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Ninjette Chronicles Part III

Posted March 3rd, 2009 at 04:22 PM by xTKx
Updated March 4th, 2009 at 11:46 AM by xTKx

Went to the dealer again today (this time on a specific mission). That's right, I wasn't piddle-farting around the lobby just wishing, I put my thoughts into action. I talked to the sales guy I've been talking to for the past couple of weeks and filled out the credit app. He said it shouldn't take too long...

waited...


waited...

The finance guy comes out and says that the bank they're using for loans is really busy, but we should know in an hour. I leave for lunch and come back. Still no for sure answer.

waited...

waited...

The finance guy finally comes back and my heart's racing. "Bad news," he says. "You didn't get approved for the full amount." My heart sank. He started going through other options with the Kawasaki credit card...yeah right. 21.99% interest, uhhhh, no thanks. Feeling defeated, my body language told the guy I just wanted to go...

"But there is something else you can try..."

My ears perked up. Well, since I had applied on my own, without any co-signer, and I'm a newbie owner to a new house, they said that's why I didn't get approved for the full amount. However, he said I could get my wife to co-sign the loan and I should be able to get approved for the full amount!! She's filling out a credit app tonight and I'm sending it to the finance guy. He said he'll take a look at it in the morning and let me know. If this happens, I should be going to pick it up this weekend!

Now I wait...

*Update 3/4/09: I'm approved! All it took was my wife to co-sign. The finance guy said the bank just really needed to see a little more additional income than just mine alone. However, I still am going to talk to the misses for the final blessing, and we're also going to double check and go over our finances so that even when my brother's car payments stop, we'll know that we know we can keep up payments. I've gone through my entire budget this morning and don't see any reason why payments couldn't be made. Anyway, thanks to everyone for your support! More to come and I'll be sure to share once things either slow down or move to the next step.
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Comments

  1. Old Comment
    Alex's Avatar
    Couple quick thoughts...

    I'd look elsewhere for financing as well just to compare rates. Do you have a home equity line you can draw on? Can the bank that holds your mortgage give a you a decent rate on a vehicle loan?

    Also, how much financing do you need on a $4K bike? Do you have the cash flow to pay for all the required gear (seems like you're fine here, as it sounds like you have most of the protective gear already), maintenance, tires, insurance, etc.?
    Posted March 3rd, 2009 at 05:22 PM by Alex Alex is offline

  2. Old Comment
    xTKx's Avatar
    Yeah, it has definitely occured to me to look elsewhere for a vehicle loan. The bank the dealer is using was my former bank for about 3 years (I switched to BofA when I got married). I've got all safety gear ready to go (most of it from my old bike). I'm setting aside a small portion of my paycheck specifically for the bike to pay for things like new tires and maintenance. As far as insurance goes, I'm already used to paying that (because of my previous bike), and I even got a better quote from my current agent than what I was paying before.

    Not to mention I'm dropping my gym membership this month (about $70), and my brother's paying me at least $200 a month to pay off our car (which will allow me to put big chunks of my paycheck toward my "maintenance budget" since my brother will pretty much be paying for my bike).

    Though, who knows. I'm still supposed to get the "final call" this morning and for all I know I'm still not approved for the whole amount (which will definitely be the final straw for now). As much as I want the bike, I'm still weighing in the pros and cons before the weekend. Only time will tell...


    *Edit: One of the biggest reasons the guy told me I wasn't approved for the whole amount was my house. Since I've only made 5 payments on it so far, we still have about 99% of our house to pay off. He told me that the bank doesn't just look at your monthly mortgage payment, but they look at the remaining balance of your house as well.
    Posted March 4th, 2009 at 07:35 AM by xTKx xTKx is offline
  3. Old Comment
    check with a local credit union instead of a bank. Credit unions are usually a bit cheaper and easier to qualify. If you don't belong to a credit union, find a good one and join. I don't use banks anymore, except when I absolutely have to... and then it is only for services that they offer that credit unions don't.
    Posted March 10th, 2009 at 12:08 AM by kkim kkim is offline
  4. Old Comment
    xTKx's Avatar
    Hey Kelly,
    Got it financed through a local credit union (which was my former bank for about 2 1/2 years). I was blessed to get a really, really low interest rate (5.75%) considering the financial strains of the times. Since I had to pay a membership fee to get the loan, it looks as though I'm a member...yet again!
    Posted March 11th, 2009 at 08:34 AM by xTKx xTKx is offline
 

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