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Can I take out a car loan to buy a car as a gift?
I want to buy my wife a car as an anniversary gift, but I'm not sure I can take out the loan I’ll need to buy it if I'm not the primary driver. Is there any way I can use a car loan to buy a car as a gift?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A car for an anniversary present is one amazing gift! I’m happy to say that getting a
car loan
to buy a car as a gift is easy. As long as you have steady income, a low debt-to-income ratio, and good credit, you should be able to get a car loan with no problem.You can put the entire car loan in your name. However, you should put the car title in both of your names so that your wife is also a legal owner of the vehicle. You may also need to add both of your names to the car insurance, as you’re both on the car title.
Don’t forget that you’ll need full coverage car insurance to drive the car off the lot, which can be expensive. If you want to make sure you’re getting the best deal on the coverage you need, check out the
Jerry
app. We’ll get you customized quotes from top insurers in seconds, so that all you need to do is pick the plan that works best for you.Best of luck with your loan, and happy anniversary!
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- Gregory R.
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