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
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.
Can I finance a car on my parents insurance?
The person driving the car will need to be listed as a driver. With that being said, some finance companies require you to have the insurance in your name. I would double check with your finance company. Good luck and if you have any other questions, don’t hesitate to ask.
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.
How can I put my car in someone else’s name?
First, the seller has to release ownership of the car by signing the title. The buyer then takes the signed title to the DMV, and the state issues a new registration and title. Some states might require additional paperwork to complete the process, such as a bill of sale or a transfer of ownership form.
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 car insurance be in the co signer’s name?
A co-signer may have to be listed on the car insurance if the co-signer is also on the vehicle’s title or is a regular driver, depending on the insurer. Otherwise, the co-signer is just someone assuring the lender that payments will be met. A co-signer typically has no financial responsibility except paying the loan.
Do you have to have the same address to cosign for a car?
Depending on the lender, they may require your cosigner to provide proof of either residency, employment, or both. Many lenders like to see that a cosigner is well established in their community and favor cosigners who’ve lived at the same address for five years or more.
Do both people on a car loan have to be insured?
Basically, if you have a joint car loan with someone you live with (and you both have current driver’s licenses), your auto insurance company will almost certainly require that both you and your co-signer be listed as drivers on the policy.
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 income does a cosigner need?
Typically, subprime lenders ask that cosigners have a minimum monthly income of $1,500 to $2,000 a month before taxes from one job. They also check to see that they have a qualifying debt to income (DTI) ratio of no more than 45% to 50% of their monthly income.
Do I need proof of income if I have a cosigner?
With a co-signer, the original purchaser will sometimes not be required to prove their own income, as long as the co-signer is able to provide their own proof of employment.