Is there a way to transfer my loan to a different person?

I want to transfer my loan to my father as I'm not sure if I'll be able to pay for it. Can I do that?

Answer
Yes, you can transfer your car loan to another person, but you should always check to see if there are any fees or penalties you have to pay for doing so. In some cases, these fees make the transfer cost-prohibitive. If this is the case, you should consider selling the car.
If you don’t see any restrictions for transferring the loan, have your father apply for the loan. If he has a steady income and good credit, the transfer shouldn’t be a problem.
The only caveat is that you will have to add him to the title of the vehicle and work out your car insurance as well. A quick trip to the DMV should sort out the title issue. For insurance, your father will have to be included regardless of whether he drives the car or not.
It’s a good idea to look for a new policy that will include both you and your father. Full coverage will remain a requirement based on your loan, but you can still save money by shopping around.
Use the Jerry app to compare rates with insurers and discover the most affordable rates for your car insurance.
Eric Schad
Answered on Nov 15, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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