How do you transfer a car loan from one person to another?
How do you transfer a car loan to someone else? I was laid off from my job two months ago. I’ve been actively searching for a new job ever since. To help take care of my car loan, my grandpa offered to take over my loan until I could make regular payments myself again.
- Step 1: Check your loan contract. Before you can transfer your car loan, you need to check if your loan agreement allows you to transfer your loan to another person. If you can’t find this information, contact your lender to verify this option.
- Step 2: Determine the value of your vehicle. To help get an idea of your car’s market value, try using free pricing resources like Kelley Bluebook or Edmunds.
- Step 3: Your grandpa will need to apply for a new loan. The lender will check if he qualifies for a loan. Check with the lender what documents they require the buyer to provide.
- Step 4: Transfer the car title. You will need to go to the DMV to fill out the proper paperwork to transfer the title to your grandpa.