can you transfer a car loan

Best answer


Step-by-step process to transfer a car loan to another personContact your dealer or lender. Contact your lender to find out if you鈥檙e allowed to transfer your car loan to another person,and what steps you need to take.Check restrictions to transfer a car loan. Ask your lender about restrictions to transfer a car loan to another person. …Put together the necessary documents. …Line up your buyer. …More items…

People also ask


  • How do I transfer a car loan to another person?

  • Modify the title of the vehicle. When you transfer a car loan to another person, you should also make sure to transfer the ownership of the vehicle. You can do this by going into your local insurance agency to get the car registered and insured under the new owner鈥檚 name. Looking for a car loan?

  • What are the benefits of transferring a car loan?

  • This is the biggest benefit since the reason why most people transfer a car loan to another person in the first place is to get rid of their payments. Less impact on your credit score. If you find someone to take over your loan, you won鈥檛 need to worry about defaulting on your payments and ruining your credit score. You can purchase a new vehicle.

  • How do I transfer the title of my car to someone?

  • To do this, your car must be worth enough, or you have to at least sell it for enough, to cover the loan balance. Otherwise, the lender won’t release the lien so the title can be transferred.

  • How do I transfer a lien on a car?

  • To do this, your car must be worth enough, or you have to at least sell it for enough, to cover the loan balance. Otherwise, the lender won’t release the lien so the title can be transferred. If you don’t want to go through the hassle of selling the vehicle yourself, you can always trade the car in.

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