Is It Possible To Transfer Car Loan To Another Person
If a loan is being transferred for the original debtor s benefit however the person who agrees to take responsibility for the loan should be certain they will not be taken advantage of.
Is it possible to transfer car loan to another person. Transferring a car loan to another person. If you are selling your car and still have payments to make on it it is possible to transfer the car loan to another person. However the new owner will have to pass a credit check and be approved by your lender.
There should be instructions on the back of the title for how to change the title to another name. The most preferred option is to close your loan account by settling the loan in advance and then selling the car. To be able to transfer your car loan to somebody else you need to surrender the ownership of the vehicle to them as well.
Some titles will allow you to simply write in the new owner. But if you are unable to repay the loan there is an option to transfer the loan to the next person. Conditions to prepay your car loan.
While the most advisable route would be to prepay your existing car loan and then sell the car you could opt to transfer your loan to another person if you find that you are unable to pay your loan emis. For situations like these banks offer you the option of transferring your car loan to another person as long as you re transferring the ownership of the vehicle to that person as well. If you ve decided you need to transfer your auto loan and have a person standing by to transfer it to just follow these steps to transfer the car loan.
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