While youcannot transfer most personal loans to another person,some types are transferrable in certain situations. Mortgages and car loans are unlike other types of personal loans in that they can be transferred. However,they can only be transferred to another borrower under certain circumstances.
People also ask
Can I transfer a personal loan to another person?
A: Personal loans cannot be transferred to another person, because these loans are determined based on your unique credit score and your list of available sources of income.
Can a mortgage be transferred to another borrower?
Mortgages and car loans are unlike other types of personal loans in that they can be transferred. However, they can only be transferred to another borrower under certain circumstances. For one thing, the new borrower must be able to qualify for the loan.
Can a loan be placed in someone else鈥檚 name?
In order to have the loan placed in someone else鈥檚 name, you would have to refinance it to another loan. If the new loan in the new person鈥檚 name is used to pay off the old loan, it will change the borrower and the terms of the loan.
Can I have my student loans transferred?
It may be possible to have the student loan transferred, but only if the lender agrees to this arrangement. Moreover, many lenders will likely not have much incentive to transfer the student loan because these types of loans are typically not dischargeable.