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 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 you finance a car and insure it in someone else’s name?
No, you cannot insure a car that is not registered under your name. If you don’t have an insurable interest in a vehicle (meaning you’d be financially affected if anything happened to it) most car insurance companies will not allow you to insure it.
Can I buy a car and put it under my parents name?
If you have a car that is registered in your Dad’s state, there should be no problem. However, if you own and registered a car in a different state, it might be problematic. You and your Dad should talk to his agent about this.
Can you finance a car for a family member? – Related Questions
Can I add my daughter to my 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 my father buy me a car?
Gift from relative as per income tax law, is exempt from income tax. You can freely receive money from your father and buy the car. Your Father need to make a gift deed for the money transferred.
Can I buy a car under my mom’s name?
Legally, yes. As your mother’s agent under her durable power of attorney, you can, in effect, stand in her shoes and on her behalf sign any legal document she could and would sign on her own if she were able to do so.
Can I buy a car under my moms name?
Your mom can’t co-sign on a loan for somebody who is too young to enter into a legally binding contract. In most jurisdictions, that would be 18. Mom can purchase the vehicle, keep it titled in her name (which it would have to be if she has a loan on it) and insure it under her name, but she can’t co-sign for you.
Can my parents take my car if my name is in the title?
Originally Answered: Can my mom legally take my car from me when the title is under my name, and while I am currently paying it off to the bank? No, if you are the registered owner of the vehicle, she cannot legally take the car from you.
Can I get a car in my moms name?
To get your mom’s name off the title, she has to transfer the title to you. While transferring ownership varies from state to state, in most cases, your mom will need to sign over the title to you. However, the transfer process is surprisingly simple and just requires a both your signatures and a bit of paperwork.
Can my mom buy 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.
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 drive my mums car on my insurance?
No. There was a time when many fully-comp policies automatically gave you third-party insurance to drive any car, but those days have gone. So even if you’re fully covered for your own car, don’t assume you’re insured to drive other people’s cars otherwise you risk breaking the law.
Does the registered keeper have to insure the car?
Technically, the registered keeper of a car doesn’t need to be the insurance policy holder for that car. But some insurers won’t let you be the policy holder unless you’re the registered keeper.
Can someone else insure my car if the title is under my name?
Yes, you can buy auto insurance coverage for someone else, as most companies allow the driver and policyholder to be in different names. This is fairly common for teen drivers, as parents generally are the auto policyholders until dependents can purchase their own vehicle and own insurance.
Can I insure a car that is not in my name UK?
Can I insure a car I don’t own? You can insure a vehicle you don’t own, but you must tell the insurer that you’re neither the registered keeper nor the owner. The registered keeper is the person named on the registration certificate; the owner is the person who bought it.
Can I insure my daughters car in my name?
Yes, but only if you’re the primary driver of the car. Find out your options. Updated Jan 11, 2022 .
Can the owner and registered keeper of a car be different?
A car’s owner and registered keeper are often assumed to be the same thing, because they are usually the same person, but in fact they can be different people. The owner is the person who bought the car or the person who has been gifted the vehicle. The registered keeper is the main user of the car.
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.
Do you have a V5 if your car is on finance?
When you purchase a car on finance, you will receive all the documents related to the vehicle in question. This will include the car’s V5 registration document, which will have your name and address on it as the vehicle’s registered keeper. However, this does not mean that you have ownership of the vehicle.
What makes you the legal owner of a car?
The Owner Of A Vehicle/Car
The owner of a vehicle is the person or company that bought the vehicle or somebody who was given the vehicle as a gift. The owner is not necessarily and does not have to be the registered keeper or be the day to day user/driver of the car.
Can you insure a car you don’t own?
Wondering if you can insure a car you don’t own? The answer is yes, you can take out a separate car insurance policy on someone else’s car – but make sure that you tell the insurer you’re not the owner or the registered keeper of the vehicle when you apply.