Parents buying, me owning?

Arpegius

Arpegius

Arpegius

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Joined
10 Mar 2004
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Leeds
Hey all, looking for some help here. If my parents, say my dad, buys a car on finance, can they register that car to me? ie for insurance and other such things? I'll be the only one using it and it would essentially be mine so would that affect insurance?

Entering the real world so haven't started earning enough yet to buy it myself but will be able to afford it once 1st pay cheque comes in.

Cheers in advance
 
In my experience, insurance companies are happier insuring a car that you are the registered keeper of, remember the registered keeper isn't always the owner.

So you will get less hassle if your name is on the V5.

But yes you can insure something that you neither own or are registered to.
 
So if my dad buys a car, can he name me as the owner or will it be since he paid for it, he owns it? (Even if he gives it to me?)
Or perhaps I can be the registered keeper which I assume is different to the owner
 
Whoever's name goes down on the DVLA form thingy (I forget the exact form) would technically be the registered keeper, surely?
 
You can insure the car although the insurance company will ask you why you're not the registered keeper, it will also push your premium up.

Simple fact is, if you couldn't do it, it wouldn't ask you on the quotes "Are you the registered keeper of the vehicle"...
 
Why dont you not finance a car until you are in a secure financial position? You've not even had your first payslip yet, slow down!
 
[TW]Fox;12182899 said:
Why dont you not finance a car until you are in a secure financial position? You've not even had your first payslip yet, slow down!
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Agreed,

Do you need an expensive car? What are you planning to buy and how much use will it get. Will you need the car to get to work?

However you might be able to get finance with your dad as a 'gaurantor'. You need to check up on this but I think the idea is the finance would be in your name, but they could then go to your dad if you didn't pay.
 
Just to clear things up about my situation, I have not been offered finance, I will be starting work and I will most definitely be able to afford it. I need it for commuting to work as I have been moved outside London so can't use public transport any more. £5000 is what I'm spending in total of which the monthly repayments are more than covered by my salary. Could probably afford 3-4 times that amount but don't want to go crazy.

If I don't get this car, then I don't get to work, then I don't get paid. Simple.
 
Then do what I suggested and see if they're able to give you finance with your dad as a gaurantor.

A 17 year old I used to work with got finance like this.
 
I'm pretty sure you can, my dad purchased a moped on his credit card and had it registered in my name.

You can insure a car that you aren't the registered keeper of, just expect higher premiums
 
Arpegius said:
Just to clear things up about my situation, I have not been offered finance, I will be starting work and I will most definitely be able to afford it.
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And what if after 1 month you fail your prebationary period? Or you decide the job isnt for you? Wait until you've been in a job a few months before weighing yourself down with financial commitments which will screw you if you quit.

If I don't get this car, then I don't get to work, then I don't get paid. Simple.
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Simple? Far from it. You need A car, not THIS car?
 
Let him do what he wants, at least he isn't spending out mega money for a new car. He won't have the financial overhead, his dad will keep the payments up and i'm sure if the op doesn't have income his dad will cut him some slack.
 
What's wrong with buying an old Volvo or something for a couple hundred quid? It will get him to and from work for a few months whilst he saves up his pay cheques. Then he can buy something better (although I bet by then he would rather just see how long the Volvo lasts and hence keep saving his dosh)

This is called bangernomics :) works great for people just starting out in work.
 
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