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| *Loan,banking and credit>>>bank loan |
Would it be different if my hubby took a loan from the bank as opposed to car finance from dealer? |
I asked a question a few days ago concerning wether the car registration document could be in my name if the car finance was in my husbands name, generally most people thought it wouldnt be allowed. I wondered if it would apply to a straightforward bank loan, you can say its for a car or you can say its for house improvemants etc..but if you were honest and said it was for a car, would the reg doc have to be in my hubbys name then also? if your husband gets a bank loan, he can spend the money how he likes and so can buy a car in anybodys name but if he gets finance through the dealer, the car doesnt become his until the loan is paid. thats why it has to be in his name. A bank loan is the cheapest option and home repairs is the best reason to give for it. A bank would not lend if it was for a car because the value depreciates were as a home value increases. As for the vehicle reg document, it does say on it that it is not proof of ownership so I reckon it doesn't matter whose name is on it. we found the bank gave us a better interest rate than the finance company.. The bank loan is always cheaper so I would recommend that but as for the legalities - my car is in my husbands name but I drive it and I sorted the loan out. It's cheaper to insure our car if hubby is the registered keeper (he's older and he's been driving longer!) and I'm a named driver! I doubt anybody checks - I suppose it could only get sticky if you were to split up, the car would legally belong to him and the repayments of the loan would be your responsibility. That's not going to happen though is it ? I think if you are borrowing money and the car is the collateral to protect the lender in the case of default, then the lender is going to want the borrower's name to be on the title of the car, no matter who the lender is. But there's no harm in asking, so I suggest you ask your bank. I would strongly recommend going for the bank loan option. The differnce in the interest that you pay back to bank, would be a lot less than if you took a finance deal with car company. You will probably get a much better deal at the bank. |
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