posted October 31, 2006 07:32 PM
Bad Credit and Financing Hey Fellow Speed Freaks,
Great site and I love the posts. Like you I've gone gaa gaa for the ZX 14 and would like to purchase one. My credit score is not very good and I haven't been able to get financed. Anybody know a lender that specializes in bike loans for people with bad credit? Your help is appreciated cause I'm feeling the need; a need for speed!!
posted November 01, 2006 01:30 AM
devote thyself to a second and perhaps a third job until early spring and see if you can come up with the loot....thats the ideal way. Getting financed with poor credit will put your interest rate pretty high and you may find yourself taking 6+years paying off for your bike.
Easiest route is to go to "lendingtree.com" plug in your info and see who bites, they farm out your application for credit to a number of financing companies.
If you have state farm for insurance currently they are also a route to try, they are into loans and such big time.
Credit Union was mentioned already, local bank is an obvious route but your neighborhood backs in my experience are the toughest for unsecured loans.
If you own a home and were considering getting a equity or home improvement or refinancing anytime soon padding the cost of a bike will not add greatly to the monthly payment at all, maybe $15-$25 a month, but of course you'll be paying it off for forever.
Pimpin' some ho's could be a fun route to try to make some loot, but I hear the game is rough nowadays..J/K
I know what it's like to lust after these bikes by try to be wise about what you are doing and make sure you are not going to hurt yourself in the long run.
If your credit score is low because you went through a rough patch in the recent past but your circumstance is now such that you have the extra income for a monthly payment and everything else is good and handled, then it certainly is a viable route.
I suspect most bikes sold nowadays are financed anyhow, I know of some folks paying credit card like interest rates (23-24%) cos they were late on a prior payment and so were jacked up to the "boogie" rate (yamaha factory financing...you know the allure of $69 per month for 3 years...just dont ever be late!!) but pay it willingly just 'cos they had to have that R1 and R6, unfortunately they will be paying for so long that they had better not lust after the next two or three model redesigns in the future and had better stay away from unnecessary stunting and track visits so as to keep it mechanically sound for a while....the burdens of lengthy financing.
____________
'05 Triumph Speed Triple
'06 Triumph Daytona 675
'07 Kawasaki ZX-14
posted November 01, 2006 06:47 AM
subscribe to one of those online credit monitoring services..... you can look at your scores, dispute bad info, make sure good info is being reported, etc. most of them have score calculators that show you how your score would change if you do certain things like closing a revolving account vs. just reducing the balance .....
work on your credit file..... follow rude's advice, and be patient. STAY away from those bad loans... they'll haunt you for years..
posted November 01, 2006 06:58 AM
motorcycles are harder to finance with bad credit because they are recreational and not for your daily transportation and harder to locate them if decide to repo them another word they taking more risk to finance. putting alot of money down will help getting it finance.
try household bank (HSBC) 800 418 1888
capital one 800 227 3863
drive financial services 888 222 4227
check see if these people will do business in your area.
i work for honda dealership (AUTO) and we do alot of business with these people
posted November 01, 2006 07:43 AM
Edited By: SoCal ZX-14 Rider on 1 Nov 2006 07:44
Capitol One will finance anything/anybody, my buddy got a loan from them with a 550 fica. If you're below 500 good luck.
Credit unions are tough, at least ours here is but sometimes if you have an account with them and you agree to direct deposit and automatic payment deduct for the loan from you checking account the bank will secure their payment by taking the money directly. You wont have access to some of your money but you get the loan. This way they get their's first.
If the bank or credit union can secure their payment its easier to get a loan from them with bad credit.
My credit union had an 90/10 rule. They would only finance 90% of the loan even on a new bike and they made you pony up the other 10% up front and they would give both checks to the dealer. This way the common practice of dealers playing with the numbers so an 80 or 90 % loan would get the job done was defeated by the credit union. These banks are getting smarter. Dealers can't write fake invoices to my credit union.
