Unfortunately, you can’t simply change names on a car finance agreement. Every loan is tailored to the borrower’s individual circumstances and, as someone else’s circumstances will be different, they can’t be easily transferred.
If you’d like to buy a car that someone owns on finance, they’ll need to settle the finance first to buy the car outright. You can then apply for a loan in your own name.
However, if the car finance agreement is in your name and you want to sell the car or reduce your monthly repayments, you do have options.
To sell the car, you’ll need to settle your finance first. You can request a settlement figure from your lender at any time. This is the amount you need to pay to end your agreement early and own the car. The further you are into the agreement, the lower your settlement figure will be, but early repayment fees might apply.
If you want to keep your car but need to reduce your monthly repayments, then you could consider refinancing. This is when you take out a new agreement to settle your existing loan and swap to a loan with cheaper monthly repayments and a longer repayment period. It’s worth keeping in mind that added interest means you might end up paying back more overall.