Car Finance Help

Esheed

Hello All,

I need some help in regards to car finance!
I am going traveling for several months, in which my brother has asked if he can have my car to drive until I am back.

Is it possible for me to give this to him on his own insurance and also if I am out of the country?
He also mentioned he will cover the cost of the car finance and transfer it into my bank account each month. Are you allowed to do this?

Quentin

Esheed wrote: »

...He also mentioned he will cover the cost of the car finance and transfer it into my bank account each month. Are you allowed to do this?

He can of course pay money into your bank account every month!


As far as using his own insurance goes, then presumably he means driving on his "driving other cars" cover.


This will be fine, though won't be comprehensive cover (meaning he will have to pay himself for any damage done to your car)


To get comprehensive cover then add him to your policy as a named driver or get him to buy a temporary insurance policy which will allow him to insure a car which he neither owns nor is the registered keeper of

mattk_180

If he wants to insure it himself then he can do but must disclose that he doesn't own the car. If he is planning to drive it third party only under his existing policy then as above, that it a risk you will have to decide if you want to take. He would also need to be careful of the wording in his policy as it may specify that it won't cover him to drive other cars if it is a regular occurrence.


He can pay money into your account each month and the finance company will just continue taking that from you as normal, as long as he keeps up the payments otherwise it will come back on you.


Like above, perhaps try adding him to your insurance in the first instance or if you are planning on cancelling it, make sure he takes out a fully comp policy.

forgotmyname

Add him to your insurance?