I've tried getting approved for a bike...and they tell me i need a co-signor cuz i don't make enough...I have a good credit rating and history. Just wondering if there is another way for me to get approved w/o a co-signor. Will balloon financing make a difference, buying new over used. I have about 2g's(can) for downpayment. Will i need a certain percent down. Sorry for the all the questions, but there has to be another way.

 

Do you have a steady income? I've had a job for about a year and I was approved for $15k for a revolving credit card for Yamaha. Most banks that work for the manufactures don't care as they could always repo the bike back

 

Yeh I am in BC, Canada, and i can get the loan without a cosign as long as i have a steady job and you use the bike as a collateral...

 

well i have two jobs...but both are part-time cuz i go to school...i only make about 600 a month...so is it easier to get approved for a new bike rather than a used....

 

one job i've been workin there for almost a year and a half..the other 3-4 months..

 

Banks usually look at half of what you make in a month (in your case $300) and factor other bills you may have and decide whether or not you can pay the payments. They might also consider the insurance cost each month. Where I live full coverage insurance is almost always required if you're financing a vehicle, which can be really expensive!

Remember, a motorcyle is a luxury and not a necessity in the eyes of the lenders. The average college student working part time probably has a better chance of getting a loan for a $25k car than a $10k bike.

 

When i tried buying a new bike they told me that i needed a co-signer also. Then i went to a used bike place and got approved in about 30mins. At that time i only had my job for a month and was making around $700-800/month. I also only have liability insurance even tho i'm financed. I also had to put a $1000 downpayment.

They will rape you on finance charges fyi. I'm in the process of transferring it over to my 7.9% apr credit card. Still isnt great but way better than what i'm paying now.

With your 2k$ downpayment and your steady jobs i think you should be able to get a used bike no problem. I would wait and try to get a loan from a bank instead tho. Much better aprs.

 

You don't make enough.

 

So is there any way w/o a cosigner..

 

go to a used dealership and see. I wasnt making much but i still got approved.

 

The reason they want a cosigner is b/c you can't afford to own a bike. Take the hint. There are two ways you can afford the bike after they decide you can't. You either have an undeclared source of income or a sugarmomma/daddy. Or you eat ramen and live w/ your rents and have no gear. At that point you probably have other priorities

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by tonydatyga &raquo;</TD></TR><TR><TD CLASS="quote">The reason they want a cosigner is b/c you can't afford to own a bike. Take the hint. There are two ways you can afford the bike after they decide you can't. You either have an undeclared source of income or a sugarmomma/daddy. Or you eat ramen and live w/ your rents and have no gear. At that point you probably have other priorities</TD></TR></TABLE>

Thats not true, bikes are hard to get loans for because they arent considered a neccissity rather a joy vehicle. When I got my 04 r6, i had my job for 5 months, which they said with having it for 5 months you would need a co signer, and i have good credit.

What they look at is how long you have been on the job(they want more than a year atleast), good ammount of income(full time job), and your credit history has to be strong.

My mom co signed for me who has good credit, and yamaha gave me 15k to use, i just got an r6, helmet, jacket and gloves.

 

sounds like you guys are saying the same thing. u need a cosigner to get the loan because the financers say you're too high risk. the odds are waay against you in making the payments on time for the life of the loan without someone else who has better financial standing to also be responsible for the loan.

i wonder why millenium cant find anyone to co-sign. maybe his parents dont want him to get a bike. i know there is no way in hell my parents would cosign on a bike for me. thats why i didnt get one until i was 23.

 

Just remember, when you do find a credit card, find out all the underlying interest charges that aren't included in that .00003% rate they advertise. You could be paying over 20% easily without you knowing it, and thats not worth financing a bike.

 

dang, i must've gotten lucky. I was approved for my f4i. I only had my job for a month working part-time. Maybe my credit was good, i dunno.

I only needed a co-signer when i tried buying a new bike (kawi 636). this was at the dealership down the road.

The reason i wasnt able to get a co-signer was cause there was no way in hell my parents would do it for me. My gf tried co-signing but that was a no go also.

 

k....i got 3g's now for a downpayment...k...i found a f4 for 7g's...if i wait a few weeks...i'll have 3500....dat's half the price.....I told the finance lady...and she said it's kinda iffy...also just wondering if i balloon finance is it easier to get approved cause it's kinda like a title loan....???

 

If you have $3k now and $3.5k later why not wait until you have all your funds ready in order to purchase the bike. Sounds like you won't need much financing but if the finance lady says its iffy I sure hope she means it in a good way lol

 

damn 7g's for an f4??? thats a little overpriced dont ya think?

 

It's in canadian funds....i haven't bargained with price...i just asked her if i would be approved...nd all she said is it's iffy...so imma go back there in a few weeks and try...

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by mellenium &raquo;</TD></TR><TR><TD CLASS="quote">It's in canadian funds....i haven't bargained with price...i just asked her if i would be approved...nd all she said is it's iffy...so imma go back there in a few weeks and try...</TD></TR></TABLE>

Oh, didnt see that...haha. But anyways, i'm sure if you can cover half of it with downpayment you will have a really good chance of getting approved. If i was you though, i'd just save up for a little bit longer and just pay it all out front. g'luck