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How to have someone take over car payments?
I’m struggling to make loan payments on my car. I don’t want this to reflect on my credit score, but I don’t know what to do. Is it possible to have someone take over my loan payments?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your current financial straits. However, I’m happy to say that in order to let someone else take over your payments, you can refinance the car in someone else’s name.
If you’re having trouble making payments on your car loan, refinancing in someone else’s name can fully transfer the payments over to them, taking the responsibility off of your shoulders. However, if you still want to have the loan in your name, you can also look into getting a cosigner. They will be responsible for any payments that you’re unable to make, but this way, you can keep your name on the loan.
You can also look into
lowering your car expenses
if you can’t afford your payments. And if worst comes to worst, you can also surrender your car to the bank if you really, truly have no other recourse.Before doing that, though, you should also see if you can lower the cost of other car expenses, like car insurance. To do this easily, download the
Jerry
app—we’ll get you personalized quotes from top providers in seconds, so that all you need to do is pick the plan that works best for you. And once you choose one, we’ll even help you switch!Best of luck, and hopefully things look up for you soon!
MORE: How to refinance a car
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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