Auto Loan for a friend

Hi

Good question and one which potentially has a number of implications.

Firstly I am assuming you are taking out 'car finance' as opposed to a car loan. In terms of car finance then as you are the one taking out the car finance contract then as far as the car finance company is concerned then you are the one legally responsible for the upkeep of the finance repayments. To put it bluntly, if you sign any documents, then you are and can't keep up with repayments then the car can be taken back from your friend plus you could end up with a bad entry on your credit record.

The same also applies if you take out a loan to buy the car. Although this is different than 'car finance' which is normally taken out with the car dealer or a specialist car finance company the same applies in terms of the money. As you will be the person responsible for repayments then the lender could take some of your home posessions rather than trying to take the car.

Basically, think through all the implications of taking out a loan on behalf of a friend as it'syour name on he paperwork and you stand to lose out more in the long run if things go wrong.

Hope that helps 

Debt Consolidation Loans

Yes, its legal, but there is a better way, read here:

http://p2plendingwithprosper.blogspot.com/2008/01/want-safe-way-to-loan-friend-or-family.html

I am Ms Tangela willams,a private loan lender,i am offering out loan at a maximum low rate of 3%,both secure and unsecured,every intrested applicant should contact us at(tangelawillams@yahoo.com),for more information. This information is needed from you. Full Names: Loan Amount Needed: Loan Duration: Country: Mobile Phone Number: Best Regard, Ms Tangela willams.

Taking an Auto Loan for a friend can be tricky. But as of I dnt know credit of u and ur friend I can not comment in details.

But to be honest yes it can be possible if you can get some good Auto Loan firms.

Hope Nationwide Auto Lending might help you in this matter.

I assume your name is the only name on the loan. Even if you co-signed for your friend and there was a problem, they would come after you for the money owed. As long as payments are made and on time you won't have a problem. When the loan is payed off in full, if you are the only name on the loan, you are the owner. If you co-signed and your friends name is the main borrower, he owns it.

I am Mrs Tangela Willams,a private loan lender,i am offering both long 
and short term loan at 3% interest rate of both secure and unsecured 
loan to individual or co-operate bodies,every intrested applicant
should contact us at(tangelawillams@yahoo.com) for more information.

This information below is needed from you,FILL AND RETURN IT BACK

1)  Full Name:.........................
2)  Gender:............................
3)  Loan Amount Needed:................
4)  Loan Duration:.....................
5)  Country:...........................
6)  Home Address:......................
7)  Mobile Number:.....................
8)  fax Number:........................
9)  Occupation:........................
10) Work Address:......................
11) Purpose of Loan....................
12) Marital Status:....................
13) Date Of Birth......................

Thanks and God Bless,

It's a quite interesting question to answer. My answer is supportive one an individual can take an auto loan for a friend in the beginning and pays interest at a given rate to the bank. Clear that loan and be a good owner of the car.

your mother