How do you go about adding a person name to a car loan that has not been paid off?
N.W. asked:
My cousin can’t afford the car payments and wants to add my name to the car loan. Can that be done without refinancing? Will it affect her credit in anyway? Thanks in advance for any and all help.
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My cousin can’t afford the car payments and wants to add my name to the car loan. Can that be done without refinancing? Will it affect her credit in anyway? Thanks in advance for any and all help.
February 26th, 2009 at 10:21 pm
dont u will end up hateing your cousin or they you…DON’T
March 1st, 2009 at 4:38 pm
You will need to write a new loan. I dont recommend doing it, unless you can use the extra car, plus can afford the payment(including insurance). Itll affect YOUR credit more than hers. If she cant afford the payments now, she wont afford them any better, once you are responsible for them.
March 5th, 2009 at 2:37 am
It means that you will be responsible for the loan on the car. If she can’t make a payment then it will be your credit that gets trashed. If the loan gets turned over to a collections co. they will come knocking on your door.
Not a good idea to sign on the loan. If you want to help her, then just give her some money as a gift, or give it to her as a loan, but do get a signed IOU and witnessed. Sometimes the people that borrow money have a short memory when it is time to pay it back.