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So I am under 18, my boyfriend is 19. I have a steady well-paying job and have almost $2000 as a down payment on a car and I'm looking to take out a $4000 loan on a car (hopefully less!!). I've already calculated out payments, cost of insurance, have money put aside for "just in case" incidents and am planning to pay the loan out 6 months in advance just in case. My parents are refusing to cosign a loan or take out a loan in either one of their names or be involved with my car buying process other than possibly having the car put in their name (step mom is refusing to put car in her name if I put a lien against it to ensure they sign it over when I turn 18). SO, this bring me to the actual inquiry- is it possible to have my boyfriend take out a loan in his name at a bank, have me pay the payments etc. and have the car insured in my name? Thanks for your time!
Answers & Comments
Verified answer
Auto finance is what I do for a living and to actually answer your question sure your boyfriend can get the loan (if he qualifies) and you can make the payments and be listed as additionally insured on his insurance policy.
Potential problems.
You can not be a co-signer on the loan since your not 18-years old and can not sign a legally binding contract. All payments made will not benefit you at all since the loan will be in his name period. He can take the vehicle at any time for any reason since your not on the loan or title.
Good luck.
You cannot co-sign on any loan. You are a minor.
Boyfriend, as your guardian will have to take your money and buy you a car.
In his name.
Warning of what could happen in the future:
You two could break up years down the road.
He would take his car back, since you have no rights to it.
Better idea: Keep driving what you have now, and buy a car for cash.
Live a life of being debt free - no loans.
Since you're a minor (under 18), you can not sign any contracts. Also as of February 2010, you have to be 21 and employed 12/18 months without a co-signer.
Your boyfriend can own the car and you can be a named driver on his insurance. But what makes you think that he can get a loan?
This site can solve your problem very fast: WWW.CREDIT-COMPARE.NET
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