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Old 01-02-2008, 03:18 PM   #1
cyrick21
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Prefered Credit Score for New Bike

Alright it is almost that time, and about to get another bike. This time instead of getting another used bike, I was wanting to purchase my first new bike. I know you need to have good credit to get a bike being that it is not a necessity.

My girl has a credit score of I believe 680. Only thing is that she has a credit card that has 8,000 spent on it already, because we had some emergency home repairs that came up and needed to get fixed. Basically that is all that would look bad on her credit report.

How does the credit scores work when buying a bike? We want a new one this time, but do not want really want to get our hopes up if it is pretty hard.

We should have about 3-4 grand to put down come the end of next month.
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Old 01-02-2008, 03:19 PM   #2
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you shouldn't have a problem with that score.
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Old 01-02-2008, 03:20 PM   #3
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You need good credit to get a bike, but remember sales people will do anything they have to in order to make a sale. Just as long as you have a few grand down, they will work the rest out, no worries.
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Old 01-02-2008, 03:20 PM   #4
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having her finance a bike for you is a stupid decision on her part.

seen it fail to many times, and chicks left w/ bikes they financed and don't ride or bikes totalled and no payments and so on.

sounds like you outta wait 2 mos and pay cash or pay off your emerg. house repairs.
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Old 01-02-2008, 03:23 PM   #5
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go to a credit union and get financing first... most places cannot compete with that kind of interest rate. the credit union was 4% lower than anywhere else i tried
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Old 01-02-2008, 03:25 PM   #6
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having her finance a bike for you is a stupid decision on her part.

seen it fail to many times, and chicks left w/ bikes they financed and don't ride or bikes totalled and no payments and so on.

sounds like you outta wait 2 mos and pay cash or pay off your emerg. house repairs.
Right now she drives the car that I have financed. And I drive my old Geo which is paid off. So she takes the bike, I have my car back...lol. But its not happening.
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Old 01-02-2008, 03:32 PM   #7
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The major motorcycle finance companies use their own scoring system based on letter grades A-H. score alone will not approve you. on the other hand it won't decline you either. they look for 2 to 3 years established credit. I've seen people with scores as low as 550 get approved and people declined with 660's. so will she be ok? probably. but not definitly
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Old 01-02-2008, 03:41 PM   #8
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You can buy a house with a 680.....lol getting a $10k sportbike with "a few thousand down" will be no problem.... Shop around to get good rates and also look into the insurance loop holes.....Most financiers will require full coverage(which is smart to have on a new bike). Shop insurance companies for the best rate on full coverage. Usually State Farm is the cheapest on full coverage. Then also look into GAP insurance....Its VERY smart to buy it when buying a new bike that depreciates $2k when you ride off the lot....lol

Lastly shop dealers out of state, you can usually get MUCH better prices, well below MSRP, then truck them here, pay sales tax here and get it licensed....Don't dare pay sticker price...(MSRP)

In Missouri you can get brand new R1s and Gix 1ks for $9400

Good luck.
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Old 01-02-2008, 03:45 PM   #9
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Most companies like Yamaha use a credit card and charge the bike to it. They can't repo it, unlike a home that can be taken away, therefore it's harder to get approved
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Old 01-02-2008, 03:46 PM   #10
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go to a credit union and get financing first... most places cannot compete with that kind of interest rate. the credit union was 4% lower than anywhere else i tried
+1 on the credit unions...they always have the best rates.
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Old 01-02-2008, 03:47 PM   #11
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Quote:
Originally Posted by ZXALAN View Post
You can buy a house with a 680.....lol getting a $10k sportbike with "a few thousand down" will be no problem.... Shop around to get good rates and also look into the insurance loop holes.....Most financiers will require full coverage(which is smart to have on a new bike). Shop insurance companies for the best rate on full coverage. Usually State Farm is the cheapest on full coverage. Then also look into GAP insurance....Its VERY smart to buy it when buying a new bike that depreciates $2k when you ride off the lot....lol

Lastly shop dealers out of state, you can usually get MUCH better prices, well below MSRP, then truck them here, pay sales tax here and get it licensed....Don't dare pay sticker price...(MSRP)

In Missouri you can get brand new R1s and Gix 1ks for $9400

Good luck.
Not sure on how to haggle the price in bikes. On cars I can usually get a deal, but never bought a new bike before. how does that work?

The bike I am looking at pretty hard right now is the new R6 special edition.... yellow and black, which shows the price to be around 9600 or so on yamaha's website.

Basically just shop around correct?
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Old 01-02-2008, 03:52 PM   #12
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Quote:
Originally Posted by cyrick21 View Post
Not sure on how to haggle the price in bikes. On cars I can usually get a deal, but never bought a new bike before. how does that work?

The bike I am looking at pretty hard right now is the new R6 special edition.... yellow and black, which shows the price to be around 9600 or so on yamaha's website.



