What's the process of my dad transferring a car loan to me?

My dad financed a car for me about 2 years ago and has been paying for it, but now I want to take over the payments while also building my credit too (hence why I want to transfer the loan). 

Neither of us know how any of this works.. Is it a huge hassle? And does it cost a lot of money? We still owe $15k and it's financed through a bank. 

5 Answers

  • 3 weeks ago

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  • 2 months ago

    To get a loan in your name, the title would have to be transferred to you.  That means paying off the loan and having dad "sell" the car to you.  I think it would be impossible.

  • Anonymous
    2 months ago

    Lenders do not transfer loans from qualified borrowers to unqualified ones. You are not a good credit risk. If your dad took out a new loan to pay off the old one, he could put you on the contract with him on the new loan and that would help you build credit.  There would be some fees involved however. Rates may have come down which might offset the fees.

  • Anonymous
    2 months ago

    You have to apply/talk to the bank to take over the loan payments.

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  • Anonymous
    2 months ago

    Short answer - he can't just transfer it to you. You would have to apply for a new loan in your own name. If you don't have the credit, he'd still have to co-sign.

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