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Old 12-12-2006, 01:15 AM   #21
andre3k
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Might just wanna wait until you finish school and then at look at financing a new bike. Until then just work your off and buy something used with cash. The bike i learned on in college cost 2k and it lasted me till I graduated. I would get every time I went to JCI (doubt you remember that) and saw everyone with the new bikes. Paid off when I finished college, got a real job and actually have the disposable income to have a hobbies.

You could also get a student loan and and buy a bike. I don't recommend it because you'll be paying it back ten years later, but I've seen people do it. Also look at the cost on insurance as well. Have you gotten quotes on the bike you want?

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Old 12-12-2006, 01:34 AM   #22
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Quote:
Originally Posted by andre3k
Might just wanna wait until you finish school and then at look at financing a new bike. Until then just work your off and buy something used with cash. The bike i learned on in college cost 2k and it lasted me till I graduated. I would get every time I went to JCI (doubt you remember that) and saw everyone with the new bikes. Paid off when I finished college, got a real job and actually have the disposable income to have a hobbies.

You could also get a student loan and and buy a bike. I don't recommend it because you'll be paying it back ten years later, but I've seen people do it. Also look at the cost on insurance as well. Have you gotten quotes on the bike you want?
I'll probably end up getting something beater over the christmas break because i nearly double my income. If i actually was approved for a student loan it would definately not be spent on a motorcyle, but that's an interesting idea.

As for quotes and prices, here's what i've got so far:
New Ninja 500R costs about $5k with tt&l at a place in irving and about $5400 here in nacogdoches (both would be about $85 a month). EXimports is selling a red one with 3k miles on it for about $3700 and gpmotoring has one for about the same but it has 17k miles. This place up near grapevine has an older model with nearly 85k miles on it and they were asking about $4700 for it (no credit check and $725 down) but im not that desperate. Cycle trader has an individual selling one for about $2k cash with 23k miles on it and theres another one that i still have to call the people about but they also want cash for it.

I think im going to end up taking out a small, short term loan with one of these payday advance places around here. my friend got a loan and his credit is awful...there might just be hope for me yet
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Old 12-12-2006, 01:43 AM   #23
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You can working something out, you just have to be creative. Don't do the payday advance loan, they have like 500% interest rate, or something crazy like that. College is a really bad time to purchase luxury items, like a bike. You are also limited on your job options b/c you are out in the sticks. Don't dig yourself in debt while in college. If you can graduate debt free and then you are waaay ahead than most college grads.
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Old 12-12-2006, 01:54 AM   #24
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Quote:
Originally Posted by andre3k
You can working something out, you just have to be creative. Don't do the payday advance loan, they have like 500% interest rate, or something crazy like that. College is a really bad time to purchase luxury items, like a bike. You are also limited on your job options b/c you are out in the sticks. Don't dig yourself in debt while in college. If you can graduate debt free and then you are waaay ahead than most college grads.
I'm already in debt with the gov because of my stafford loans and I REALLY shouldnt be buying a motorcycle right now because i cant afford it but I've been wanting to ride so bad its almost obsession. I make excuses for myself like "oh, it'll save me gas money" and "insurance is much cheaper for a motorcycle than for a car" but I know my budget will be much tighter when i do buy it.

I'm thinking about using my car as collateral to get a loan around $2k, what are your opinions on that? Would I be approved even though my credit history is very limited?
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Old 12-12-2006, 02:08 AM   #25
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Quote:
Originally Posted by nihaikitty
I'm already in debt with the gov because of my stafford loans and I REALLY shouldnt be buying a motorcycle right now because i cant afford it but I've been wanting to ride so bad its almost obsession. I make excuses for myself like "oh, it'll save me gas money" and "insurance is much cheaper for a motorcycle than for a car" but I know my budget will be much tighter when i do buy it.

