Bad Credit Agency

Finacing A Motorcycle, Buyer has no Credit, Co-Signer has bad credit?

SO im looking to buy a Ninja 250r as my first bike.But I need a Co-Signer,the olny co-signer I can get is my Dad and his credit is bad. whould I still be able to get the loan with his bad credit ? P.S. I have no credit,I want to get this loan to start my credit.

Public Comments

1. if you pay cash you need no credit......big down payment also works wonders for someone having no credit......no credit is not a bad thing...there are many first time buyer programs to get people started.....save up for a down payment to qualify.... piggy backing on a poor/bad credit cosigner will only cost you more money...making it harder to afford your loan and will be wasting your money....be patient...in the end you will be further ahead than by jumping in and getting screwed over....
2. If you use your father as a co-signer, because of his bad credit, you will pay sky-high interest rates, and the bike will cost you significantly more than it should. If you truly want the bike loan just to get your credit started, you would be better off to start your credit profile in a different way: - save up $1000 or so - go to the bank/credit union where you have the $1000 and tell them that you want to do a 'savings secured loan' - your $1000 will stay in the bank earning interest, and your bank will give you $1000, charging you up to about 5% over the savings rate they are paying you. - pay back the loan over the course of a year - the payments will be around $85 - $90 a month, and depending on the interest rate, it will cost you $50. NEVER be late. - once you are about 6 months into paying back the loan and have a perfect payment history, then you could approach your bank/credit union about getting a bike loan It will take longer, but it will be a lot cheaper Once you have your credit established, NEVER co-sign for your Dad, unless you are willing and able to make the payments for the loan he wants