Can you transfer your car loan to someone else?

-I am currently paying off a 2001 nissan altima my younger brother is looking for a car and thinks he can take over the payments for the remaining year. However, will having that car under my name effect my chances of getting another car? Or, can I let the finance company know that he will take over now and have them out it under his name, if so does he need to be approved he just turned eighteen and has no credit?Unfortunately, you can't just transfer the loan to your brother. you qualified for the loan based upon your income and credit history. He will need to go through the same process to qualify for financing if he wants the car. It's also a terrible idea to just let him take over the payment unofficially. He would be driving your car with your insurance. If he has a serious accident, the other parties can come after you as owner of the vehicle. Not to mention that if he misses payment, your credit gets trashed, not his.



The best thing to do is just to sell him the car. Let him save up money or have him bring his own financing to the deal.No, banks do not allow transfer of finance loans, although you can do it if it were a lease.



Your name will not be removed until the loan is paid off in full. So it will appear in your credit as an open debt, which would make it difficult to get another loan. But I have had 2 car loans at the same time before.



You can have your brother take over your loan unofficially (shhhhh don't tell the bank). But the loan, insurance, registration will remain in your name.
Of course it's not that easy just to "transfer" your loan to someone else. If that were the case, why wouldn't anyone with sh!tty credit just have their friends finance a car and then.......simply transfer it? Does that make sense to you?



It has to be re-financed...period. End of story. There is no other option.
he wont qualify and you probably wouldn't for another car without paying your current one off.



So no way.