How can you assume a car loan?

My friend is moving out of the country soon and wants to get rid of her car before leaving. I’m in the market for a new vehicle, and she offered to let me take over the car loan. I like the car a lot, but how can I assume the car loan?

Answer
That seems like impeccable timing and takes the hassle out of finding a car!
Taking over a car loan is incredibly similar to applying for a new auto loan. However, assuming a car loan lets you avoid any fees you may usually incur at the start of the loan period.
To assume a car loan, do the following:
  • Confirm with the lender that you can assume the loan.
  • Complete and submit an application to assume the loan.
  • Get a cosigner if necessary.
  • Once approved, analyze the loan contract and accept or reject the offer.
  • Purchase car insurance.
  • **Transfer the car title
  • Register the vehicle.
When purchasing car insurance for the vehicle, use the Jerry app to compare quotes from over 50 different insurance companies for free. After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so you don’t have to. And if you ever have any questions, agents are just a text away!
Jack Walsh
Answered on Nov 05, 2021
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