well wat if someone ask to but a down payment on a car and u only been friends for like 4 or 3 months and they arent even good friend wat do u say
2007-08-23 10:14:02 · 12 answers · asked by Mr.MaCk 1 in Business & Finance ➔ Credit
It's best if you just tell them no. But if you insist on giving them money, then like any other loan company, make SURE they sign a contract detailing exactly how and more importantly, WHEN they will pay back the amount of the loan; document how much you give them to start, and how much you expect, and keep records of ALL payments they submit to you when they pay you back. Then be prepared to go to court if they default.
2007-08-23 10:23:13 · answer #1 · answered by Vangorn2000 6 · 0⤊ 0⤋
that is not an option. The own loan company will take the decrease of the appraisal or purchase value to be certain the "real value" after which you would be required to place a down value. So if the acquisition value is $fifty 5,000 you will likely could desire to placed 3%-5% down finding on the product which you bypass with. That being suggested, given which you're procuring the residing house as a foreclosures, are you getting a extremely sturdy deal on the residing house? In different words do you think of its nicely worth extra suitable than the $55k purchase value? enable's say you're getting a scouse borrow and the value is unquestionably around $a hundred,000. you need to attend 6 months once you purchase the residing house, and then do a funds-out refinance to attraction to out many of the fairness. After 6 months the interior maximum loan underwriter will evaluate the appraised value a real degree of what the home is nicely worth. no be counted if it extremely is below 6 month, they are going to nevertheless base it on the acquisition value.
2016-10-03 03:36:44 · answer #2 · answered by mangini 4 · 0⤊ 0⤋
I would suggest that lending money is not a good idea, it can cause problems down the road, if you don't get it back. I have about $200.00 in a lending account and if a person doesn't pay it back well then the account is depleted and I own them for $200.00.
2007-08-23 10:22:21 · answer #3 · answered by fuzzykitty 6 · 0⤊ 0⤋
Tell them you'd like to help, but you don't have that kind of money. It's bad news when someone asks for that kind of loan that soon into a friendship. I'd try "losing" this "friend".
2007-08-23 10:22:44 · answer #4 · answered by Serena 7 · 0⤊ 0⤋
NO WAY!! you will only be screwed in the end. you have to ask yourself how good of friends are you after only 3-4 months? that's not a long time. I seriously would not do it. good luck.
2007-08-23 10:23:33 · answer #5 · answered by Jolly12_15 2 · 0⤊ 0⤋
NO!!!
I actually did have a friend ask me to cosign on a car loan. It was really hard for me to say no, but I did. I have a family (and credit score) of my own to protect.
2007-08-23 10:29:51 · answer #6 · answered by Robin 2 · 0⤊ 0⤋
You say no.
I think you already know the answer. I used to be a kind hearted sucker myself. Kiss it goodbye. If you can deal with not getting it back then lend it out.
2007-08-23 19:07:07 · answer #7 · answered by Richard S. 3 · 0⤊ 0⤋
You say NO! -- You might be out a fiend, but if you loan them money you will be out both the money AND a friend
2007-08-23 10:20:22 · answer #8 · answered by jimdotedu 5 · 1⤊ 0⤋
I would say no. loaning money or borrowing money from anyone is not a good idea. it usually ruins friendships.
2007-08-26 17:45:07 · answer #9 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
If you don't want to tell them you just don't want to lend it to them, lie! Say you are tight on money right now, and cannot afford to lend any out!
2007-08-23 10:21:35 · answer #10 · answered by Amanda 6 · 0⤊ 0⤋