In order to do this, the person who is purchasing the car (the buyer) will need to apply for financing in their own name. Once approved, the buyer can then purchase the car and register it in the name of the other person (the registrant). The lender will usually require that the buyer provide proof that the registrant is the actual owner of the car, such as a bill of sale or a gift letter.
There are a few things to keep in mind when arranging for financing in one name and registration in another name. First, the buyer will be legally responsible for the debt, even if the registrant is the one who is actually using the car. This means that if the registrant defaults on the loan, the lender can come after the buyer for payment.
Second, the buyer may not be able to claim the car as an asset on their tax return if it is registered in another person's name. This could lead to a higher tax bill for the buyer.
Finally, the buyer may have difficulty selling the car if it is registered in another person's name. This is because the potential buyer will not be able to get a clear title to the car unless the registrant signs the title over to them.
Overall, arranging for financing in one name and registration in another name can be a complex process with a number of potential pitfalls. It is important to weigh the pros and cons carefully before making a decision.
