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"Can I get a car loan for my brother? "
"My brother needs a new car and was approved for a 6% interest rate. But I'm a platinum member of my bank and I'm sure I can get approved for close to half my brother's interest rate.
Can I finance the car for him and then have him make the payments?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Sure, you can finance a car,
insure
it, and register it in your name, or you can simply cosign the loan for him, but just because you can do something does not mean you should. Think long and hard before you make any financial commitment for your brother.If you do decide to put your name on a car loan for someone else, just know that if the payments aren’t made, the bank is going to come after you for the money.
Also, the monthly difference between 6% and 3% on a $30,000 car loan with a term of four years is about $40, or around $2,000 over the life of the loan, so the savings may not be as substantial as you and your brother are hoping for.”
View full answer
- Gregory R.
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