How Do You Take Over Payments On A Car Loan?
You found your dream car, but the owner wants you to take over his payments instead of buying the car outright. This is a potential red flag because it probably means the owner owes more than the car is worth. If you’re determined to buy the car, you can take over the loan’s payments while avoiding financial disaster. Schedule a meeting with the bank or credit union that issued the original loan. The loan issuer might be able to re-write the loan so it’s in your name and the title is sent directly to you when the vehicle’s paid off. The terms and conditions of the loan might change depending on your credit, which may or may not be in your favor. Don’t sign any paperwork until you’ve completed Steps 2 and 3. Take the vehicle to a mechanic before you commit to taking over the payments. You need to know the condition of the engine, brakes and transmission. If the car needs major repairs, negotiate with the owner to pay for them before you take over the loan. Calculate the total cost you’l
