I asked a question a few days ago concerning wether the car registration document could be in my name if the car finance was in my husbands name, generally most people thought it wouldnt be allowed. I wondered if it would apply to a straightforward bank loan, you can say its for a car or you can say its for house improvemants etc..but if you were honest and said it was for a car, would the reg doc have to be in my hubbys name then also?
2007-07-10 10:03:55 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
No Nickthesurfer, it will be his car but for business/insurance reasons it has to be registered in my name. It is all for his benefit not mine.Im a very giving thoughtful wife!!!!!!
2007-07-10 11:19:26 · update #1
if your husband gets a bank loan, he can spend the money how he likes and so can buy a car in anybodys name but if he gets finance through the dealer, the car doesnt become his until the loan is paid. thats why it has to be in his name.
2007-07-10 10:09:14 · answer #1 · answered by daftoldwoman 4 · 0⤊ 0⤋
In the UK that wouldn't be a problem. An individual can take out a personal loan for any purpose (so long as he/she has the credit rating required). He'd still be using the money to buy a car, with the only difference being that it would be in your name. If it's a non-secured loan, the bank don't care so long as they get their money (+ interest) back.
Also, by going to a bank, you're more likely to get a better rate of interest (always check teh APR rather than the flat rate).
Why get the loan in your partners name if the car is for you ..... does he have a better credit rating or are you going to run off with the car as soon as he's taken out the loan - leaving him with the debt (he he he)?
NB. Avoid loans secured on your property etc.
2007-07-10 10:13:49 · answer #2 · answered by nickthesurfer 4 · 1⤊ 0⤋
If you get finance from the car dealer the registration document will be signed to the name whoever signs for the finance.If you get a bank loan, then you can purchase the car in whoever you want and the APR will be better.
2007-07-10 10:12:24 · answer #3 · answered by cheeky m 1 · 0⤊ 0⤋
The bank loan is always cheaper so I would recommend that but as for the legalities - my car is in my husbands name but I drive it and I sorted the loan out. It's cheaper to insure our car if hubby is the registered keeper (he's older and he's been driving longer!) and I'm a named driver!
I doubt anybody checks - I suppose it could only get sticky if you were to split up, the car would legally belong to him and the repayments of the loan would be your responsibility. That's not going to happen though is it ?
2007-07-10 10:09:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would strongly recommend going for the bank loan option. The differnce in the interest that you pay back to bank, would be a lot less than if you took a finance deal with car company.
2007-07-10 10:11:13 · answer #5 · answered by ? 7 · 0⤊ 0⤋
A bank loan is the cheapest option and home repairs is the best reason to give for it. A bank would not lend if it was for a car because the value depreciates were as a home value increases. As for the vehicle reg document, it does say on it that it is not proof of ownership so I reckon it doesn't matter whose name is on it.
2007-07-10 10:08:13 · answer #6 · answered by tucksie 6 · 0⤊ 0⤋
finance has to be in the owners name.
a bank loan can be spent on anything once you got it, so legally he can "give" it to you and you can buy the car. or he can buy the car and transfer it to you.
also worth considering. financed cars have to be insured fully comp to make sure the finance company get money if you write it off. something you buy yourself (even if you borrowed money from bank) only has to be insured minimum 3rd party.
2007-07-11 00:38:38 · answer #7 · answered by alatoruk 5 · 0⤊ 0⤋
I think if you are borrowing money and the car is the collateral to protect the lender in the case of default, then the lender is going to want the borrower's name to be on the title of the car, no matter who the lender is. But there's no harm in asking, so I suggest you ask your bank.
2007-07-10 10:10:33 · answer #8 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
Erm, I would disagree with checking the APR over the flat rate. Ever seen the calculation involved for an APR - I have and it is mind boggling. The flat rate will show EXACTLY how much you are paying.
2007-07-10 10:21:32 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You will probably get a much better deal at the bank.
2007-07-10 10:11:28 · answer #10 · answered by little weed 6 · 0⤊ 0⤋