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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?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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
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