If I am financing a used vehicle through a bank for my friend, can he purchase the insurance on the vehicle?

Answers:1   |   LastUpdateAt:2012-05-20 19:52:08  

Question
Vientiane
Asked at 2012-05-19 04:46:40
If I am financing a used car through a bank for my friend , can buy insurance on the vehicle?
Answer1HoneyAnswered at 2012-05-20 19:52:08
Not always the sign co -financing or any other person.
This never goes well . Never.
Be prepared to pay the loan on their own.

Oh, it gets worse, you would have let him drive the car with his name on the title. If anyone is killed , the family can sue for anything you have, and any future income for the coming decades.

If you lose your job, not be able to pay.
When collection agencies , finally bringing him to trial , your income will be lower.
If he dies, you are responsible for the loan.
If he gets smart, you just " leave town " and not a payment.
You will be amazed how a simple argument can break a friendship, when it comes to loans . It happens.
This will also make it less likely to get a loan on their own.
This is more debt on your credit report that lenders look at.
An administrator can not let you rent a place to see all your debts.
(It is yours , as it is in their name).
Employers also check credit . You can see too much debt.

Best idea is just to give you cash and you can say you pay whenever you can . That never will be, as it has a good job, or have serious collection agencies that take away their future income .
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