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Lending money to friend but they buy a new car

sharp910sh
sharp910sh Posts: 523 Forumite
Part of the Furniture 100 Posts Name Dropper
in Loans
I was having a disagreement with a mate about lending money to a friend and for them to agree to pay pack a fixed amount. But during the term of the loan they get another loan to buy a sports car, but they keep up the repayments.

Would you be angry if they got a sports car through a bank loan when they still owe you money?

To me its fine if they keep paying back the loan, yet people do not agree with me which I do not understand.


Please not this is just hypercritical, I would never lend money or borrow money from a friend! Too messy.
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Comments

  • DCFC79
    DCFC79 Posts: 40,649 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    sharp910sh wrote: »
    I was having a disagreement with a mate about lending money to a friend and for them to agree to pay pack a fixed amount. But during the term of the loan they get another loan to buy a sports car, but they keep up the repayments.

    Would you be angry if they got a sports car through a bank loan when they still owe you money?

    To me its fine if they keep paying back the loan, yet people do not agree with me which I do not understand.


    Please not this is just hypercritical, I would never lend money or borrow money from a friend! Too messy.

    As long as the payments are being made to the friend then whats the issue. It would annoy me if they stopped the payments claiming hardship or poverty and then I see them flashing about lkey they have won the lottery.
  • Fender4
    Fender4 Posts: 35 Forumite
    Sixth Anniversary 10 Posts Debt-free and Proud!
    I have borrowed money to a mate and I'm glad I could help. But if I found out that he had a sports car on finance and I was sacrificing my interest in the hope I was getting someone back on a debt free trip and they had taken out more debt I would be !!!!ed off.
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,277 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    You borrow money OFF someone, you lend money TO someone. It's the teacher in me.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • emmy05
    emmy05 Posts: 2,085 Forumite
    It would annoy me, but I would never take out a loan for someone else. I'd be too frightened I wouldn't be paid back.
  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    Fender4 wrote: »
    I have borrowed money to a mate and I'm glad I could help. But if I found out that he had a sports car on finance and I was sacrificing my interest in the hope I was getting someone back on a debt free trip and they had taken out more debt I would be !!!!ed off.

    Do you mean you have lent money to a friend or have borrowed from a friend?
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Why does your friend NEED to borrow off you if he can get a loan for a sports car.
    If it was me I would ask for my loan to be repaid first, however I would have not lent any money to my ''friend'' in the first place.
  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    sharp910sh wrote: »

    Please not this is just hypercritical.

    Don't worry about it. I can be pretty critical myself, at times.
  • ReadingTim
    ReadingTim Posts: 4,087 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    zippygeorgeandben wrote: »
    You borrow money OFF someone, you lend money TO someone. It's the teacher in me.

    I think you'll find that you borrow money FROM someone. No wonder educational standards are slipping.
  • Shakin_Steve
    Shakin_Steve Posts: 2,853 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 21 March 2017 at 9:22PM
    When friends ask me for a loan, I just tell them that my money is all tied up. When they walk away I whisper to myself 'in little elastic bands'.:)
    I came into this world with nothing and I've got most of it left.
  • System
    System Posts: 178,439 Community Admin
    10,000 Posts Photogenic Name Dropper
    zippygeorgeandben wrote: »
    You borrow money OFF someone, you lend money TO someone. It's the teacher in me.

    No wonder kids are leaving school functionally illiterate if you're really a teacher.

    You borrow money FROM someone, you lend money to someone.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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