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Old 05-02-2014, 12:13 PM   #21
bluewave18
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Tell me you have priced fc insurance and taken it into consideration
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Old 05-02-2014, 12:16 PM   #22
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Quote:
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I believe he still asked for financing locations. I'm going to go out on a limb here and say you're rather old, which means you have to give your " life lessons " to anyone that will listen. Affordability, and the no need to finance toys is the ideal set of people who have the cash sitting around. More power to 'em. The guy still just wanted insight as to where he could finance his toy.

Out of all the people that said don't finance why are you picking on me? Also not sure 26 is that old.
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Old 05-02-2014, 12:21 PM   #23
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I've financed 5 of the last 7 bikes I've bought... But I've always kept good insurance incase something happened.
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Old 05-02-2014, 12:32 PM   #24
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Out of all the people that said don't finance why are you picking on me? Also not sure 26 is that old.
I'm not intending to pick on you. It's not You that does it. I don't understand why everyone feels the need to preach to people who ask general questions. Consider my picking on you finished. That wasn't my goal, my apologies.
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Old 05-02-2014, 12:43 PM   #25
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Yillbs, thank you that is exactly what i was wondering about places who are more likely to finance me! I got one lead as to a credit union who might i am going to call them.

Arkansas: well my last bike was what i learner on i bought it with cash but i want to finance it because it'll take too long to save up the 10k to buy the bike outright.

And yes I've looked into insurance and got quotes for full coverage, because i didn't think I'd have trouble financing 10k i didn't know they're not as easily financed as cars even if theyre less than half the price.

And those of you who financed didnyou just get approved the first place you went or do you suggest a certain credit union/ bank?
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Old 05-02-2014, 12:57 PM   #26
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Quote:
Originally Posted by zikaprevail View Post
Yillbs, thank you that is exactly what i was wondering about places who are more likely to finance me! I got one lead as to a credit union who might i am going to call them.

Arkansas: well my last bike was what i learner on i bought it with cash but i want to finance it because it'll take too long to save up the 10k to buy the bike outright.

And yes I've looked into insurance and got quotes for full coverage, because i didn't think I'd have trouble financing 10k i didn't know they're not as easily financed as cars even if theyre less than half the price.

And those of you who financed didnyou just get approved the first place you went or do you suggest a certain credit union/ bank?
Toys are always going to more expensive to insure and finance. GE doesn't require full coverage insurance; but they have pretty high interest rates, and if you total the bike you are ! Do you own a home? Banks look for stability and good payment history! Just because you can afford a $200 a month note doesn't mean a bank is going to lend you 10K! Put yourself in the bank's shoes! Would you lend someone that much money that you barely know and only has a limited payment history? Be honest? The answer is probably no! The only way these banks are going to know who you are is through your credit history! How many loans have you paid off, how do you utilize your available credit, etc. Your score is 690; but that's probably because you haven't lived long enough to screw it up! If you can't exhibit a little bit of patience then find a cosigner that has excellent payment history. Good luck! BTW, most of us have screwed up our credit in some way or another so we are not picking on you, just trying to keep you from making the same mistakes we have.
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Old 05-02-2014, 12:57 PM   #27
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Quote:
Originally Posted by zikaprevail View Post
Yillbs, thank you that is exactly what i was wondering about places who are more likely to finance me! I got one lead as to a credit union who might i am going to call them.

Arkansas: well my last bike was what i learner on i bought it with cash but i want to finance it because it'll take too long to save up the 10k to buy the bike outright.

And yes I've looked into insurance and got quotes for full coverage, because i didn't think I'd have trouble financing 10k i didn't know they're not as easily financed as cars even if theyre less than half the price.

And those of you who financed didnyou just get approved the first place you went or do you suggest a certain credit union/ bank?
I wanted to finance for multiple reasons. my car is paid off, and I have less than perfect credit, I took a hit with my APR in return i have a years worth of on time, good payments with yamaha now. I was approved the first place I tried, which was fine, because I expected to pay 10%, which I am. I'm financed through GE capital, and I had a 590 when I applied. I've since fixed a lot of it, and have a 660. But, I'm still stuck with the 10% interest rate :p generally, credit unions will be the place to go like they all said, but GE capital seems to love giving people chances if you don't mind having to pay with a check, and forcing yourself to accept high interest rates.
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Old 05-02-2014, 12:58 PM   #28
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If you're determined to finance, your best deal will most likely be found at a credit union. Stay away from the financing at the store, and most commercial means, they will you fast, hard, and dry.
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Old 05-02-2014, 01:00 PM   #29
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Quote:
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not picking on you, just trying to keep you from making the same mistakes we have.
+1
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Old 05-02-2014, 01:00 PM   #30
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Quote:
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Stay away from the financing at the store, and most commercial means, they will you fast, hard, and dry.
Unless of course it's a factory sponsored rate, then you'd be a fool not to take it
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Old 05-02-2014, 01:01 PM   #31
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Unless of course it's a factory sponsored rate, then you'd be a fool not to take it
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Old 05-02-2014, 01:05 PM   #32
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Quote:
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Oh, you know what bank beats 3.99% Fixed APR on a superbike?
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Old 05-02-2014, 01:08 PM   #33
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Quote:
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Well i have a secured loan history from last year and i financed a car in december and have 6 months now of payments. They want 6 more months :/
Yeah, that makes sense. If you've not had much previous financial responsibility they are probably a little hesitant to let you start stacking up 2 or more monthly payments without any real payment history.

