It’s also possible to secure financing online, whether at the dealer or through your own local bank or credit union. In this scenario, the only part of the process you’d have to do at the dealership is picking up the car. Some dealers won’t even require that but instead will drop off the new car at your house.
Can I finance someone else’s car?
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 you finance a car without a license in NC?
“You don’t need a driver’s license to finance a vehicle. Currently, no state has that as a requirement. The only things you’ll need to finance are: good credit.
Can I finance a car that is not in my name?
A financed car has to be registered in the primary borrower’s name. The only way that you could be on the loan and not on the registration is if you were to cosign for your spouse.
Can you finance a car without being present? – Related Questions
Can my parents finance a car for me?
No, unfortunately you can’t apply for finance on someone else’s behalf. There are lenders on our panel that ask that the person signing the agreement must be the registered owner/keeper and main driver of the car too. If your son has bad credit or no credit history, you may be able to make a joint application.
Can my wife finance a car for me?
If your spouse wishes to buy a car and finance it with a car loan, they are free to do so. Once they have bought a car, they are free to let you use it. However, if you are the owner of the car, the loan is going to have to be in your name. Your spouse can’t get a loan backed by an asset they don’t own.
When you finance a car whose name is on the title?
You’re listed as the registered owner and your lender is listed on it, too, as the lienholder. Once you complete your loan, the lender sends you a release of lien letter, which allows you to get a new title with just your name listed on it.
Can you buy a car and put it in someone else’s name?
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 trade in a financed car under someone else’s name?
You Can’t Trade in Someone Else’s Car
And, if your name isn’t on the car’s title, even if you’re the primary driver, you’re not the owner of the car. However, the owner can trade in the car themselves, or sell you the vehicle you’ve been driving. Once you own it, it’s yours to do with as you please.
Can you change car finance to another name?
Unfortunately, you can’t simply change names on a car finance agreement. Every loan is tailored to the borrower’s individual circumstances and, as someone else’s circumstances will be different, they can’t be easily transferred.
Can you sell a car on finance then pay it off?
No you can’t, as the lender is the legal owner of the car until the finance is settled. In order to sell the car, you’ll have to end the hire purchase agreement early. If you’ve paid off less than half of the agreement’s total cost, you can return the car.
What happens if I sell a car with outstanding finance?
The loan is not secured against the value of the car. However, if you sell your car, you’ll still owe what remains of the loan and you’ll need to keep up repayments. You can, of course, pay off any remaining amount owed using the proceeds of the sale.
Can you put car finance in 2 names?
Yes, you can finance a car under joint names. The process may differ slightly as the lender will need both parties’ details. Not all lenders approve joint applications though, and some impose restrictions such as applicants having to live at the same address.
Who owns the car if there is a co borrower?
In a joint auto loan, two people (called co-borrowers) apply for a loan together and have equal responsibility for paying off the loan. Once the loan is closed, both applicants will jointly own the car. Both their names will appear on the title and registration.
Does the main driver have to be the registered keeper?
Every car insurance policy has a “main driver”. By law, this has to be the person who drives the vehicle the most often. The main driver doesn’t necessarily have to be the owner or the registered keeper of the car. Other drivers can be added as “named drivers” on the same policy.
Can two people own a car?
If you intend to own the vehicle jointly, you’ll need a written agreement outlining the details. This is especially important if only one of you signed for the loan but both of you will be contributing toward its repayment. When you register the vehicle with the state, put it in both names.