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How do I transfer a car loan to another person?
I have a car loan, but I lost my job and I don't think I can afford it anymore. My mom said she'd take over the car loan while I search for a job. How do I transfer the car loan to her name?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your current financial situation. I hope things get better ASAP! You may have some options to transfer your
car loan
to another person while you get back on your feet.Start by looking at your loan contract. Some loans may not allow you to transfer or refinance without paying exorbitant fees, so keep that in mind.
If your loan has no penalties for transferring, great! You can move on to the next step.
Although transferring the loan often requires you to refinance, some lenders may also allow a new lender to apply for the loan. A successful applicant will need to have a steady income and a great credit score—hopefully, your mom falls in this category! Otherwise, it may not be worth the effort.
Regardless of whether you refinance or transfer the loan, you need to make modifications to your
car title
. This process will vary from state to state, but you can typically go to the DMV to add the new borrower’s name to the loan.Since you’re going to drive the car, you still need to have full coverage
car insurance
in your name. To save money on your policy, go to Jerry
. Sign up in just minutes for free to compare rates from top insurers and find the best coverage and price for your needs.View full answer
- Gregory R.
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