And i Khmer i called them thank you we will see what they say.

I've got 1500 down right now motorcycle total price was 11.5 otd
so needed 10k monthly payments would be 198 i can afford that.
In my experience, my credit union has had the best rates on loans unless the manufacturer was running some kind of promotion through their financing (like the 0% Toyota was advertising, or the 1.9% I seem to recall from Yamaha), but even those require really good credit to qualify for.

Honestly, given your limited credit history I'd be surprised if you are offered a rate as low as 5% from someplace that would handle the loan.

Between your limited down payment (~10%) and the rapid depreciation of a new motorcycle, I honestly think it'd be in your best interest to go ahead and set aside that $200/month so that in 6 months you've got closer to $3k to put down and you can go through your CU. It sucks to have to wait, but it would suck even more to go buy a new bike with little equity, have something happen that forces you to sell the bike, and end up having to pay several thousand just to get out from under the note. Unfortunately it seems to happen all the time.
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Old 05-02-2014, 01:36 PM   #34
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Old 05-02-2014, 01:43 PM   #35
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Get my soap box out here...

With the exception of a few months in 2010 I have been in debt since I was 16 years old and got my first vehicle which was a used family hand me down that I still had to pay for. Now I'm still young at 33 but that is essentially half of my life paying some other smuck for the privilege to spend my own money which I am to make in the future.

The subject for this thread is scary crazy in my opinion. Here's why and speaking from my own experience.

You're reaching further than you even reasonably can to purchase something you can't afford with money you don't have and possibly to impress people you really don't even like. So basically you want to buy the bank a bike for them so you can continue to pay for that bike to the bank for who knows how long. It's a f-cking slippery slope.

Pay cash or don't buy anything. That simple. Pay cash it your's and only yours on that first day. You don't have to pay someone 110-115-120% for something you could have waited for and only paid for the cost of purchase.

In my experience, I have been fortunate enough to keep good jobs. This allowed me in the past to keep kicking the can down the road. Get a nice pay increase, go buy something else and finance it...., I can afford the payments. Then the next pay increase the same thing. Next thing you know you're spending hundreds, if not thousands, a month in interest for you don't need and in the end don't really use after the first few months. It took me until a couple years ago to change my thinking and say screw paying interest on things and started paying cash for everything I purchase in order to work out of an amount of debt that would paralyze most peoples minds. All because I knew I could afford the payments....well sooner than later life throws a curve ball and you're out of luck. I'm hoping to avoid that curve ball and if you haven't bought this bike yet you can help yourself by waiting. It's an awesome feeling to walk out of a dealership with a new car or bike paid for in cash with absolutely no stress and no worry about 5-6 years of payments plus interest.

Remember when you were a kid and you had no worries in the world? Everyday was fun and games and maybe just a few house chores for your parents. Well, debt is the arch f-cking enemy of that freedom.

Debt ruins families, marriage, relationships with your kids, your life, and sometimes takes peoples lives.

It's not worth it. Take that cost of the interest you would be paying for the bike and put it into an account somewhere every month along with the payment for the bike itself. Then when you get enough for the bike go buy it if all your other debts are paid and count out how much you have in cold hard cash that is still yours and in your pocket because you didn't pay it to the bank.

Cash loans, title loans, and all other loan sharks don't set up shop in low income areas for now reason. Once you're on the hook it's to get off of it if ever. Simple, don't start.

My goal at this time is to have 0% debt and both my house and my wife's old house paid off in the next 5-6 years. For those of you that are in debt and still buying things with loans think about how much money you'd have in liquid cash to do whatever the heck you wanted to on any given day if you didn't have to pay those loan bills and mortgages. That's something that helped change my mind and looking at the numbers and really studying them can have a profound effect on the outlook of things when it comes to getting a loan, credit card, or waiting a little to pay cash.

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Old 05-02-2014, 01:48 PM   #36
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Dam that's a lot of reading, lol
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Old 05-02-2014, 01:49 PM   #37
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Yeah, sorry


Sore subject for me.
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Old 05-02-2014, 02:01 PM   #38
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Cash is king and your 11.5 otd bike is more like a 8k bike cash
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Old 05-02-2014, 02:13 PM   #39
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Full coverage isn't always the smartest option imo. 5grand a year for zx-14 , 2 years of insurance payments buys me a new bike. But check that whrn u finance they are gonna want fc and it can be higher than giraffe p*ssy
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Old 05-02-2014, 02:18 PM   #40
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Goe kawasaki was 2.9% btw. Thought rate was awesome
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