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Is it possible to transfer a car loan?
Can you transfer a car loan to someone else? My wife and I live in California, and we are expecting our first child. We’ve put more money toward buying baby products, items my wife will need for nursing, and decorating the nursery. It’s getting increasingly difficult to pay for my car, so my uncle offered to take care of my loan for me.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the baby! Preparing for the arrival of a newborn can cost a lot of money, so it is understandable why it would be tricky to manage all your expenses. That said, it is not possible to transfer a car loan without also transferring the title.
The person who holds ownership of the vehicle is responsible for the car loan. So to allow another individual to manage the loan payments, they must have the
title
of the car.Since your lender also claims ownership of the vehicle, let your lender know about your situation and ask if this is possible. If it’s not, your uncle may need to get his own loan and buy the vehicle from you with that.
Once again, congrats on your new bundle of joy!
Now that your family is growing, consider buying a cheaper car and a new
car insurance
policy. If you’d rather leave the hard work of gathering auto insurance quotes to someone else, try the Jerry
app. Jerry can collect quotes from 50+ top insurance companies, like Travelers, Nationwide, and Progressive, in seconds! They even help cancel your old policy once you’ve made your pick.View full answer
- Gregory R.
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