____________
If I'm not riding her, I'm dreaming about riding her! Mount up!
posted November 01, 2006 01:54 PM
What do you plan on doing for insurance since all financing companies require full coverage to include collision, etc.. and collision is what kills you.
____________
1987 Red/White Ninja 750
1988 K1
1991 FatBoy
2004 VROD
2005 K1200S
2006 ZX-14 - Red
posted November 01, 2006 02:31 PM
Since bikes are toys for most of us, I always go on the basis that if I don't have the cash to buy the bike out right, then I should not be buying it in the first place!
quote:Since bikes are toys for most of us, I always go on the basis that if I don't have the cash to buy the bike out right, then I should not be buying it in the first place!
quote:What do you plan on doing for insurance since all financing companies require full coverage to include collision, etc.. and collision is what kills you.
Negative- Not true in FL as insurance is not required on bikes, and several local banks finance without insurance requirements. Other ways to finance with no insurance requirements would be such as pulling out your Visa card.
I pay cash for my toys so its amute point for me.... I even bought insurance in FL... at $252 a year for FULL coverage including theft, why not
posted November 01, 2006 05:49 PM
Get a co-signer. That's about the only thing that works. If you do get a loan without one they will rake you over the coals with intrest rates. Try applying through your dealer. They will do everything they can to get you on a bike.
____________
Speed has never killed anyone,
suddenly becoming stationary...
That's what gets you.
posted November 01, 2006 06:37 PM
Fellow Speed Freaks,
Thanks for all the insightful and sage advice. I must say I'm shocked! I just didn't realize there were so many responsible, wise, conservative and patient ZX 14 owners out there when it comes to securing financing, getting a good interest rate and the proper insurance. Yeah right... and these are the same sensible guys who will strap on their leathers this weekend, take their Ninja to the dragstrip, smoke the back tire till their eyes sting and rocket it through the traps at 150+ a very short time later, with their hair on fire and say, "ugh, I need to make it faster" Thanks again guys and wish me luck in joining the ZX 14 owners club!
posted November 01, 2006 06:41 PM
you guys buying your toys with cash are aware that 90% of the mortals out there never ever-ever....ever...ever have $12000 in cash....ever. They certainly shouldnt balk at approaching the avenue of financing to get a new bike especially if they forsee that spread over a limited time and within their budgetary boundaries, its no different that buying a cheap second car...or have I just explained why the poor stay poor.
____________
'05 Triumph Speed Triple
'06 Triumph Daytona 675
'07 Kawasaki ZX-14
posted November 02, 2006 05:58 AM
Well always buy my bikes with cash - and yes, my toys are my toys and I would be foolish not to have collision, theft, liability - Here in VA I'm paying 600 for full coverage - and I'm married, no tickets, no accidents and I'm 43!!! I guess there are too many kids here (huge military town) who buy bikes and get themselves into trouble.
posted November 02, 2006 09:41 AM
The last bike I had to finance was in '83 i bought a new gs1100esd for $4,300. I was 24 and every month runnin to the bank i kept tellin myself "pay cash next time" so i did. if you cant afford it start smaller like a used 600 and work up. your FICA score will get better with time only if you work at it.
____________
The banks are failing..
The banks are failing...
Invest in Ammo
posted November 02, 2006 06:15 PM
I never paid cash for one, but never took out a loan more than 3yrs. A new ride is still pretty current during 3yrs, and you won't mind makin' that payment. The $250, or so, may seem like a chunk of change, but you'll notice your balance diminishing nicely every month.If you stretch it waaay out, for low payments, it'll turn into a burden for an old bike.
posted November 02, 2006 07:59 PM
hmmm I thought the ratio is in favor of paying cash for bikes since they're not considered primary transporation. I wonder where I could get the stats? Maybe I'll ask at the stealership since I know most of the fella's that work there
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2010 Concours14
'08 R1 YAMAHA
ZX14 gone!
