How to Take Over Car Payments When Buying a Used Car

January 27, 2012

One can take over car payments or assume a car loan. It is a good idea for an individual who doesn't have the upfront cash or money for a car. This article will show you how you can take over the loan.

Tools and Supplies Needed

  • Car Title
  • Proof of Income
  • Proof of Residence 
  • ID/Drivers License

Step 1: Contact Loan Company

Contact your loan company and find out what will be required for the process before you go and begin it. In many instances, you will be required a down payment. So be prepared for that as a requirement and find out how much it should be before you pay it. This way you can be sure you have the money ahead a time.

Step 2: Find Out Your FICO

Check your credit and FICO score before you go in. They will likely run a credit check on you, and you want to make sure it is in good standing. Otherwise, your interest rate may change than want the previous owner held. So be sure to find out what it is and know what to expect when you sign over the car payments.

Step 3: Get Approved

Much like a regular loan, you will need to be "approved" before you can sign the paperwork and make a payment schedule. So that can take up to a week or two, though some do have instant results. That will depend on the credit company and how they work.

Step 4: Sign the Paperwork

The final step will be to sign the paperwork that will title transfer the lien to your name.

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