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Can I get a car loan in my name for a car I want to give as a gift?
I want to give my wife a new car for her birthday. Can I take out a car loan in my name even if she’ll be the primary user?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good thinking—that gift is going to earn you a few brownie points with the wife! If you want to gift a car to your spouse but you need a
car loan
, you can take out the loan in your name.However, your name will be the only name on the title and the policyholder name for the
car insurance
policy. Your wife will be added as an insured driver.If you want to change ownership or the loan details in the future, you can always
refinance the car
and retitle it with both your names or just your wife’s name.If you’re taking out a loan on the car, the lender will require you to purchase full-coverage car insurance, but it doesn’t have to cost a fortune.
Jerry
can help you compare quotes from dozens of insurers to make sure you’re getting the best rate possible.View full answer
- Gregory R.
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