There are certain situations where you may find it to be in your best interest financially to take over your husband's car payments. Whether you have decided to do this because your husband lost his job or because you are trying to secure another loan in your husband's name, the process is the same. The only way to take over the car loan in your name is to have it done legally; otherwise, the car will remain in your husband's name, and you will simply be making the payments.
Visit the dealer or bank where your husband's car loan is from. Bring your husband with you. If the lender is not in the area, contact them on the phone. Make to have your husband's car loan paperwork in either scenario. If the car is leased, the same steps apply.
Fill out the credit-check paperwork necessary to transfer or add your name to the car loan. The lender will have to make sure that you qualify for financing before they will transfer the loan or add you to it.
Sign the paperwork for the amended contract if you are approved to take over the loan. Begin making the regularly scheduled payments for your husband's car with the car now in your name.
Make the payments to the lender if you are not approved to take over the car loan. The loan will remain in your husband's name if this is the case.
Make sure that both you and your husband are covered on the car insurance for the car. If your name is on the loan, you will be liable if an accident were to happen with the car.
Register the car under your name at the Department of Motor Vehicles in your state. This requires that you and your husband fill out and sign transfer of ownership forms and that you pay a fee for registration.
Remember that if something were to happen between you and your husband, such as a divorce, the car would now be in your name, and you would be responsible for making the payments until the car is paid off.
- Luxury Car sportscar from my luxury car series image by alma_sacra from Fotolia.com