I'm thinking about using my car as collateral to get a loan around $2k, what are your opinions on that? Would I be approved even though my credit history is very limited?
no. Insurance will probably be higher then your bike note. unless you plan on getting liability only.
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Old 12-12-2006, 02:11 AM   #26
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Old 12-12-2006, 02:36 AM   #27
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no. Insurance will probably be higher then your bike note. unless you plan on getting liability only.
liability + theft if its something semi-nice
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Old 12-12-2006, 05:38 AM   #28
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You'd do better to save what $ you can by setting it aside..then picking up a used bike. Frustrating at timed, aye...but keeps you out of $ trouble and can sometimes lead to finding/getting a real nice deal.
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Old 12-12-2006, 10:05 AM   #29
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gettin denied by several banks for loans doesn't look so great on your credit report either. too many inquiries in a short period of time scares creditors. 705 credit score is good, but it also depends on many things like, debt to credit ratio, how many revolving accounts do you have in good standing, ever late on payments, stuff like that. it all matters when it comes down to your credit. most banks that pull your credit report to offer you a loan will take the middle score of your 3 scores pulled.
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Old 12-12-2006, 10:13 AM   #30
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Motorcycles are much harder to finance than cars. finance companies treat bikes as "luxury items" or in other words "toys" in their eyes. And if a person can't afford their bills what is the first thing they are going to stop paying for, their toys. And motorcycles are easy to hide and keep when you aren't paying for them.

Your credit score is one thing but you have to have a proven track record of paying your bills and paying them on time too. Best thing to do is get a credit card (Visa/MC/AMEX/Disc) and start using it a little each month, carry a small balance and pay each month. Also get a store credit card (khol's, target, best buy, etc.) and do the same thing. This will show the lenders you are responsible with your credit and you do pay and pay on time. You need to carry a balance even if it's just $100 or something. It shows them you can responsibly use credit given to you and that you will pay for it. A lot of creditors don't like to see people pay off their credit cards every month. I know it doesn't make sense but its true.

The other thing that could hurt you is your income and your existing debt. If you have student loans they see that as outstanding debt even if you don't have to pay on them till after you graduate. They base their decision on a debt to income ratio as well as your FICO score.

You're best bet if everyone is turning you down for financing is to save your money and pay cash for something. You're not going to be able to earn credit worthiness in a short period of time. Figure at least probaby a year to show a trend of good payment history etc.
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Old 12-12-2006, 10:26 AM   #31
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If you don't have regular income, it will be very hard to get any type of credit!

(1) Get a regular paying job, part-time somewhere, as long as you are on record.
(2) Get one of these creditcards that allow you to prepay on them while you use them, they are easy to get. Then build your credit. Don't buy anything on it that you wouldn't otherwise buy, just pay it with creditcard, instead of cash, i.e. gas, groceries, etc.

Also, to get a bike, I'd suggest save some money, ask for money on christmas and get a Ninja 250. You can get a good one for around $1800. You may even be able to work out a deal with the seller, where you pay most of it down and they keep the title until you pay it off in monthly installments. Will be hard to do with plain craigslist sellers, but if it is a person you know or someone can hook you up with, then it can work.

Good luck.
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Old 12-12-2006, 02:07 PM   #32
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Quote:
Originally Posted by Faylaricia
If you don't have regular income, it will be very hard to get any type of credit!

(1) Get a regular paying job, part-time somewhere, as long as you are on record.
(2) Get one of these creditcards that allow you to prepay on them while you use them, they are easy to get. Then build your credit. Don't buy anything on it that you wouldn't otherwise buy, just pay it with creditcard, instead of cash, i.e. gas, groceries, etc.

Also, to get a bike, I'd suggest save some money, ask for money on christmas and get a Ninja 250. You can get a good one for around $1800. You may even be able to work out a deal with the seller, where you pay most of it down and they keep the title until you pay it off in monthly installments. Will be hard to do with plain craigslist sellers, but if it is a person you know or someone can hook you up with, then it can work.

Good luck.

There is already some credit there otherwise how would you have a 705 FICO score...but steady income is definately something they'll be looking for.
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Old 12-12-2006, 02:11 PM   #33
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Get quotes on insurance before you go any further.


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Old 12-12-2006, 03:19 PM   #34
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Quote:
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Get quotes on insurance before you go any further.


