Can I Buy a Car in Installments Without a Driver's License?
3 Answers
You can buy a car in installments without a driver's license, as car installment purchases are not related to having a driver's license. Below are the specifics of car installment purchases: 1. Advantages: Long payment terms and a wide range of options. Dealers are highly enthusiastic, as in the current market environment for car enthusiasts, installment payments are seen by many dealers as an effective way to capture market share. 2. Disadvantages: The maximum installment amount is linked to the overdraft limit. For example, for most installment car purchases, the maximum amount is four times the overdraft limit. However, the installment limit is separate from the spending limit, so after purchasing a car in installments, the spending limit is not occupied and can still be used normally.
A buddy of mine did exactly this last year—he didn’t have a driver’s license but was desperate to buy a car. He went to the dealership and asked, and the salesperson told him that installment plans mainly depend on having a stable income and good credit history. He brought his pay stubs and ID, the bank checked his credit, and the loan got approved. On pickup day, he had to ask a friend to drive the car home for him—the car was registered under his name, but the insurance included the actual driver’s name. The car was mostly used by his wife to shuttle their kids around, while he signed up for driving school and practiced like crazy. After about half a year, he got his license and now commutes with it every day. So, not having a license doesn’t stop you from financing a car, but you’ll need help with pickup and early usage.
During these years of handling auto loan approvals at the bank, I've encountered many applicants without driver's licenses. The key factors are: whether the income proof can cover the monthly payments, and whether there are overdue records in the credit report. Basic materials like three months' salary statements and ID card copies are sufficient - a driver's license has never been on the mandatory list. But a word of caution: make sure to accurately fill in the actual driver's information on the insurance policy after purchasing the car. I once dealt with a client who suffered heavy losses when their claim was denied after an accident due to unlicensed driving. It's best to obtain your driver's license within three months after buying the car to avoid unnecessary complications.
