Can i purchase a car on finance without a driving license?
Lili asked:
My boyfriend and i want to buy a car. I have much better credit rating than him so i want the finance to be in my name but i do not have a driving license and will not be driving the car. Is it possible to buy a car on finance without having a license? and without giving his details at all.
**please do not give me relationship advice, i know about the risks of purchasing a car on behalf of your boyfriend…… just need an advice about the finance.
My boyfriend and i want to buy a car. I have much better credit rating than him so i want the finance to be in my name but i do not have a driving license and will not be driving the car. Is it possible to buy a car on finance without having a license? and without giving his details at all.
**please do not give me relationship advice, i know about the risks of purchasing a car on behalf of your boyfriend…… just need an advice about the finance.
Tags: Buy Car, Purchase Car, Relationship Advice
January 12th, 2010 at 7:05 pm
You can get a loan without a license at most banks and credit unions. Since the car will be financed they will require the car to be fully insured which means that you will need to provide all his details so they can purchase insurance if you don’t or allow the insurance to lapse.
A word of advice. Title the car in your name alone if the loan will be in your name so that you can repossess it if you need to. There must be at least 100 million women who cosigned or bought their boyfriend a car and then ask what can I do because we broke up and he won’t give me the car back or pay for it.
January 13th, 2010 at 6:22 pm
Whoa whoa whoa, why are you financing your boyfriends car? Why are you pretecting him from his poor decisions of the past by “hiding the details”?
I hope you have something drawn up or planned in the event of a breakup. He should be buying his own car in his own name - this whole thing reeks
January 16th, 2010 at 9:57 pm
No in order to purchase a vehicle a license is required by state law. Co-signers still abide by this as well. What you can do is open up a loan yourself and use that loan money to buy the car.
Edit: why are so many answerers giving relationship advice? It wasn’t part of the question.
January 20th, 2010 at 6:24 am
actually…i don’t think you really understand the issue you can create here. without a license you cannot title or register the car in your name, its required to do so. you can apply for financing and get that in your name, but not the title. so if you and your BF break up and the car is titled in his name and can take it….regardless if you pay for it. its his car…see how that works. This has bad idea written all over it unless you two draft a contract addressing this.
January 23rd, 2010 at 5:27 pm
No
The financing company will want a copy of your drivers license along with proof of insurance.
January 25th, 2010 at 11:29 pm
Sorry. Nope. You have to be able to drive and insure it in order to own it. Why don’t you just pay cash for something. Borrowing money for a car is stupid anyway. And borrowing money for a boyfriends car is really stupid. You don’t want relationship advice. Don’t ask advice on doing really stupid things. You both need to get your shyt together. You are a grown woman with no license. He is a grown man that can’t borrow money for a car. They give car loans to anybody so he must be 100% deadbeat. So don’t ever plan on getting paid back. Sugar momma.
January 26th, 2010 at 1:36 pm
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carquotes.fateback.com