Is it a good idea if you help a friend to pay a car.?

Question

my best friend wants to save money for a car but he says its to hard even though he has a bank account. And he wants to pay it in full not in payments so i want to help him. what sould i do?

Answer 1

Don't.

If there is one way to ruin a friendship it is by bringing money into it. Money issues are one of the top reasons for divorce, so it would not surprise me if it created problems among friends too.

If he has a bank account, he needs to save some of his wages every week or month until he has enough money to purchase a car. Your involvement should not extend to anything other than going with him when he is ready to go car shopping.

And whatever you do, do not offer to co-sign for the vehicle. This will make you 100% liable if he stops paying. It will also affect your ability to obtain other credit of your own.

Answer 2

Run, Forest, RUN!!!

First, there is nothing wrong with making payments for a vehicle. If he wants to do it his way, let him do it on his own.

Second, if you choose not to take my advise, make sure you realize that if you help your friend, it is a gift and not a loan! If he doesn't want to pay a bank back, what makes you think he's going to want to pay you back?

Third, unless that friend is willing the sign a promisary note, and unless you are willing to take that friend to court, don't ever, ever, ever, loan a friend money expecting to get it back.

Answer 3

"Neither a borrower nor a lender be", as Ben Franklyn said. I wouldn't help your friend, if I were you. Borrowing money from a friend is never a good idea, nor is lending to a friend. That's almost a sure way of losing both your friend and your money. Just tell him (or her) that you haven't any "extra" available cash; if he (or she) can't live with that, that's just too bad! You may have lost a friend, but at least you won't have lost any money.

Answer 4

I have the feeling that regardless of what you read here, you're going to lend the money anyway so I will bypass THAT and give you advice on how to save your friendship...

Go into it knowing that you're probably not going to get paid back and get ready NOT to be angry with him because it was your fault for lending the cash.

Never mix friendship with money, and don't talk about Religion and Politics in parties.

Good luck!

.

Answer 5

its an absolutely dumb idea!!!!! but hey i think i love ya for being down for a friend. good luck and the rule goes friends and family and neighbors, dont do business with them unless you arent worried about the outcome. but hey good friends are hard to find, i hope your friend knows just what kinda person is hanging with them! you rock!