[gsxr750guy]

My brother wants me to co-sign for a bike loan for him. I really do not want to since I'm in the process of buying a house. Iv been doing some research on the internet but have come up short. Is there anyway he can get a loan without a co-signer with bad credit? Any info would be helpful. Thanks guys.

 

[k6_gix]

No especially now when all the banks have raised their qualifications to get loans.

 

[JohnPaul]

dont do it...money and family dont mix.....money and friends either.

i would rather give money to family or friends then loan or cosign a loan...almost without exception never ends well

 

[Chango]

I wouldn't. If he really really wants one, he can save his money for a while and make a bigger down payment or just pay cash outright. If he can't save money he wouldn't be able to make a payment anyway.

 

[GixRgirl]

Def. don't do it, even though he is family.
One missed or late payment and it's your credit that gets hit.
If you're trying to buy a house, an extra open balance won't look good on you and could effect the amount you will qualify for and your interest rate.

He needs to SAVE up and pay cash. Get a 2nd job.... there are other options without relying on you to co-sign.

 

[justink750]

Definately don't. A) Don't ever mix money and family. B) Don't mix bad credit and purchases of a luxury item. C) If he is late on a bike OR insurance payment your gonna be screwed (and he will need full coverage if there is a loan). If he can't afford a bike himself then he can't get one. I know you'd like to ride with your bro but it is definitely not worth it.

 

[SDOG]

Dont be crazy my good man never cosign for anyone except wifey. (damn rookies)

 

[JohnPaul]

Dont be crazy my good man never cosign for anyone especially wifey. (damn rookies)

fixed......:thumbup:

 

[JETMECHANIC]

dont do it...money and family dont mix.....money and friends either.

i would rather give money to family or friends then loan or cosign a loan...almost without exception never ends well

I wouldn't. If he really really wants one, he can save his money for a while and make a bigger down payment or just pay cash outright. If he can't save money he wouldn't be able to make a payment anyway.

Definately don't. A) Don't ever mix money and family. B) Don't mix bad credit and purchases of a luxury item. C) If he is late on a bike OR insurance payment your gonna be screwed (and he will need full coverage if there is a loan). If he can't afford a bike himself then he can't get one. I know you'd like to ride with your bro but it is definitely not worth it.

+100000
You guys hit the nail on the head. Loaning money to family is like giving it away. They might as well say will you give me some money thats what it ends up being. And leads to hard feelings on both sides. DON'T DO IT

 

[gsxr750guy]

I was never going to sign for him I more less was curious if there was a site on the net or a "bad credit" loan he could get? I just not had any luck looking for one.

 

[JohnPaul]

i would think that he could go to the dealer with a down payment and they will find him a loan, but the interest rates will be higher then a cats ass...might have him look into a local credit union, they will give a decent interest loan amount on so so credit..much better then a regular bank.

 

[budman772000]

Yeah bro, don't do it!!

 

[Mr645]

Just tell him to save up the money and buy a bike him self. Are you a bank?

Or, Buy your house, take out a home equity loan and give him the money for a bike

 

[gsxrhokie]

If he has bad credit, he doesn't need a bike. Period. End of story. Clearly his credit sucks for a reason. He needs to take his money and fix his credit before he worries about buying a motorcycle. You should encourage him to unf*ck his credit first. Getting a loan with a horrible interest rate is only going to compound his credit issues if he doesn't make his payments properly.

 

[SDOG]

:laughingr nice!

 

[6ixxerGixxer]

ill co-sign for him.

 

[trancedmp3]

I got a loan for my first bike , cbr from my mother and father.. I paid them back in full.

 

[RicanHavoc]

dont do it...money and family dont mix.....money and friends either.

i would rather give money to family or friends then loan or cosign a loan...almost without exception never ends well

+100000
Im with JPG! my father told me this very same thing after my first day of work!! and I have to say its worked out for me so far!!

maybe he should save up and buy a used bike...

 

[xNoxMoRexHondax]

What exactly is he considering bad credit score?? he can go to honda! in most cases they approve anyone since they have theyre own financing!! they approved my dad for a new 07 cbr 1k with a 520 score! obviously i payed interest in the ass but atleast i had a bike!!!

 

[Cuest]

http://helpmeride.com/

According to an article on one of the bike magazine that is a company that is helping individuals obtain a motorcycle with bad credit. I believe the article said as low as 520.

I do agree with what the others have to say as far as lending money to family and friends, and not being able to afford the payments. After all, there is a reason he has bad credit. No Offense.

Anyway, just wanted to answer your Q.