Can I Take A Loan Out For A Used Car But Have The Title In My Sons Name

Posted in Used Car Loan | Asked on Jun 26, 2010

My son is in the marine corps and will soon be coming back to the States and is in need of a car. My husband and I would like to purchance him a nice used car. We can not have him on our insurance becuase he does not live with us. he would need the car to be in ONLY his name. Is there any way that i can get a loan, make the payment, not have him attached to the loan in anyway but have the title in his name so he can pay insurance?

Thanks
We are in california

There are 2 Answers for "Can I Take A Loan Out For A Used Car But Have The Title In My Sons Name"

  1. jmiller says:

    Unfortunately not. I am the co-signer on my daughters car, and I have attempted in the past to remove my name from the title. However, until the car is completely paid for, I cannot do this.
    However, if you were to take out a loan from the bank, and not use the car as the collateral, (say, for instance you said the loan was for home improvement) then, you could use that money to purchase the car, and put it in his name only.
    You may want to check with your son on the purchase first though, as he can probably get quite a discount on a car purchase due to the fact that he was in active duty.
    Good luck to you.

  2. Tim says:

    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

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!

You must be logged in to post a comment.