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 I get a car loan 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.
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 I cosign for a car for my brother?
Even with poor credit. Yes, you can be a cosigner for someone if you already have a car loan yourself. In fact, being a cosigner can help you boost your own credit score if the primary borrower is making all their payments on time.
Can someone finance a car for someone else? – Related Questions
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.
Does a cosigner need to be present to buy a car?
When you trade in a car, does the cosigner need to be present? Though cosigners provide a helping hand when obtaining financing, they don’t need to be present when you trade in a car. That’s because, at the time of trade-in, only the primary borrower has to sign the title.
Can a sibling cosign a loan?
Assuming your lender allows non-occupant co-borrowers, a sibling may be a co-borrower on your mortgage even if she owns another home. However, your sibling will need to qualify for both mortgage payments to be eligible. Co-borrowers are responsible for the full payment of the loans they co-sign.
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 17 year old get a car with a co signer?
“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.
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.
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.
What do you need to cosign for a car?
Generally, lenders will require a potential cosigner to have a credit rating score of 700 or above. People with this range of credit score, and higher, are generally very financially responsible and pay their bills and obligations on time. If you have bad credit, your cosigner and needs to have excellent credit.
What is the age limit for a personal loan?
Well, correction: when it comes to the maximum age for taking out a loan, there’s no official maximum age limit. You do, however, always need to be over 18 years old.
How much loan can I get on 35000 salary?
How Much Home Loan Can I Get on My Salary?
| Net Monthly Income (₹) |
Loan Amount (₹) |
| ₹ 30,000 |
₹ 17,09,806 |
| ₹ 35,000 |
₹ 20,46,586 |
| ₹ 40,000 |
₹ 23,83,366 |
| ₹ 50,000 |
₹ 30,56,926 |
Can a person with no credit get a loan?
Yes, it’s possible to obtain a personal loan without a credit history. That said, you may be faced with higher interest rates and unfavorable loan terms, especially when applying for an unsecured loan.
Can you be denied a loan due to age?
A lender generally can’t deny your loan application or charge you higher interest rates or fees because of your age. This rule applies to various types of lenders when they’re deciding whether to give credit, such as an auto loan, credit card, mortgage, student loan, or small business loan.
Is a car loan based on income?
Lenders will look at your debt-to-income ratio, or DTI. This measure compares your monthly bills to your gross monthly income. Most car dealers like to see a DTI no higher than 45 or 50 percent before approving a loan, according to The Car Connection.
Can a 75 year old get a 30-year mortgage?
Can you get a 30-year home loan as a senior? First, if you have the means, no age is too old to buy or refinance a house. The Equal Credit Opportunity Act prohibits lenders from blocking or discouraging anyone from a mortgage based on age.