Can my boyfriend buy me a car on finance?

Despite seeming like a simple solution, car buyers are advised not to ask someone else to take car finance out in their name. However, the person who takes the finance will need to be the registered keeper of the vehicle. Some lenders also require the borrower to be the main driver.

Can you get car finance as a couple?

There are no strict restrictions on exactly who you can joint finance a car with. However, it’s more commonly used for married couples or immediate family. Some lenders may require both parties to live at the same address, so joint financing a car with a friend may be difficult unless you live together.

Can a car be owned in joint names?

Yes, it can. To get car finance, you don’t necessarily have to be the keeper or registered owner of the vehicle – there are a selection of products available that will enable you to acquire finance in your name but have a different person nominated on the V5 registration document.

What happens to your credit when you co sign a car loan?

Co-signing comes with many risks for the co-signer. The loan shows up on his credit report and impacts his buying power; if he later needs a car or a home loan of his own, the co-signer might not be able to get it until your car loan is paid off.

What should I know before buying a car for someone else?

Look at your budget and decide if you can afford the downpayment, full amount, and/or the monthly payments. Since you are purchasing the car for someone else, you will also be liable for the loan if you are either the cosigner or the loan holder. Make sure you can afford those payments if they can’t at some point.

What should I do if I co signed on a car with my ex?

I’ve broken-up with my boyfriend-girlfriend, and my problem is I co-signed on a car for him/her. I’ve asked them to take my name off the loan and get the car under his/her own name. What should I do to avoid being taken advantage of? Is there anyway for me to get off the loan and make my ex boyfriend-girlfriend pay for the car themselves?

What happens if I Sell my Car with my ex?

The lender will take back the car, sell it at auction, and then file a judgment against both you and your ex for whatever loss they incurred, as well as all their various fees. You can expect a charge of $5,000 plus on your credit. Still, if you can’t get your ex to “play ball,” this may be your only option.