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What happens to my car loan if I die?

Not to be morbid or anything, but I just want to know if car loans are forgiven when you die. If not, who has to pay for it? I'm single with no kids.

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Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Death is a celebration of life, right? No worries about the question; it’s important to know the answer to protect the financial well-being of your loved ones.
Car loans
, like certain other types of debt, aren’t forgiven when you pass away. Your estate inherits the loan. The estate executor can either use your savings or assets to pay it off or sell the car to settle the debt.
If a spouse or loved one wants to keep the car, they can take over the car loan and assume the monthly payments.
While your estate is on your mind, make sure your assets are protected by great insurance—without overpaying for it. The
Jerry
app can help you quickly and easily assess your insurance needs and compare policies and prices. Plus, if you ever have any questions, Jerry’s friendly agents are just a text or phone call away!
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