No you may not finance a car in anyone's name.
A car dealer will finance a car for anyone that make an application to purchase a car. Once approved for a car loan the title and registration would be made in her name.
When registering the car, she would be required to show proof of liability insurance in her name.Since she was approved and obtained a car loan to purchase the car, there is a possibility the lender of the loan might require additional insurance coverage..
Normally a person requesting car insurance would need to provide a car VIN number, state vehicle license plate number as well as a valid state issued drivers license. Based on these facts an insurance compay would issue an insurance policy that covers that particular car and driver.
Your mother might add you to her insurance. Many insurance companies would increase the premium of the insurance for this addition.
To ask a mother, relative or friend to extend their credit or cover financially for your mishaps and mismanagement of your financial obligations is not a good situation to place these individuals in.
You have proven you have not in the past be able to handle your financial obligations, now you want to use someone else credit rating or financing to accomplish paying less interest or paying for something you are unable to financially afford.
When you fail to make the monthly payment as you will agree to pay as long as your mother apply for and is approved for a loan to purchase this car, you will offer some type of an excuse. Your mother's credit will take a negative hit, where in the past she has proven capable and would not allow this to happen.
You should not place your mother is a financial situation that would cause her financial harm because of a financial failures on your part.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
If it's financed in her name it's titled in her name so it's HER car legally. She then would have to let the insurance company know that you will be the driver & the rates will be based on both of you.
If it financed in her name she will own it. If you get along great but she can sell it at any time & would not need your permission. She would be sole owner.
You can put insurance in any name. Owning the car or not has nothing to do with insurance. They do not ask for proof of ownership. Many people put fiance, husband, wife or other family member car on their insurance. Happens all the time.
The loan and insurance would have to be in your mother's name and you listed as a additional driver on the policy.
what country u in?
if in USA and u a legal driver,
the insurance will be based on your driving record
and her's.
if financed in her name = the car is her's to sell if she wants.
learn about financing be4 u waste money.
smarter move is buy a cash car u can afford.
The car would be hers. The insurance would be yours. Any variation in insurance arrangements would be illegal. Just ask insurers.
If she finances it, she owns the car.
Put both of you on the insurance.
I doubt she would be willing to take on that risk. If something happens and you stop paying, she is majorly screwed and they will come after her and HER credit will be ruined
Since you will be the one obtaining a loan - then you are the owner....NOT your mother.
I want to have a car financed in my mother's name so that I will have a lower interest rate (her credit is better than mine). I am wondering how it would work with the insurance
