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How can you let someone assume your car loan?
My daughter wants to help me with some of my expenses since I lost my job. I’m wondering if she can take over my car loan. Is it possible to allow someone to assume your loan?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m so sorry to hear that you’ve lost your job, but I’m glad to hear that you don’t have to deal with it all on your own. In most cases, others cannot assume your car loan, but there are options.
You can have your daughter refinance your car loan in her name. This does mean that the terms of the loan, such as interest rate, will change based on her financial situation.
If your daughter wants help finding the best rate to refinance your loan, encourage her to use the
Jerry
app. No matter what her credit score is, Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for her situation. On average, car owners pay $85 less every month by refinancing their auto loans. See if refinancing will save you money with the Jerry app.If you are both opposed to the idea of refinancing, you can speak with your current lender to see if a loan assumption is an option they offer. Lenders who do offer this often keep the terms of your original loan the same, which means that your daughter must be in a financial situation to uphold your current loan agreement.
I hope your situation improves soon!
MORE: Does refinancing a car hurt your credit score?
View full answer
- Gregory R.
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