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Posted in Auto Loans
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motorcycleloan

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poor credit with a excellent credit score co signer
if I have a co signer with excellent credit can i still be turned down for a motorcycle loan

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That all depends

You say you have poor credit, But you don't say just how bad.  

A rule of thumb, If the combined total of your score and your co-signers equal 1250 or more, then your chances are pretty good.  Be sure that you are in a situation where you Will be able to make those payments. If you don't your co-signer will have to make them to protect their own credit.  Can they afford that extra payment with out hurting themselves financially?  If they can't they can tell the lender to repo the bike and that will show on both your reports for 7 years. ruining both credit scores.  That will usually result in a lost friendship as well.

Personally, I don't believe anyone should take out a new loan if your credit is in bad shape.  Adding new debt when your in debt doesn't make good fisical sense.

Good luck

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