Can I take out a car loan for another person?
My friend needs a car loan, but he has awful credit. Can I get a loan for him? My credit and financials are more stable.
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Answered on Mar 12, 2021
Obtaining auto financing for someone else is usually only possible if you are their spouse or parent and the car will be registered to you. You may also be required to be listed as the main driver of the car. You could consider cosigning for the other person, which would also help them to build their credit if all of the payments are made on time. If the other person absolutely cannot be on the loan, you could also consider getting an unsecured personal loan to buy the car.
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