can I take over car loan payments?
My little brother tried to make it big in Las Vegas on a guy’s trip. Unfortunately, he ended up losing way too much of his savings and now can't afford his car loan payments. I know he'll bounce back, but it's going to take a while. How can I take over his car loan payments?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your brother’s loss; he’s lucky to have you.
To take over his car loan payments, you should check your credit score, talk to the lender, and then apply for approval.
You’re going to need a good credit score to take over his loan. This is generally 660 or more.
Each lender will have different rules for taking over someone else’s loan. Just explain what you’d like to do and ask what the requirements are.
You may have to make a
down payment
on the vehicle. Ask how much it will be and determine if you can afford it.Just like any other type of loan—even if you’re just taking over your brother’s—you’ll need to get approved. This could happen quickly, or it may take weeks to hear back from the lender.
Once approved, sign the paperwork. This will include:
If the lender says you can’t take over the car loan, your brother can refinance and you can be added as a cosigner.
Refinancing allows you to change a loan agreement to better match your needs. This includes adding or removing a cosigner. You can help him refinance through the
Jerry
app.Jerry will compare options from top lenders so you can avoid the hassle. On average, people pay $85 less every month on their car loans after refinancing.
View full answer
- Gregory R.
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