Can i get a auto loan and use this money to purchase a car and put it under my father's name? the reason i want to do this its because my father has no credit history but insurance for him is cheapter cuz he is old i'm only 21...am i allowed to do tat?
2007-09-25 07:02:38 · 5 answers · asked by Mary has a little lamb 1 in Cars & Transportation ➔ Insurance & Registration
The loan company won't let you do this unless your father is part of the loan process (ie he's the primary person getting the loan and you're a co-signer)
It won't help your father's credit history at all if he's not on the loan.
Insurance for the car is based on experience and time of driving as well as other items. If you are going to be driving the car, you'll need to have your name on the insurance too or the insurance company can deny claims if you get into an accident.
With everything you're asking. What you need to do is have your father get the loan, and you be a co-signer on that loan. (At 21, I'm not sure how much of a credit history you have either). This will allow your father to build a credit history and allow your credit history to help possibly lower the interest rate a tad.
2007-09-25 07:10:21 · answer #1 · answered by hsueh010 7 · 0⤊ 0⤋
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2016-09-27 20:01:05 · answer #2 · answered by ? 3 · 0⤊ 0⤋
There are many auto loan options available today. Today, stiff competition among auto loan financing companiesfinance option. You can apply for online car loans on the Internet, or get it from your car dealer.
2007-09-25 07:23:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you would have to both be on the loan, and both be on the auto policy, thats all you can do, and if you have good credit and he has none, you wont want to have him on your loan then.
a vehicle needs to be insured in the name of the person of which its titled or registered in.
really isnt any loop holes, we all had to pay the higher premiums when we were 21.
2007-09-25 07:12:05 · answer #4 · answered by ktlove 4 · 0⤊ 0⤋
the car can be registered and insured in your father's name if he is ok with that...but the loan will have to be under whomever takes the loan out- you can't change that without the other party going through the same screening process.
2007-09-25 07:11:37 · answer #5 · answered by jmd72inva 6 · 0⤊ 0⤋
If you get a personal loan you can do that but if the car is used for collateral it has to be in whoever finances it.
2007-09-25 07:26:49 · answer #6 · answered by kim h 7 · 0⤊ 0⤋
THIS IS CALLED INSURANCE FRAUD AND YOU COULD BE SPENDING SOME TIME IN JAIL AND A STIFF FINE AS WELL.
2007-09-28 01:24:02 · answer #7 · answered by Anonymous · 0⤊ 0⤋