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Pre-application Support

Do I have to become the registered keeper of a vehicle to finance it?

You don't always have to become the registered owner and keeper of the car, there are some lenders who will consider allowing you to take out car finance in your name, but have a different person named on the V5 certificate. 

We have lenders who are willing to consider parents who wish to take out finance on behalf of their child. So, it's always worth contacting us to explain your situation to see if we can help. 

If you apply for finance and don’t tell us that you won’t be the registered owner and keeper, this may affect your application with the lender  and trying to take out car finance for someone else is considered fraud. Here are two common examples

A parent will apply for finance and put their name on the V5 registration certificate. However, once they have the car, they change the name on the V5 to their child and they become the keeper and driver.

A similar scenario is when one partner earns more than the other. The partner who earns more will apply for the finance and put their name on the V5. Once the application for finance is fully approved, they transfer the car to their partner, as they’re the one who’s really keeping and driving the car.

In these situations, the best way forward is to do a joint application or find a guarantor, who’ll agree to pay your monthly amount should be unable to do so.

Written by

Mike Barlow

Content Manager

Mike has worked at Zuto since 2018 and uses his experience within the industry to help customers understand the ins and outs of car finance.

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