Basically just shop around correct?
Yep, shop around, let them know you are shopping, also let them know you already have financing setup and you are ready to buy. Get a cycle trader mag and look at the Dealer adds, most of them are from out of state or other parts of texas, you can get some pretty good deals. I can't remember that dealer in Missouri that my buddy buys from but you could probably get a new R6 for about $7800... My buddy recently got a quote for a 07 Gix 1k and it was $9300, that was before tax, you will have to pay tax here in Tx.
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Old 01-02-2008, 04:13 PM   #13
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Good time to buy an '07 R6. You can get one under $7500, not OTD though. If I had the extra cash one would be sitting in my garage.

http://cgi.ebay.com/ebaymotors/Yamah...em200186958328

http://cgi.ebay.com/ebaymotors/2007-...em180199760521

http://cgi.ebay.com/ebaymotors/2007-...em170181658133
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Old 01-02-2008, 04:19 PM   #14
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Just wait until you can pay cash. IMO. Nothing is worth the interest they will charge...

Also, beware the credit card... HIGH interest! And you don't 'pay it off' in only 36 months.
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Old 01-02-2008, 04:20 PM   #15
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Getting a bike loan is not quite like getting a car loan...it's more like an RV or a boat. So, don't be surprised if you DON'T get approved.
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Old 01-02-2008, 04:21 PM   #16
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there you go......$7500+8.25% tax= $8118.75.... Put $2Gs down and finance $6k for 5yrs at around 6% interest and you could be rollin for around$130 or so.... Not too shabby for a new ride...
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Old 01-02-2008, 04:23 PM   #17
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Quote:
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Good time to buy an '07 R6. You can get one under $7500, not OTD though. If I had the extra cash one would be sitting in my garage.

http://cgi.ebay.com/ebaymotors/Yamah...em200186958328

http://cgi.ebay.com/ebaymotors/2007-...em180199760521

http://cgi.ebay.com/ebaymotors/2007-...em170181658133

there you go......$7500+8.25% tax= $8118.75+about $120 TTL.... Put $2Gs down and finance $6k for 5yrs at around 6% interest and you could be rollin for around$130 or so a month.... Not too shabby for a new ride... I would look into gap insurance though...its cheap and will save your if you wreck it early on....
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Old 01-02-2008, 04:34 PM   #18
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www.lakehillmotors.com for honda yammy products.

also in oklahoma there's a dealership, gainsville? they sell HD's as well at diso****s.
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Old 01-02-2008, 05:09 PM   #19
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Do you have a budget? Why would you want to put yourself further in debt? You already owe 8 Grand on your(?) HOUSE repairs, not to mention the note. What will you do if something else happens? Let's look at this logically. At the end of next month you either A. double your debt and then some with interest or B. you decrease your debt by 1/2. Why is this deal dependent upon your girls' credit score? Your score is not so good? If that's the case, maybe you shouldn't be the one handling the money. Not preaching to ya hear, but giving you some questions to really sit and mull over. What kind of position would this put you and your girl in for the future? Looking to have kids one day? The decisions and money management habits you form now will influence your future position. FTW - I have three vehicles and all were paid for in CASH.

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I know you need to have good credit to get a bike being that it is not a necessity.
You need to pay off your house repairs in order to plan for any future emergencies.

You want, well you get the point.

my .02
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Old 01-02-2008, 06:17 PM   #20
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Quote:
Originally Posted by Bean View Post
Do you have a budget? Why would you want to put yourself further in debt? You already owe 8 Grand on your(?) HOUSE repairs, not to mention the note. What will you do if something else happens? Let's look at this logically. At the end of next month you either A. double your debt and then some with interest or B. you decrease your debt by 1/2. Why is this deal dependent upon your girls' credit score? Your score is not so good? If that's the case, maybe you shouldn't be the one handling the money. Not preaching to ya hear, but giving you some questions to really sit and mull over. What kind of position would this put you and your girl in for the future? Looking to have kids one day? The decisions and money management habits you form now will influence your future position. FTW - I have three vehicles and all were paid for in CASH.

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You need to pay off your house repairs in order to plan for any future emergencies.

You want, well you get the point.

my .02



Completely see where you are getting at, but on our income we can afford to have another note and still have extra money around. Only reason it depends on her score is because when I was 18 I got went nuts and had like 5 credit cards and then lost my job. And they all went into collection. I have paid them all off and in good standing with all the credit I have now (only my car, and 1 credit card $0 balance). Its just waiting for that other that was on the before that I messed up on goes away.

I have been preaching to her about her credit, and how important it is after I messed mine up, and how much trouble it is to fix it. So that is one thing I dont mess with any more is taking out more than I can pay back. We are still mulling over all the options, but if things work out right we want a new bike.

We can settle for a used one again, for the right price and good enough condition, but I will cross that road in about a month or so, when it comes time.
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