No, in general, you cannot take out a loan in someone else’s name. Doing this is fraud. Instead, you could cosign a loan with the other person. In certain cases, you may have a power of attorney for another person and can sign legal documents for them.
Can you finance a car for a family member?
Know your loan options
If you purchase a car for someone else, you have the option to have the loan in your name or to cosign with the individual you’re buying it for. The only way to buy the vehicle as a surprise is to put in the loan in your own name. The title may be registered under both names.
Can I put my child on a car loan?
As a cosigner, you can add your name to a loan belonging to your child, another family member, or even a close friend. They will be considered the primary borrower, but as the cosigner, you also assume liability for the debt.
Can a parent cosign a car loan for a minor?
“Unfortunately, it doesn’t matter that your grandmother has agreed to cosign a car loan for you—you are still a minor and not legally allowed to sign a loan agreement. However, maybe you could get your grandmother to buy the car for now. When you turn 18, she can refinance the loan and put your name on it. “
Can someone finance a car and put it in my name? – Related Questions
Can my mom cosign my car?
A co-signer could be your spouse, a parent, or a friend. The lender cannot require your spouse to be a co-signer unless you are both applying for the loan. Having a co-signer on your loan can be a benefit to both you and your lender. Co-signing gives your lender additional assurance that the loan will be repaid.
Can I finance a car for my 17 year old?
If you’re 17 and you’ve passed your driving test, your next step is probably working out how to buy your first car. Unfortunately, car finance isn’t an option for 17 year olds; you’re not allowed to sign a credit agreement until the age of 18.
How old does a cosigner have to be for a car?
You have to be at least 18 years old to be a cosigner. However, there is no age limit on the high end. If your cosigner passes away, that’s another deal. Your grandfather’s estate will be responsible for paying for the loan on your new car if you default.
Should I cosign a car for my daughter?
Co-signing a loan can be a great way to help your child establish a credit history and, potentially, make a first significant purchase of a car or a home. But remember, co-signers take on risk. Make sure you understand what’s at stake before signing on the dotted line.
Can a 17 year old get a personal loan with a co signer?
Why You Have to Be 18 to Get a Car Loan. Seventeen-year-olds can’t take out a car loan, or even become a cosigner or co-borrower on one. In the U.S., you absolutely have to be 18 years old in order to legally sign a loan contract.
Can my dad cosign a car for me?
Credit unions, banks, auto financing companies and dealers allow you to have a cosigner on an auto loan. Parents are often the first choice for a young person seeking a cosigner, although any adult can cosign a loan with you.
Does Cosigning hurt your credit?
How does being a co-signer affect my credit score? Being a co-signer itself does not affect your credit score. Your score may, however, be negatively affected if the main account holder misses payments.
Can a 15 year old get a car loan with a co-signer?
Minors can sign contracts, but they can’t be held to the terms of a contract until they reach the “age of majority”—which is 18 years old in almost every state. As such, few lenders are willing to extend a loan to a minor, and the ones that do require a co-signer.
Can a 16 year old get a loan with a co-signer?
“Legally, you can’t get any loan until you’re 18, even if your parents are cosigners. Furthermore, you won’t be able to start building your credit until then, either.
Can someone finance a car for me?
No, unfortunately your partner can’t apply for car finance on your behalf. Every car finance agreement is tailored to the borrower, and the lenders on our panel ask that the person taking out the loan is also the car’s registered owner/keeper and its main driver.
What credit score is needed for a cosigner?
Although there might not be a required credit score, a cosigner typically will need credit in the very good or exceptional range—670 or better. A credit score in that range generally qualifies someone to be a cosigner, but each lender will have its own requirement.
Should a 16 year old finance a car?
Can a Teenager Get an Auto Loan? Teens under the age of 18 can’t sign any lending contracts, or any contracts, for that matter. They’re considered minors and legally can’t enter a loan contract or have a car registered in their name.
How much should a teenager pay for their first car?
Your teenager may be able to pay for their car in cash instead of taking out a loan or leasing a car if they’re able to save enough money. Every person’s situation is different, but one common recommendation is to keep the cost of your teen’s first car below $10,000.
What is minimum salary for car loan?
Minimum Net Annual Salary of Rs. 2,40,000 p.a.