Can you buy a car with your partner and own it jointly?

[Anonymous]

We are thinking of getting a car on finance but he wants to get it in his name. I would be paying for half though and if we split I’d like to know I was going to get my money back. I trust no man lol.

Is this even possible?

[Smoke-n-Growls]

You'd probably need to draw up an agreement with a lawyer if you want something binding.

Something that goes over who's paying what, whose name goes on what, and what happens if you split.

It's a good idea to protect yourself, especially if it's just his name on the lease (also, how will this impact YOUR credit score and the insurance on the car? Male drivers have increased premiums, so it might even be cheaper in the long run for your name to be on the lease).

There are no legal protections in this case unless you make them via a contract.

[KatherineJ]

It’s possible to get a joint loan. But usually there aren’t any escape clauses in loans like that. So if you choose to do it, read all the paperwork before signing anything. And if you do break up, plan on being responsible for the full loan.

[HighValue]

You can, but in order to do that the loan would need to combine both of your credit scores, which depending on who has a better credit score, they may end up paying more due to their partner's lack of a good score.

I don

't know all the details because when I bought a new car myself I saved up and paid cash for it with no loan.

[Stevepro68]

Don't trust this guy. Never Co mingle. Money of any sort unless you have to protection and responsibility of a legal marriage.

[Asker]

We are engaged

[Stevepro68]

That is like saying your pre pregnant lol. I wouldn't buy anyone who has been divorced find out quickly how badly things can get about money

[Asker]

I could draw up a written agreement and get that signed

[FilmGuy93]

Yeah! You can buy or transfer a car into joint ownership

[Subarugirl]

Yes... its called cosigning

[In_Trance]

no, not here you can't

[Subarugirl]

They don't have cosigning where you live?

[In_Trance]

Co-signing is financial responsibility if the owner to be defaults on the loan from the bank.
If you buy a car outright there is no co-signer.
Only one person owns the car.
You can't have 2 names on an ownership. Not here anyway

[Subarugirl]

In the united states you can have joint owners. Two names can be included in the title document for a single car. The local Department of Motor Vehicles in your state will certainly allow two or more names on the title document, this is referred to as joint ownership. Interestingly, the two names can also be on the vehicle’s registration document.

[In_Trance]

Can't do that here

[Subarugirl]

Yes, you keep saying that but fail to mention where here is...

[Anonymous]

You might have to co sign.