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?

Answer
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.
Eric Schad
Answered on Nov 03, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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