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Can you transfer car finance to someone else?

Hi, I am a stay at home mother/housewife, my husband and i recently sold our home and would like to get another mortgage but have hit a bit of a brick wall. We had lots of debt that we have now paid off so we are waiting for the credit rating to go up (real frustration, goes on fast enough but takes forever and a day to come off!!!!).

My husband has been left with one bit of debt in the form of car finance @ £310 a month. This is unfortunately stopping us from getting the bit extra we need for the house we would like as the mortgage is just going in my husbands name. I had the idea of maybe getting the finance transferred in to my name, but don't think this is possible?

If we are not able to do this i wanted to see if i could get a loan to pay the car finance and have the new loan in my name so we can get the extra in his name. Is this possible? My credit score appears to be excellent on credit expert. Or if you have any other ideas they would be most welcome, we are not in a position to pay this off unfortunately, it still has 4 years to run :0 Many Thanks

Asked by Bridget

Hi Bridget, thank you for your detailed question.

You're correct in thinking that you can't just transfer the finance agreement into your name so that's out of the question. The only options you have are to get a personal loan yourself to clear off the car finance as you say. You could also potentially sell the car to raise any extra deposit needed for the mortgage, clear the current finance and with whatever is left over buy a cheap runaround.

If you want to keep the car we do have lenders on our panel that help people in your situation. All we need to do is get you approved and with the funds received settle off the existing loan agreement. You can then personally start paying off the car yourself and this will free up your husdand to get the mortgage. Please apply for a personal loan with ourselves when you feel ready. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 177 People

£
5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9%: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.


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