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How can my daughter take over my car loan?
My daughter has always loved my car, and now that she's moved to the suburbs, she needs a car. She's always loved my car, so I said she could have it if she takes over the loan. Is this possible?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a sweet gesture for you to hand the keys over to your daughter. It may be possible for her to take over the
car loan
, but it’s rare that your lender will let you.While some lenders allow someone else to assume your car loan (assuming they qualify), most will want you to do a traditional sale of the vehicle. This means that you have to:
- Pay off your original loan
- Sell the car to your daughter
- Get the paperwork is titled in her name
- She’ll then need to apply for a loan
Either way, you should be able to get the job done and get your daughter a set of wheels.
Your daughter will need to have a new full coverage car insurance policy when she takes ownership of the car. That’s when the top-rated
Jerry
app comes in handy. Use the Jerry app to compare quotes from dozens of carriers in just minutes to find the best rates.View full answer
- Gregory R.
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