Can you have a car loan in one name and title the vehicle another name?

In most cases, it is possible to have a car loan in one name and title the vehicle in another name. If a person is listed as the owner of the vehicle, this means they have legal ownership of it. On the other hand, the person listed as the loan holder is responsible for making the payments on the vehicle. When the loan is paid off, the title of the vehicle will be transferred to the loan holder.

The borrower and owner's names can usually be different on a car loan. This is quite frequent in the following situations:

- Parents and children: Parents may purchase an automobile in their names and let their kid drive and make the loan payments. If the youngster defaults, the parent is still accountable for the loan.

- Married couples: Even if the spouse's name is not on the title or the loan, they may co-sign the automobile loan with their spouse. If their partner defaults, they are nonetheless accountable for the loan.

It is essential to note that the person listed as the owner of the vehicle is ultimately responsible for it, even if they are not the one making the loan payments. If the vehicle is involved in an accident, or if it is stolen, the person listed as the owner will be responsible for dealing with the insurance claims and any legal issues that arise.