While some people hesitate to accept the offer of a car loan from their in-laws others readily accept it, as they are happy with the repayment options and the fact that they will not have to
pay any interest on top of the principle. If you decide to accept a car loan from your in-laws, make sure that you have a written agreement that will protect both parties and that outlines what will occur if you fall back on making the repayments. This may seem very businesslike and cold, but it can help in case you lose your job and struggle to make the repayments or if your in-laws need to increase the repayments due to financial worries of their own.
Taking out a car loan is serious and should be carefully considered. If you do not feel comfortable borrowing money from your in-laws, then you must finance your new car some other way that will work best for you.
Taking out a car loan is serious and should be carefully considered. If you do not feel comfortable borrowing money from your in-laws, then you must finance your new car some other way that will work best for you.
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- Do you have a good relationship with your in-laws?
- Some in-laws feel that a loan gives them power over the personal affairs of others
- Have a written agreement in place if you agree to accept a car loan from your in-laws
Type in Your Comments Below
Mags
04/02/2008
No No Money and family or friends are not a good recipe!
Karen Reams
04/02/2008
Best not to unless absolutely necessary.
3lilangels
04/02/2008
Money and family don't mix, great!!!!!!!!!!!!!!!!
Josienita Borlongan
04/01/2008
I have a great relationship with my in laws...depending on the terms, yes maybe...but it would definitely be the very last choice or if that is the only option.
Sophie
04/01/2008
I appreciate the comments. This is certainly a tough decision to make.
Sophie
Irene Lynn
04/01/2008
i agree with robritt..never loan money to family or friends..but i want to add one thing to that..unless you chalk it up that you will not get it back....then it's already accepted in your head...there are so many other resources even with bad credit from banks, dealers, and credit union...good topic!!
Pearlygates
04/01/2008
Good topic and NO!!!
2buzy
04/01/2008
Wonderful job on this!!
Lisa Riggs
04/01/2008
Fantastic article~we did this once early in our marriage and soon regretted it. Never again!!!
Kassidy Emmerson
04/01/2008
I agree 100%! Money and family do not mix. I'd never, ever take a car loan- or any other type of loan- from in-laws. I'd walk first. -Super read, Sophie!
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