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 you take a car loan out for someone else?
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 else get car finance for me UK?
As such, you can’t pass a finance deal to someone else – instead, they’ll need to apply for their own finance package and set up a new finance deal from scratch.
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 for a family member? – 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.
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.
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.
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 a V5 be in a different name to finance?
Yes, it can. To get car finance, you don’t necessarily have to be the keeper or registered owner of the vehicle – there are a selection of products available that will enable you to acquire finance in your name but have a different person nominated on the V5 registration document.
Can I own a car but not be the registered keeper?
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. A common scenario is where a company owns the vehicle but an employee is the registered keeper and the day to day user of the vehicle.
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.
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 .
How do I insure a car not in my name?
If you’re looking for the easiest way to insure a car that’s not in your name, you can add the owner of the vehicle to your insurance policy as an additional interest. When you do this, your premiums will not increase as it merely states someone else’s insurable interest.
Can I be on my parents car insurance if the car is in my name?
If you’re driving your parents’ vehicle, staying on their insurance policy is not an issue. However, if you move back in with your parents and bring a car that’s registered and titled in your name, you can decide to insure your vehicle on your parents’ policy or purchase your own policy.
Can I insure my daughters car if she doesn’t live with me?
No, you cannot add someone who doesn’t live with you to your car insurance in most cases. College-aged students who aren’t living at home but still use their parents’ home as their permanent address are the biggest exception to this rule.
Does car owner have to be main driver?
The main driver has to drive the car more often than the named driver. If they don’t, it counts as a type of fraud called “fronting” (and here’s our guide on insurance fraud). But the main driver doesn’t necessarily have to be the owner or the registered keeper. This is pretty common for married couples.