My Friend’s Car Payment: Should I Assume It?
You have done well with your credit. It is in top condition and you are very proud of it. One of your friends, however, has not been so lucky. He does not have the best credit and is getting pounded with high rates and payments. Should you assume his car payment to help ease his burden? It’s a noble goal to want to assist your friend, but the financial consequences of doing so could be serious. Let’s find out how you should go about doing this.
Is My Help Something I Should Give?
You have worked hard to build your credit, and you need to do whatever you can to protect it. That means watching whom you let borrow your credit for their own personal gain. Even the slightest problem with your friend’s loan can cause your credit to come tumbling down. This is a major factor when you assume someone’s payment. If you sign off with him/her on a loan, then you two are attached to that credit and everything that comes with it, good or bad.
Chances are, your friend’s bad credit comes from a lack of discipline with on-time payments. If he misses any payments under your watch, it will hurt you as well. In other words, your friend may be more of a risk than a reward. Remeber that your friend stands only to gain from your assistance because of his poor credit situation. On the other hand, you have everything to lose.
How Can I Protect Myself
In order to protect yourself from financial ruin, here are a few things you can do:
- Make sure all payments are made on time
- Do not add your name to the payment unless the borrower has shown some responsibility
- Make sure the borrower knows how you can be affected by this
- You need to know how much is left on the payment and what the payments are
These are all ways you can protect yourself. Get familiar with the payments so you know what the other person has gotten into and if he can handle the loan. If your friend has gotten in over his head and you can’t help him, then do not sign off on the payments. The main objective is to come out on top in this. You want to help your friend, but you cannot do a disservice to yourself.
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