Before I describe the problem, I have to state that this title is not as it sounds. I love my sister and she is very nice person, so is her husband. They are both really nice people who mean well. .Problem is, they both don't have jobs, they are in very bad situation moneywise.
Their car is old and falling apart and they want to buy a new one. Honestly, that car is a junk. But since they have no money they want to take bank loan (credit) to buy a new car. Bank won't approve loan without job so they asked me to take loan from my bank in my name so they can buy a car.
And here is the problem...
I HATE bank loans! I am honestly scared of them. In my opinion they make you slave for years and decades and maybe I am irrational because almost everyone takes loans, I just can't. Once I bought tv in 6 rates and I hated it! I was miserable until I payed it off. I just can't loan money from anyone, let alone bank. I never ever loaned money. I am single mom who lives on paycheck, lucky enough to be able to make a living for both of us and that is it. I never had a car. Everything I ever bought was with cash. I would save for months and years to buy furniture, appliances, everything. I go everywhere by bus, rarely taxi and usually by walk. The city is pretty small so walking is reasonable option. Usually, I get tons of groceries every day and bring them home. I always manage to get anywhere somehow. It's not always easy, but at least, I can walk a lot and that keeps me fit.
Now, they are asking me to take a loan for their car. I really don't want to but I feel guilty. They don't see loans as problem, and as most other people they loaned money many times. But I am not like that. Loan that big I would be paying for years, maybe even a decade. It scares me! I don't want that over my head.
What should I do? What would you do? Am I irrational?