I'm currently trying to find a way to get my credit up as I have no experience. I do have a cell phone and am moving out this week. I have no car payments, just, Rent and insurance, gas, etc. No big debts. I have a shared CC with my sister thats in great standing on my credit and thats it. I need something that I can make good timely payments on. This leads me to my question. I have for the longest time had a large interest in motorcycles. My thoughts are that I could possiby go to a dealer and purchase a used one. I don't need anything new. This would be something to enjoy on the weekends, as I work a full time job. I'm thinking the payments wouldn't be too much considering alot of used motorcycles arent terribly expensive.

Any ideas for a hopeful future rider?

 

I don't have payments because motorcycle payments are the devil... I really wouldn't recommend it at all...

 

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especially if its your first bike. it will get dropped, crashed, etc. and you dont to be making payments on something thats completely fucked up. old bikes that are still perfectly good go for dirt there is no reason not to get an oldr bike learn on that then upgrade.

 

i agree to not financing your first bike, thats a bad idea. Financing a bike is ok if you put a considerable amount of cash down, and make larger payments. Its not like a car where you want to be paying a minimum payment for five years, the interest will kill you.

 

why is financing so bad ???? get gap insurance, and he wont come out of pocket at all if he drops it.

intrest, break down the intrest on the loan, mine is only 25 something a month the rest is principal, and my payment is 135 ?

im koo with that if i ride it off a cliff, i dont come out of pocket at all

GAP insurance is the best dont leave home without it.

if you are looking for a way to go and get your credit up,

go and open some minor credit cards are places you would never shop at.

like mervyns, victorias secret, target walmart etc, or places you would shop at but would not spends and arm and a leg like best buy etc.

Hope this helps .....just my 2 cents

 

full coverage on a new bike WILL cover his ***, but being around 20 years old, it will also cost him an extra 3000 a year.... worth it? doubtful... go out and buy a used bike from a dealer or private party and pay it off IMMEDIATELY (if you cant just pay cash) get a credit card to establish credit.... payments on ur first bike are BAD unles you have the money to afford full coverage....

btw a personal loan for 2-3 k will get you a decent bike to learn on, and you wont need full coverage if you dont tell them its a vehicle... ALSO payments on a pile of metal are not fun... i dont recomend a 10k loan for 5 years for that reason alone

 

the main thing is if you have to finance something under 10k you probably shouldn't buy it.

 

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Cash

 

Im bout to buy an 04 R6

5,500 personal loan, pay it off in 2 years , i think i pay like 400 in interest. Even though i plan on having it payed off long before then.

But like someone said full coverage is a bitch, progressive wants like 3k+ for full coverage. Im planning liability and theft/vadal only. Im still need to look for insurance at different companies schools just kicking my *** at this moment.

 

progessive sucks, try state farm, PSIC (McGraws) and AAA. I had McGraws before and now I have AAA

 

i hear state farm is "Da Shizzle" when it comes to motorcycle insurance (supposadly they dont discriminate between types of bikes, only engine sizes, which kicks *** for us sportbike guys)

and yea, if you want a to build credit, i would suggest a credit card. If your a student, checkout Citi's Driver's Edge for students... its by far the best student card out there in my oppinion, and its easy to get. BTW, your credit scrore will go up JUST by having a "larger unused line of credit" like credit cards without much balance on them. and then keeping the same account open for a period of time will raise your credit too. So get a card with no fees, you dont even need to use it, and you will get credit from it

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by backlash &raquo;</TD></TR><TR><TD CLASS="quote">progessive sucks, try state farm, PSIC (McGraws) and AAA. I had McGraws before and now I have AAA </TD></TR></TABLE>

McGraw was the cheapest for me when I called around to all the places a month ago.

 

Well...Not exactly the answers I was looking for, but thats okay. I'll put it off for awhile until I have some money saved up or just get too damn desperate.

 

I bought my bike in full, but I've got CC's, student loan, etc. So you could look at it as if Im paying off my bike, lol. Well, my APR is 7% on my cc's and ~4% on my student loan.

When I upgrade, I plan on selling one of my cars to cover the bulk of the cost. Let's hope my bonus and tax returns can pay off most of my debt.