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Can a car loan be transferred?
A family member is in need of a new car, now a friend is selling a car with outstanding finance. He's not bothered about making any money on the car, he just wants to get rid of the finance.
I'm wondering whether it is possible for her to take on the loan. Can our friend call the finance company and tell them someone else would like to take responsibility for the loan? She understands she will get credit checked etc, but that's not a problem, it's the low payments and the fact it's a lot of car for what is left to pay that is interests us. It would be ideal for her.
Thanks in advance
I'm wondering whether it is possible for her to take on the loan. Can our friend call the finance company and tell them someone else would like to take responsibility for the loan? She understands she will get credit checked etc, but that's not a problem, it's the low payments and the fact it's a lot of car for what is left to pay that is interests us. It would be ideal for her.
Thanks in advance
0
Comments
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No. The friend needs to find out whether he can sell the car or not with outstanding finance.
If he can, you family member will need to fund the funds to pay him (or the finance company). The finance can't be transferred.0 -
ok, many thanks for your help0
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