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Old 02-09-2007, 09:14 PM   #1
Chris24
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credit questions, any finance people?

im thinking of having my credit run to get a bike.

i know there are a ton of factors involved, and you never know till check, but i was wondering if someone could give me some kind of idea. here is my basic info:

-im 28, single, live alone.
-i pay about $500 combined rent + bills a month
-i earned about 21k gross last year.
-my take home pay after taxes and child support is about $1200 a month
-ive never had a major loan or credit card.
-i owe $1800 in back child support, but i make regular payments for cs now. and i owe maybe $500 in misc unpaid .

i heard hsbc and harley will approve anybody. (yep, i heard you can finance a bike on a harley card). i heard honda is real hard to get approved.

what im mostly wondering is if i could get approved and for how much?

im looking at getting owner-financed for an 02 1000, but im thinking it might be smarter to get financed through a dealer and getting a fresh one out of the crate.

anyone in the finance industry got $0.02 for me?
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Old 02-10-2007, 11:29 AM   #2
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The child support will be a big factor to the major lenders (honda,suzuki,etc)
HSBC will loan almost anyone money @ 21+%
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Old 02-10-2007, 11:54 AM   #3
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I doubt it you will get financing with those numbers. Best bet is to join a credit union and get a motorcycle loan or if its a cheap cash type bike, get an unsecured signature loan. With the signature loan you pay a higher interest rate anywhere from 10- 13 % but you have the title, not the bank.

I would say that with anything below a 675 - 700 credit score its tough to get financing and / or decent interest rates on bikes. YMMV, but that is generally what I've seen. I know you work at a dealer, but I've always paid off my loans by having the money taken directly out of my check or bank account biweekly. No late payments and it increases your credit scoring after its paid off.

Pull your credit report from all three bureaus and review it before you even fill out any applications. That way you can see if you have any derogatory items on your report. If you have recent ones, like within the past 2 - 3 years, they will adversely affect your score. If you do see any problems on your report, work to get them fixed but it takes time. And dont even mess with credit cards unless you can pay it off in a 2 -3 months time. Any longer than that, get a loan.
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Old 02-10-2007, 11:57 AM   #4
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Quote:
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I doubt it you will get financing with those numbers. Best bet is to join a credit union and get a motorcycle loan or if its a cheap cash type bike, get an unsecured signature loan. With the signature loan you pay a higher interest rate anywhere from 10- 13 % but you have the title, not the bank.

I would say that with anything below a 675 - 700 credit score its tough to get financing and / or decent interest rates on bikes. YMMV, but that is generally what I've seen. I know you work at a dealer, but I've always paid off my loans by having the money taken directly out of my check or bank account biweekly. No late payments and it increases your credit scoring after its paid off.

Pull your credit report from all three bureaus and review it before you even fill out any applications. That way you can see if you have any derogatory items on your report. If you have recent ones, like within the past 2 - 3 years, they will adversely affect your score. If you do see any problems on your report, work to get them fixed but it takes time. And dont even mess with credit cards unless you can pay it off in a 2 -3 months time. Any longer than that, get a loan.

Good info.....

But, I also financed my bike from suzuki through HSBC. And now I have a credit line with suzuki as well thanks to HSBC....


Oh yeah, that was also my first big purchase ever.....

Might have to put some money down with HSBC cause they might only be able to loan you so much due to credit history or report, you just gotta get out there and find out......
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So is refusing to give it up.

If you keep looking in the pantry and finding out its empty, eventually you go to a restaurant.
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Old 02-10-2007, 12:00 PM   #5
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Quote:
Originally Posted by Del
Good info.....

But, I also financed my bike from suzuki through HSBC. And now I have a credit line with suzuki as well thanks to HSBC....


Oh yeah, that was also my first big purchase ever.....

Might have to put some money down with HSBC cause they might only be able to loan you so much due to credit history or report, you just gotta get out there and find out......
What are your interest rates for HSBC and Suzuki if you dont mind me asking?
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Old 02-10-2007, 12:04 PM   #6
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thanks yall awesome info.

for the moment i think im gonna go with 02 1000, and thatll probably be the last used bike i buy. i guess ill work on my credit a bit before i get me a fresh one from the crate....
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Old 02-10-2007, 12:40 PM   #7
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Save your money for a big down payment. That'll help with your interest rate.

Don't you already have a bike?
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Old 02-10-2007, 12:49 PM   #8
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Quote:
Originally Posted by andre3k
What are your interest rates for HSBC and Suzuki if you dont mind me asking?

When I financed mah bike...thye hit me up for 10%...:eh:

I know I know...sucks. But I just chalked it up to being a first time buyer, that's all. BUT, I was locked in at 10...and, they said I could take liability as ins. if I wanted to......
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So is refusing to give it up.

If you keep looking in the pantry and finding out its empty, eventually you go to a restaurant.
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Old 02-10-2007, 12:51 PM   #9
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Save your money for a big down payment. That'll help with your interest rate.

Don't you already have a bike?


Good info here as well denhou....

When I financed my bike, I put down half for a 05 GSXR600 at the time....

I didnt have to....I just wanted to....

Plus they had a deal goin on, where my bike payments were only $99 a month for the entire time of the contract.......:icon_bigg


I paid that off in a year and a half......:laughing6
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So is refusing to give it up.

If you keep looking in the pantry and finding out its empty, eventually you go to a restaurant.
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Old 02-10-2007, 01:02 PM   #10
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hmmmm ExImport would give you the good hook up...




























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Old 02-10-2007, 02:03 PM   #11
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Sign up for a couple classes at a community college and take out a student loan. (no credit check) The fed government gaurantees the loan so they are not allowed to run your credt.
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Old 02-10-2007, 02:08 PM   #12
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I used a balance transfer check through one of my credit cards. It is pretty much just a check for whatever amount of money and I can buy whatever I want for 2.99%. See if any of your CC offer that to you.
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Old 02-10-2007, 02:09 PM   #13
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Quote:
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Sign up for a couple classes at a community college and take out a student loan. (no credit check)
hahaha! great way to get back into debt too if you cant pay it back after its deferred.



best way is to save up money, put a big down payment (reduces the term and interest), then send more than the minimum payment a few days (7-10 days) before the payment is due.

if youre buying that 02 gsxr, it sholdnt cost more than $4k with a load of goodies.
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Old 02-10-2007, 02:45 PM   #14
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all these assumtions, the only true way is to run your credit, If you cant do it at your store, call me around five today and I'll run it.
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Old 02-10-2007, 04:18 PM   #15
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Quote:
Originally Posted by Chris24
im thinking of having my credit run to get a bike.

i know there are a ton of factors involved, and you never know till check, but i was wondering if someone could give me some kind of idea. here is my basic info:

-im 28, single, live alone.
-i pay about $500 combined rent + bills a month
-i earned about 21k gross last year.
-my take home pay after taxes and child support is about $1200 a month
-ive never had a major loan or credit card.
-i owe $1800 in back child support, but i make regular payments for cs now. and i owe maybe $500 in misc unpaid .

i heard hsbc and harley will approve anybody. (yep, i heard you can finance a bike on a harley card). i heard honda is real hard to get approved.

what im mostly wondering is if i could get approved and for how much?

im looking at getting owner-financed for an 02 1000, but im thinking it might be smarter to get financed through a dealer and getting a fresh one out of the crate.

anyone in the finance industry got $0.02 for me?
that's for sure....i make about $800 a month and owe about $6k in loans but i still got approved for my bike..they let me borrow $4k total....but then again i also have two credit cards that i've had for more than 6 months each. if i was you i would request my credit score to see where i was standing before i took the plunge.
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