How do you transfer a car loan to another person?

Answered by Car Loans Expert Johnny on April 8, 2021

I want to get rid of my financed car and my neighbor has expressed interest in buying it. How would I transfer the loan to him?

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Car Loans Expert

“When you transfer a car loan to another person, you are essentially selling the car, and the process is very similar to a car sale. Put simply, the person taking ownership of the car will have to refinance the car, get it registered, and obtain car insurance in their name. “

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