auto
Don't say 'I do' to car loan for fiance
Dear Terry,
My fiance has bad credit, but I have excellent credit. He wants to buy a truck, but it will take months to fix his credit report and receive a low interest rate. Should I take an auto loan in my name, and assign him the title of the truck? Is this even possible to do?
--
Heather
Dear Heather,
Do not, under any circumstances, take out a loan to buy your fiance a vehicle. Until you're married and have some legal ties that bind you together, he could back out of the marriage, disappear with the truck and leave you holding a large loan.
Maybe he's not such a cad and wouldn't do that, but too many people in your situation have had bad experiences. Once you are husband and wife, buy him a truck as a wedding present if you want.  | | Here are this week's reader questions: |  | | | • | Trading in gas guzzler may cost you | | • | Should I take out a loan for my fiance? | | • | Can a lender pursue payment after a repo? | | • | Will a "voluntary repo" trash my credit? |
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