IM saving cash now for a bike. Most likely getting another GSXR or maybe a cbr. I have a question though my last bike i purchased was used private seller. I dont know if its just me but the guy at the place told me my credit proably wansnt good enough to finance a new bike. Now i rent a apartment and at the time didnt have a car payment. My score at the time was about 670.. I see guys during fall winter walking everywhere.. Then all of sudden it gets hot and they are on bikes riding everywhere? my question is do you really need a high score to be financed for a new or used bike or do it have to be decent I can try again this year but its just been wondering about it. worst case scenario is ill have to pay cash for a bike which for me would be a smarter move but if i can next year finance ill throw the money saved into my ek hatch k20 it out

 

I was in a similar situation to you (good credit score, never financed before), and the dealership said they would not finance me unless I had a cosigner. It may be different for the dealers in your area.

I'm sure you know this already, but just to reiterate, whether you finance through the dealership or via your own bank/credit-union/whatever, be sure to buy insurance.

 

When I was around 22 I financed my RF600R thru Suzuki with no cosigner. The APR was like 18.9% though and I was in the military, so they knew I had a steady income. I paid that thing off in a year to get out of the loan quick.

So, try getting preapproved through Honda financial services if youre looking at a Honda.

 

wow.. i just bought a car.. a Honda Civic 06 Si.. (financed it ..) does it make easier to get a bike?

 

Well, yes and no. Having a loan and making payments shows your reliable enough to have more credit, but you may not be able to get another loan because the lenders dont want you to overextend yourself (too high of a income to debt ratio).

 

Getting a loan on a motorcycle seems like a terrible idea; breaking even is next to impossible if you ever want to sell it. I've been seeing ads where people want others to take over their loans but the amount owed is so much more than msrp...

 

I was gonna finance a bike but I didnt wana have to pay for a bike if I dropped it & wasnt able to ride it if my insurance didnt cover it.


So I payed cash.

 

20 yrs old and i got financed for a gsxr 600 06' thru suzuki's credit line. they approved me for 10g's i have never made a big purchase. Can't hurt to try 10.5% apr 159.99 a month payments

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by EF9ZC &raquo;</TD></TR><TR><TD CLASS="quote">10.5% apr</TD></TR></TABLE>

ouch.

 

take out a personal loan with a lower apr

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by The_Head &raquo;</TD></TR><TR><TD CLASS="quote">Well, yes and no. Having a loan and making payments shows your reliable enough to have more credit, but you may not be able to get another loan because the lenders dont want you to overextend yourself (too high of a income to debt ratio).</TD></TR></TABLE> that is true

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by EF9ZC &raquo;</TD></TR><TR><TD CLASS="quote">20 yrs old and i got financed for a gsxr 600 06' thru suzuki's credit line. they approved me for 10g's i have never made a big purchase. Can't hurt to try 10.5% apr 159.99 a month payments</TD></TR></TABLE>
thats about right i would say .. your apr all depends on age and credit history and score. They say a bike is not a nescesity. You dont need a bike to get to work but you need a car. They make it more possible for everyone that has a job to finance a car aslong as youve been there for a certain amount of time and your debt to income ratio doesnt disquailfy you. I just dont see why i had trouble finacing.. After all my bills and rent i have enough to pay payments on two bikes?? Im most likely going to pay cash but imma give it another shot this spring if i get a approved imma go for it to help out my credit and so i can use money saved for a k-series

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by EF9ZC &raquo;</TD></TR><TR><TD CLASS="quote">Can't hurt to try 10.5% apr</TD></TR></TABLE>

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Apocalypse &raquo;</TD></TR><TR><TD CLASS="quote">ouch.</TD></TR></TABLE>

My thoughts exactly. Having good credit rules. I just bought a new truck. 0% interest for 60 months

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Sijray21 &raquo;</TD></TR><TR><TD CLASS="quote">take out a personal loan with a lower apr </TD></TR></TABLE>

Where are you finding personal loans lower than 10? I think USAA goes into the high 9's... but if there's some secret lender I've not heard of then clue me in!

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ASteele2 &raquo;</TD></TR><TR><TD CLASS="quote">

Where are you finding personal loans lower than 10? I think USAA goes into the high 9's... but if there's some secret lender I've not heard of then clue me in! </TD></TR></TABLE>

6.9% fixed yo through USAA

still high, but good credit + collateral = lower interest rates

i'm still not happy with 7%, but i really wanted the bike and i'm paying the loan off quickly.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Sijray21 &raquo;</TD></TR><TR><TD CLASS="quote">I'm still not happy with 7%, but i really wanted the bike and i'm paying the loan off quickly.</TD></TR></TABLE>

7% for a motorcycle loan is pretty damn good.

 

Cold Cash FTW!!!! lol

just take time and ask around, see whats the best way

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Sijray21 &raquo;</TD></TR><TR><TD CLASS="quote">

6.9% fixed yo through USAA

still high, but good credit + collateral = lower interest rates

i'm still not happy with 7%, but i really wanted the bike and i'm paying the loan off quickly.</TD></TR></TABLE>

But thats not for everyone . i have usaa cause my pops is Airforce active duty and still i got a used auto loan 14% apr right now!! the better your credit the lower your apr also if its used the apr is higher than if its new.. ANd your deff always going to have a lower apr on a car over a bike