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Financing car with suspended license ?

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Financing car with suspended license ?

Postby cinnard » Mon Jul 23, 2012 7:34 am

My driver license is suspended for DUI and in order to get my license reinstated I have to have an ignition interlock device (IID) installed on any car I drive for 5 months. In other words my license won't be valid until I have a car with an IID installed in it. After the 5 month period has expired I can drive without an IID in my car. However, I don't have my car anymore and I'm looking into buying another one. I was approved for a auto loan but I can't use the loan because the creditor requires me to have a valid driver license at the time of purchasing the vehicle. I had planned on letting my wife drive the car off the lot and having the IID installed after the purchase of the car, but the creditor wants my license to be valid at the time of purchase.

Are there any other options for buying another car, other than having to save cash for the car ?
cinnard
 
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Financing car with suspended license ?

Postby maureo » Mon Jul 23, 2012 7:36 am

Your wife could buy the car and install the device. I don't know if her credit is any good, but that seems to be your only choice. Besides, I don't think they would sell you the car if you were paying cash anyway. I'm pretty sure you need to have a license to buy a car, period.
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Financing car with suspended license ?

Postby bornani » Mon Jul 23, 2012 7:45 am

Yes, There are a few that I can think of.
1) You can finance the car in your wife's name.
2) You can go to your own bank and see about a personal loan. A loan that isn't using the car as collateral. (You may have to pick out a cheaper car depending on how much they approve)
3) If your buying the car from a dealer, tell him to use a different lender. Not all lenders require a driver's license. For example, If you were blind, It is still legal for you to own and borrow money for a car. So, the larger lenders will often times not require a driver's license. They will however require insurance. So, you will have to work that our.
Hope this helps.
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Financing car with suspended license ?

Postby orsen » Mon Jul 23, 2012 7:53 am

I would think getting Insurance would be your biggest problem! You will need insurance in order to finance any vehicle.
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