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How do I transfer a car loan?
I want to transfer my car loan to my son since he is taking over my car. How do we do that?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In order to transfer your car loan, your son will have to refinance your car.
This is because the new loan will be largely determined by your son’s credit. He might be paying more or less than you were, depending on how his financial situation compares to yours. Once your son signs the new loan, he’ll be able to take it over.
You and your son will both need to update your insurance policies, too. You’ll need to take your car off of your policy, while he’ll need to add it on to his. Both of these things can be done easily through the
Jerry
app, where you can compare insurance prices and coverages from over 50 companies for free.View full answer
- Gregory R.
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