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How do I transfer a car loan to a family member?
My company is transferring me overseas for work. As a result, I won’t need my car anymore, and I’m trying to get rid of the costs associated with car ownership. My brother needs a car, and he’s keen to take over the loan. Can I transfer my loan to a family member?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can transfer a
car loan
to a family member under certain conditions, so don’t stress too much. To some degree, this is akin to selling your car, but without the negotiation process. To transfer a car loan to a family member, follow these steps:
- Look at your loan contract to see if transferring the loan to another party is permissible. If it’s not stated anywhere, ask your lender.
- Have your family member apply for the loan. They will need the appropriate credit score, a good debt-to-income ratio, and proper employment to get the car. Their interest rate on the remaining balance may change.
- If they’re approved for the loan, you need to transfer the title.
If your brother doesn’t have
car insurance
, he’ll need to get it to take ownership of the car and the loan. So if you want to help out on that front, suggest the Jerry
app to compare car insurance quotes.Jerry is a
trustworthy super app
and insurance comparison tool that collects quotes from over 55 top-rated insurers in just 45 seconds. After you find a great rate, Jerry can help you buy new insurance and cancel your old policy. Users save an average of $800+ per year.View full answer
- Gregory R.
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