TK asked:
I’m planning on purchasing a car with the help of my dad co-signing, since he has established credit.
Can my father pay for the auto insurance (it’ll be cheaper), while I own the car?
In other words, can I get the car registered under my name with the auto insurance under his?
Reason for this is to help me establish my credit also. Or should I forget all the idea and just have my father’s name under everything?
If you father lists you as an additional driver on his policy.
Ok, the REAL question is, who’s name is on the TITLE?
Technically, a cosigner is NOT a coowner, they just guarantee the loan. Most of the time, though, the bank will want them as coowner on the car.
The name on the insurance policy, the title of the car, and the tags, all have to MATCH.
I can’t insure a car titled to your name. And neither can your dad.
What you SHOULD do, is not borrow money to buy a car. INsurance, assuming you’re 20 or under, is going to cost MORE than the car payment. Buy a $500 clunker, keep it in your name, and then the insurance will be affordable.
Have you seen the news lately? Have you seen what buying stuff on credit DOES to people, financially?