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already did, my insurance company offered me $38 dollars a month for a 500r....i dont think they consider it a sportbike
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Old 12-12-2006, 03:33 PM   #35
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here's what my credit report looks like:

about 10 personal iniquiries (cell phones, credit cards, insurance, banks)
about 10 review inquiries (regular stuff by my bank and Tmobile)
2 credit cards paid regularly since last June (about $700 total credit available:eh: )
life insurance paid regularly since last Feb
my student loan doesnt show on here, so a dealership wouldnt know how much debt im in

not much, but i think it shows that im a stable borrower
Also, I've had the same job for like 5 years, but only have been filing my taxes for 3 so i guess 3 legit years at the same place.
There's no loan company that would look at that and approve me? My credit's in good standing, it's my history that's too short.
I really dont want to wait two months before i get my 500, and in that amount of time I could probably only accumulate about $1200 cash for it....def not enough for a decent set of wheels.

Hey TLLuvr,
maybe you can find me one and ya'll can hold onto the title until I'm done paying it off. We could work out a deal to where we're both happy.
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Old 12-12-2006, 03:49 PM   #36
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Quote:
Originally Posted by nihaikitty
here's what my credit report looks like:

about 10 personal iniquiries (cell phones, credit cards, insurance, banks)
about 10 review inquiries (regular stuff by my bank and Tmobile)
2 credit cards paid regularly since last June (about $700 total credit available:eh: )
life insurance paid regularly since last Feb
my student loan doesnt show on here, so a dealership wouldnt know how much debt im in

not much, but i think it shows that im a stable borrower
Also, I've had the same job for like 5 years, but only have been filing my taxes for 3 so i guess 3 legit years at the same place.
There's no loan company that would look at that and approve me? My credit's in good standing, it's my history that's too short.
I really dont want to wait two months before i get my 500, and in that amount of time I could probably only accumulate about $1200 cash for it....def not enough for a decent set of wheels.

Hey TLLuvr,
maybe you can find me one and ya'll can hold onto the title until I'm done paying it off. We could work out a deal to where we're both happy.

What reason are they giving you for declining you?
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Old 12-12-2006, 03:57 PM   #37
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Quote:
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What reason are they giving you for declining you?
most of them say "insufficient credit history"
one said "insufficient income"
I know my credit history is short, but there has to be a company out there who could work with me on this. I've applied to all the big online loaners, and its still no deal. I dont have the income for a capitalone loan and my own bank told me to wait about 8 months then they could try again. 8 months is a looonngg time for me.
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Old 12-12-2006, 04:23 PM   #38
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Quote:
Originally Posted by nihaikitty
most of them say "insufficient credit history"
one said "insufficient income"
I know my credit history is short, but there has to be a company out there who could work with me on this. I've applied to all the big online loaners, and its still no deal. I dont have the income for a capitalone loan and my own bank told me to wait about 8 months then they could try again. 8 months is a looonngg time for me.
Honestly, if that's what they are telling you....you are SOL. Unless you can figure out a way to prove more income then that. Or wait for your credit history to gain some age.

Remember what I said, motorcycles are MUCH more difficult to finance because they are considered a luxury item. You could probably get auto financing much easier.
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Old 12-12-2006, 04:57 PM   #39
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Quote:
Originally Posted by issanni
Honestly, if that's what they are telling you....you are SOL. Unless you can figure out a way to prove more income then that. Or wait for your credit history to gain some age.

Remember what I said, motorcycles are MUCH more difficult to finance because they are considered a luxury item. You could probably get auto financing much easier.
i could! my EX (notice the capital letters) had terrible credit and this place downtown financed him an SUV. poor SOBs had no clue what they did; he wrecked it a week later and never paid it off. I'll figure it out, I'm getting that motorcycle one way or another! thanks for the advice!
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Old 12-12-2006, 05:13 PM   #40
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no problemo...any time.

I have a good friend who is a manager at a mortgage company. He always gives great credit repair and credit building advice...I just pass on what he tells me or ask him when I don't know.
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