CBR600RR track bike
quote:hmmm I thought the ratio is in favor of paying cash for bikes since they're not considered primary transporation. I wonder where I could get the stats? Maybe I'll ask at the stealership since I know most of the fella's that work there
My wife has a car, and I have a bike so technically my bike is considered my primary transportation. But then Again I only put 12000 miles on it this year. For those of you who got ahead while the economy wasn't shot to fuck... Good on you! There are a lot of us young people (under 30 yrs old) that haven't been around long enough to get established and comfortable enough in our finances to pay cash for a 12,000 dollar purchase. There are those who are lucky enough to be financially secure, and then there is the rest of the world. I've got the best job security anyone could ask for, make about 70k per year, and have never been late on a payment in my life and it's still hard for me to get a loan. Maybe that's because i'm 22 yrs old so I'm obviously "not responsible" in the banks eyes lol.
I worked at a honda/yamaha/harley dealership in highschool, and in our small city i'd dare to say that 98% of purchases were financed.
____________
Best 60ft: 1.42
Best 1/8th: 5.97
Best 1/8th MPH: 119
posted April 20, 2009 06:05 AM
New bike purchases among guys I know, 'bout 90% use a loan, with most of those loans "personal" loans.
Used bike purchases in the same group, figure 75%+ are cash. Personally, the 14 is the first bike I ever financed - I had it financed through Kawi for the first 5 1/2months (interest free time) then put it on my credit line, then payed all of my cards/lines of credit off when I sold my '57 Chevy stepside. note: that 1957 was the first 'money maker' project I ever had that actually MADE money for me.... the wife was shocked. ____________
'06 zx14
Muzzy M10/M14
PCIII w/ Muzzy map
Flies out K&N in!
bits n pieces...
posted April 20, 2009 09:17 AM
Probably not what you want to hear, but I gotta agree with the fella's saying "pay cash". It can be a little daunting if you don't have any savings yet, but from experience I can tell you that if you want it bad enough you will save up for it. Open up a "bike account" that is easy to transfer money into and hard to transfer it out of. Tell yourself that once the cash hits the bike account it is as good as spent, and regard it that way in every aspect. You'll be shocked how quickly it piles up. The most significant hurdle you will encounter is the initial start up. Once you get past that and have a small chunk of money saved, the results will be visible and your motivation should take care of the rest. When I made the decision years ago to never finance anything aside from a house again I had to approach it a little radically. If I wanted to save up for something I would take a giant empty whiskey bottle (Texas Mickey) and put any spare change and bills into it. I needed to be able to actually watch my money accumulate. I grew out of that quickly, but it was what I needed to do to get the ball rolling. Like I said, if you want it bad enough you will get it. Good luck!
posted April 27, 2009 07:54 PM
Edited By: redpen on 28 Apr 2009 03:57
Thank you very much for your information
[url=http://organismedecredit.net][color=#4E4E56]organisme de credit[/color][/url]
posted November 06, 2009 04:49 AM
like a few guys say, and are being ignored, there are a select few in this world that has $12000 just sitting in the bank, or burning a hole in their pocket.
"save the money before you buy one" what a bunch of bs... what would be the difference in waiting 3-4 years to buy a bike rather than financing it?
i have financed both my 14's (putting $4,500 down on the 06) but after loosing it, i had nothing to put down on the new one.
so saying that, since i dont have CASH MONEY like a lot of the big ballers here, am i suppose to not have a motorcycle for the next 3,4, possibly 5 years??? NO.
"Start off on something smaller".... they are not giving them away, so if someone had to finance a 14, im sure a new 600 would be financed as well.
if these guys that are asking these questions HAD the money to pay cash, DONT YOU THINK THEY WOULD BE DOING THAT??!?!!
____________
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8.89 mph 151.32
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posted October 31, 2006 07:32 PM
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