2006-07-08 03:51:29 · 6 answers · asked by scottjackson1988 1 in Cars & Transportation ➔ Buying & Selling
Normally, car loans are not transferrable. Look for a clause in the loan document that addresses "assignment." Typically it will say that the lender may assign the loan (sell it to another lender) but that the buyer may NOT assign the loan.
2006-07-08 04:27:29 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 1⤋
1
2016-09-26 13:01:44 · answer #2 · answered by Madeline 3 · 0⤊ 0⤋
Depends on the terms of your loan. You might be able to, but the new buyer will have to be approved by the lien holder.
I believe most car loans are non-transferable, however.
2006-07-08 03:55:10 · answer #3 · answered by Christopher 4 · 0⤊ 0⤋
I doubt it. Car loans are not usually assumable. A bank will want to evaluate the new prospective owner to see what risk they pose. This level of risk will determine if they get a loan and at what rate. Therefore new owners have to get new loans.
2006-07-08 04:23:44 · answer #4 · answered by elmer s 1 · 0⤊ 0⤋
No. You would have to refinance, and the rate will be substantially higher than 0%. In addition, refinancing a car is one of the worst financial moves anyone can make.
2006-07-08 04:02:56 · answer #5 · answered by Manny 6 · 0⤊ 0⤋
simply no. You would have to refinance which means you lose the factory incentive of 0% - sorry.
2006-07-08 14:01:55 · answer #6 · answered by Shawn B 2 · 0⤊ 0⤋