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Should I get a car for my friend with the car loan in my name?
"My friend has terrible credit, but he needs a car to get to work.
We've been friends for a decade, so he asked me if I could get a loan for him and he would pay me back.
Should I do this?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Your friend has awful credit, so what makes you think that he or she will pay you back when failing to pay has no repercussions?
It’s nice to put your friend in a positive light, but they’ve obviously had problems with money in the past.
Don’t take out this loan. Doing so will not only cause you potential financial hardship, but it might just be the end of a friendship.”
View full answer
- Gregory R.
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