No, unfortunately you can’t transfer an existing car finance agreement to someone else.
Every car finance agreement is tailored to your individual circumstances and, as nobody else will have exactly the same circumstances as you, the agreement can’t be transferred.
If you’re having trouble making your repayments or someone else wants to buy your car, there are other options you can explore.
Ending my car finance agreement early
Depending on the type of agreement you have, you don’t have to wait until the end of your term to settle your finance.
Instead you can:
- Pay the settlement figure – contact your lender to find out how much you’ll need to pay to settle your car finance early
- Opt for voluntary termination – if you’ve paid 50% of the total amount payable (including fees, interest, and the balloon payment in a PCP), you can simply hand the car back
- Refinance your car – you could apply for a new finance deal (usually with a new lender) to reduce your monthly payments or use any positive equity in your car as a deposit in a new agreement
If you’ve chosen to pay the settlement figure on a hire purchase agreement, the car will now be all yours and you can sell it or gift it to someone else. But if you’ve chosen to refinance instead, then you may be able to apply for joint car finance and add someone else to the new agreement.
Joint car finance
Don’t want to go it alone? Here at CarFinance 247, we work with a panel of lenders and some of them can help people find joint car finance.
Restrictions can apply – some lenders ask that you both live at the same address, for example – but your dedicated account manager will be able to help guide you through the process.