When I was a dumb 18 year old I had a couple of credit cards that i messed up, as a result my credit rating isn't very good. I am now an older and wiser 21 year old who has finally taken responsibility for his life and I am looking for a cheap mode of transportation. I have come to the conclusion that a beginner motorcycle(ninja 250r) is the best choice for me. Low cost and 61mpg. I went to the dealership today to try and figure out how much of a down payment I would need to make and the salesman said the minimum is 500$. But bad credit needs to pay the full price up front, no financing offered (which I respect). My question is this - If I get my parents to co-sign the deal would that act as a sort of boost to my credit with the dealership? Would I be qualified for a decent interest rate and a 500$ down payment? My parents have great credit scores.
Thanks in advance!
Answers & Comments
Verified answer
If they have good credit and income...then yes, you'd probably qualify.
If you go this route, you're putting their credit on the line. Any late payments or defaults will go directly onto their credit report as well as yours. When you inevitability find yourself in a position where you can't make payments, then be sure to tell them immediately. Co-signers are usually not informed that a loan has gone past due until 3 months have passed...by which time major damage has been done to their credit rating.
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RE Auto Loan Co-Sign Question?
When I was a dumb 18 year old I had a couple of credit cards that i messed up, as a result my credit rating isn't very good. I am now an older and wiser 21 year old who has finally taken responsibility for his life and I am looking for a cheap mode of transportation. I have come to the conclusion that a beginner motorcycle(ninja 250r) is the best choice for me. Low cost and 61mpg. I went to the dealership today to try and figure out how much of a down payment I would need to make and the salesman said the minimum is 500$. But bad credit needs to pay the full price up front, no financing offered (which I respect). My question is this - If I get my parents to co-sign the deal would that act as a sort of boost to my credit with the dealership? Would I be qualified for a decent interest rate and a 500$ down payment? My parents have great credit scores.
Thanks in advance!
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