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?"

Answer
“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.”
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Eric Schad
Answered on Jun 15, 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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