I found a truck I would like to get for my business.The person who has the truck needs someone to take over the loan and payments. The person still owes 16,000 on truck.My question is can someone who has bad credit get a loan to take over payments on this truck.The person who wants the truck has a bank account with money in it and also owns a house free and clear.How can a person with bad credit assume another person's car loan.The person who has the truck lives in washington state so does the person wanting the truck.
2006-12-03 14:04:10 · 4 answers · asked by classy48292 1 in Cars & Transportation ➔ Buying & Selling
It doesn't matter how good the other persons credit is because your the one getting the loan unless they are willing to cosign for you(not likely with a stranger) or you can work out some deal with the current owner where you pay the current owner directly but this wouldn't improve your credit and they would probably want to hold on to the title.
2006-12-03 14:10:13 · answer #1 · answered by skoolsuks 2 · 0⤊ 0⤋
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2016-09-26 10:20:30 · answer #2 · answered by Joanne 3 · 0⤊ 0⤋
His credit may stop him from assuming that loan but he can go get his own pre-approved or get a check in like 24 hours to give to the bank that owns the title of the truck. free loan quotes here http://painintheexhaust.blogspot.com and he can at least see what the market is offering him right now.
2006-12-03 14:16:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well right off the bat, you don't get to assume a person's loan (car or anytype) unless one of two things happen: (1) the bank that originally issued the loan RELEASES them and make you the primary (which they will not do for someone they would not have lent to anyway - and they don't like to do) or (2) the second person gets their own loan and pays off the first loan. - Much more common.
2006-12-03 14:11:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