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 someone take out a car loan for me?
Obtaining auto financing for someone else is usually only possible if you are their spouse or parent and the car will be registered to you. You may also be required to be listed as the main driver of the car.
Can my mom finance a car for me?
There are some lenders that will allow a parent to finance a car for their child, but it is usually required that the car be registered to the person whose name is on the loan. The parent may also need to be listed as the main driver on the car.
Can someone else pay for your financed car?
If you’re talking about using someone else’s money (such as your parents’) to pay the car loan with your name on it, that’s perfectly fine. Lenders typically don’t care who’s making the payments, as long as they’re on time and in full. If you mean transferring the loan to someone else, this is also possible.
Can someone finance a car for someone else? – Related Questions
Can I pay a loan off for someone else?
In fact, you don’t have to be related to a homeowner to offer the gift of a mortgage payoff or a mortgage payment. You can make a payment on someone else’s mortgage to help them out when they’re in a financial rough spot or simply because you’re in the giving spirit. FYI: You can even make this gift anonymously.
Can someone else pay my car insurance monthly?
No, direct debits can only be set from the main policyholder’s account, or a joint account which also belongs to the policyholder.
Can I buy a car cash for someone else and put it in their name?
You can buy a car for someone with cash—you’ll just have to add her name to the title after purchase. Here’s how to add another name to a car title: Sign the back of the title after you purchase the car in your name. Write your name and the other person’s name on the “Buyer” section.
Can a car loan be in a different name than the title?
Theoretically, yes the title can differ from the loan. Most common real life example is a husband and wife in the title but only husband on the loan. Parent and child too. However, most banks will want the title to match the loan, so they may require a change.
Does it matter whose name is first on a car loan?
It doesn’t matter whose name should come first on a car loan; it’s merely a formality. The only thing that truly matters is that both you and your wife can successfully apply for the loan.
How can I put my car in someone else’s name?
The procedures for transferring ownership are similar to buying or selling a car: the donor must include the odometer disclosure on the title, both parties must sign and date the title, and the recipient must go to the DMV and apply for a new title in their name and pay the transfer fee.
How do you take over payments on a car?
How Can Someone Take Over a Car Loan?
- Contact the original lender. Know going in that you’ll need the permission of the auto lender to complete the deal.
- Check your auto loan contract.
- Have your borrower check the contract.
- File the new loan paperwork.
- Make a title change.
Can I change ownership of a vehicle online?
Changing ownership
You can complete the change of ownership process online at the Waka Kotahi NZ Transport Agency website.
Who is the registered keeper of a car on finance?
When a vehicle is purchased on finance (HP or PCP) the registered keeper will be the person paying the finance off, the owner of the vehicle is finance company until the finance agreement is fully settled.
Can I finance a car for my wife?
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.
Can finance and registered keeper be in different names?
Do I have to become the registered keeper of a vehicle to finance it? You don’t always have to become the registered owner and keeper of a car – some lenders will consider allowing you to take out car finance in your name, but have a different person named on the V5 certificate.
Can I be the registered keeper of a car but not own it?
It is a common misconception that the registered keeper of a vehicle as listed on the vehicle’s V5C registration document is the legal owner of the vehicle. In fact the registered keeper is not necessarily the owner of the vehicle and the V5C document is not proof of ownership.
Can I insure a car that is not in my name?
In most scenarios, you cannot purchase car insurance on a vehicle that is not in your name. What that means is that if you drive a friend or family member’s vehicle, or are gifted a vehicle that’s in someone else’s name, the legal owner is responsible for insuring it.
Can a car be registered in one name and insured in another UK?
Yes, you can take out an insurance policy on a car that’s already insured by someone else. In the UK, this type of cover is known as non-owner car insurance. However, where possible, it’s usually cheaper to add yourself to the car owner’s existing policy as a named driver, as insurers can offer a discount for this.