Hi, My brother has good credit but a relatively low income (and thus a not-so-good credit ratio). I, on the other hand, have high income and poor credit (1 defaulted student loan 6 years ago, and 1 written-off credit card debit 6.5 years ago). My brother is applying for a car and his ratio is very close to the requirement, but just not good enough. Do you think that co-applying with him might help? Most importantly, could a co-applicant with bad credit hurt the application? Thank you for your help.
Well, that really depends on how desparate the car dealer is to sell the car. Car dealer finance managers deal with all kinds of banks, credit unions, other finance companies. But be prepared to have a large downpayment AND pay loanshark level interest rates.
Try both ways - first him alone. If rejected then volunteer for the co-signing. Car dealerships are now hard-up to get rid of inventories.
Has he already tried to apply it wouldn't hurt to go to a dealer and talk with them to see what they need,or see if his bank would loan him the money?
