Edmunds Answers

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  • patrick88 07/31/08 9:34 pm PST

    Never too old to learn, but......
    You can take the loan out in your name but he/she will have to register it in his/her name.
    Or have you tried to co-sign a loan for this person?
    I know when I bought a relative a car I financed it and had her register and title it. Now having said that, it all depends upon who you finance it through, they may want your name on the registration/title in case you default on the loan and they can get it back. In my state you can title a car without a drivers license.

  • simpilot1 08/01/08 5:15 am PST

    My advice; never, never, never, have your name on any documents related to someone purchasing a car with your assistance. If they miss or make a late payment your credit will be damaged. If they have an accident you could be liable for the damages. If you feel you must help take out a personal loan in your name alone, give them the money, and have them sign a promissory note to you. I'd also suggest you plan on them not paying you back. If they were good for it they wouldn't need you to begin with. Also hope it doesn't destroy your friendship whether you help or don't.

  • noplace 08/01/08 12:18 pm PST

    Thank you both for answering. You have both given me some food for thought.

  • simpilot1 08/01/08 2:21 pm PST

    One more thought or opinion. Really good friends would never ask for a loan out of fear that simply asking for it would damage the friendship.

  • patrick88 08/01/08 2:58 pm PST

    I can also agree with what Sim said, it's very risky taking out a loan for someone even family. And yes it can cause a lot of problems with relationships, but sometimes you do have to take a chance.

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