In most cases you cannot transfer a personal loan to another person. If your loan has a cosigner or guarantor, that person becomes responsible for the debt if you default on the loan. Defaulting on a personal loan is seriously injurious to your credit score.
How do I transfer a car loan to someone else?
- Contact the original lender. Know going in that you'll need the permission of the auto lender to complete the deal. ...
- Check your auto loan contract. ...
- Have your borrower check the contract. ...
- File the new loan paperwork. ...
- Make a title change.
Can I change the name on my car loan?
When you elect to transfer a car loan, ensure you transfer all of the car's documents as well. You can change the title holder on a car at your local DMV. There should be instructions on the back of the title for how to change the title to another name. Some titles will allow you to simply write in the new owner.