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Can I get a car loan in a parent's name?
I have limited credit and I'm not making much money, so I don't know if I'd qualify for a loan. Is getting one of my parents to apply for me a possible solution?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
There are some lenders that will allow a parent to finance a car for their child, but keep these two things in mind:
- Under a lease, the car is typically required to be registered to the person whose name is on the loan (i.e. the parent or the child).
- The person whose name is on the loan is usually required to be listed as the main driver on the car (i.e. the parent or the child).
Other options: If you need to be listed as the main driver or if the car needs to be registered to you, you should consider getting your parent to
cosign a loan
for you. An unsecured personal loan may also be an option.View full answer
- Gregory R.
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