piranha786
Expert Member
Is it possible to take a loan out on your name, but the car is put on someone else name?
Act as surety or something like that
Act as surety or something like that
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Question of the Day: Did you buy your last car with cash or on a finance plan?
Car loan for your son
- Thread starter piranha786
- Start date
Pho3nix
The Legend
Do you mean the fines come through to him and not you?
Why not just keep the car/loan in your name, he pays any fines, primary driver regarding insurance?
SauRoNZA
Honorary Master
It would make more sense for him to take the loan on his name and the car on his name but you sign surety for him if he were to default.
What you propose is possible with some of the banks I believe, but not all of them, however as per above it doesn't make sense.
It would be in his better interest to have it in his name and build a credit record.
What you propose is possible with some of the banks I believe, but not all of them, however as per above it doesn't make sense.
It would be in his better interest to have it in his name and build a credit record.
Pitbull
Verboten
Just buy it on your name. Put him as the regular driver on the insurance. When the finance is settled, transfer it to his name.
Agreed.
Unless he wants to start building up a credit record, and will qualify either for the loan or vehicle finance.
Then it would make better sense for him to apply in his own name.
Acid0
Executive Member
well technically does the bank not own the car until you pay it off, then only does the car get transferred to your name.
So in respect with credit worthiness he will have to put the loan on his name and not yours.
I would just buy the car and take the loan on my name.
Maybe just have a letter/contract drawn up with your son for in case something do happen to you that the car will be settled and transferred to his name.
So in respect with credit worthiness he will have to put the loan on his name and not yours.
I would just buy the car and take the loan on my name.
Maybe just have a letter/contract drawn up with your son for in case something do happen to you that the car will be settled and transferred to his name.
piranha786
Expert Member
Yes you right.
The bank is the "owner" but I think you are the title holder. So the transfer of the car from the bank needs no roadworthy test etc.
It is the other way around. You are the owner and the bank is the title holder. The title holder is the "real" owner if I can put it like that. Once the car is paid off, you become the title holder.
Acid0
Executive Member
Because every time you settle or pay off your current car the bank sends you the papers to transfer it to your name.
At the end it all depends what the reason for the purchase is.
1. If it is to give your son a nice car to travel in, then I would purchase the car myself
2. If it is for hes credit worthiness, then I would make him pay the cat and just sign for surety.
At the end it all depends what the reason for the purchase is.
1. If it is to give your son a nice car to travel in, then I would purchase the car myself
2. If it is for hes credit worthiness, then I would make him pay the cat and just sign for surety.
Brenden_E
Executive Member
I financed a car for my dad and tried to put it in his name. No can do. I asked and they refused.
You have to put it in your name until it's paid off.
piranha786
Expert Member
title holder- law : a person, company, etc., that owns property
Who has the log book (title) while paying off the car, you or the bank?