Can I Transfer My 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. 

Transferring a Car Loan to Another Person

If you have sold are or trying to sell your car to someone else, you may be able to transfer your loan to the buyer as well. This means you can rest easy about not having to make payments on a car you no longer own. However, the person to whom you want to transfer the loan must be approved by your lender and pass a credit check.

Potential Pitfalls

It is a good idea to make sure the buyer passes muster with your lender before you sell them the car. If they cannot pass a credit check or otherwise qualify with your lender, you may want to move on to the next potential buyer. 

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