Many people ask questions relating to how to take over car payments. The reality is that most banks will never allow you to simply take over someone’s car payment. There are times when people draw up certain types of contracts between the registered owner of the vehicle and the buyer, but these types of contracts are generally strictly forbidden by the lender that made the loan for the vehicle.
Buyers that choose to attempt to purchase vehicles this way should beware. If you want to take over the payments of someone’s car, the following may be the way to do it:
Step One – Contact the Original Lender
You’ll need to contact the bank or finance company that holds the note on the vehicle you wish to purchase. Then, you will be required to submit an application for an auto loan. You will need to meet the same criteria as other consumers that apply for auto financing from that particular lender.
All you are really doing is purchasing a used car, you’re not taking over the payments. If you are approved for the loan, and are pleased with the terms, then purchase the vehicle.
Step Two – Apply for An Auto Loan
When attempting to take over the payments of someone’s car loan, you can generally save yourself a lot of time and trouble by simply applying for an auto loan from the bank or lender of your choice. Most banks or car loan lenders will allow you to buy used cars from individuals as well as dealerships. To the bank — it is no different. As long as you have decent credit, and the car is adequate collateral for the loan, the bank will generally pay off the old loan on the car, and you will be allowed to start making monthly payments to your bank.