How to Take Over Payments on a Semi

Taking over another person's semi-truck loan payments might seem like an affordable option, as the original borrower already provided a down payment. The loan terms, however, including length of the loan and interest rate, were based on the original borrower's income and credit history. For this reason, you can't exactly take over the semi loan with the same loan terms, as your credit and income likely differ from the original borrower. Expect to complete a credit application to secure your own loan terms for the remaining loan balance instead.

Instructions

1

Obtain the semi-truck's identification number, mileage and the borrower's loan information, such as balance due on the loan and the lender's phone number.

2

Call the lender and tell a loan representative that you want to take over another person's loan. The original borrower may have to contact the lender first to add a note to the loan account stating you'll call to apply for the remaining loan balance.

3

Provide the loan representative with the semi-truck's identification number and the loan amount. Submit your credit information, including income, Social Security number, employer information and date of birth.

4

Leave a contact number where the lender can reach you, as the approval process isn't instant. Once approved, discuss your interest rate, monthly payment and down payment requirement, if any. If the loans terms are acceptable, find out which documents you need to supply to the lender, such as proof of insurance or a recent pay stub.

5

Submit any documents the lender requested and arrange to sign your new loan contract. If completing the process by mail, overnight the paperwork back to the lender to complete the transfer process quickly. Arrange to take the semi from the original borrower once the lender notifies you of the loan transfer.