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How does transferring a car loan work?

I want to have my son take over my auto loan so I can get a new car. How does transferring a loan for my car work?

avatar
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sounds like both you and your son are getting new rides! Transferring a
car loan
 is a pretty simple process and requires the new loan holder to apply for a refinance of the current loan.
The process is the same as if you were to apply for a refinance on the vehicle, except the title of the vehicle is transferred to the name of the buyer, in this case, your son. His credit will determine the interest amount he pays on the loan, which may differ slightly from your current rates.
It’s always smart to shop around for the best interest rates on car loans. To save your son time and effort, have him use the
Jerry
 app. Jerry is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.
Happy driving!
MORE: How to refinance a car
Car LoansRefinancing
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