Can You Finance a Car Without a Driver's License?

Whether you can buy a car or not without the driver’s license depends on a number of factors. There is no need to run into any issues until and unless you plan on financing or registering the car.

Financing a vehicle and buying it are two different things. You can buy a car without a driver’s license and some lenders are ready to accept a valid state ID. In case, you are over the age of 18 and are planning to pay in cash, a driver’s license is not required to purchase a vehicle. Buying a car with a learner’s permit is also allowed. But there can be issues with registration and insurance.

The auto financing process will get completed when you will title the vehicle and then get it registered. And here you might enter into trouble if you are not carrying a valid driver’s license. You are going to get stuck at the time of insuring and registering. A valid driver’s license is needed to get full coverage insurance. Even, in most states, you are not allowed to buy license plates without insurance.

You could title the car in someone else’s name who does have a driver’s license. That person can register it. Keep in your mind that the vehicle isn’t legally yours as your name isn’t there on the title. You can only drive it on public roads when you will get your driver’s license.

The License is Suspended! What To Do?

A common question that can come to a borrower’s mind is how a suspended license can prevent you from buying a vehicle. It is possible to buy a car with a suspended license. It completely depends on the state you live in. In case, you end up with approval for financing with a suspended license, be careful that unless your license is restored you can’t legally drive the car.

It is worthwhile waiting out the suspension in the end. Plus, it gives you ample time to do the following:

1. 1. • Check the credit scores and reports.
      • Do some research on vehicles.
      • Do budget planning.
      • Save up for a down payment.

So, now don’t panic if your license gets suspended. Sit back, relax and take the right decision at the right time.

Get in touch with auto finance experts to check your eligibility for an affordable auto loan or learn what it takes to get approved for the best car loan.