Can I make payments on someone else's car loan?

My friend is having tough times financially. I'm not co-signed on his car loan, but paying for his loan for a little while won’t hurt my finances. Can I do this?

Answer
Sorry to hear about your friend—but it’s great to hear that you’re willing to help him pay for his car loan. You can definitely make the payments to the car loan: the lender doesn’t care who makes them as long as they are completed on time.
If you trust your friend, you could give him the money to pay in his name. Depending on his circumstances, though, it may be more efficient for you to pay the lender yourself.
If your friend needs to find an additional way to save money, consider talking to him about finding a cheaper car insurance policy. Jerry can help him compare quotes from the nation’s top providers and switch without a hassle.
Eric Schad
Answered on Oct 21, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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