May 26th, 2013, 03:35 PM | #1 |
ninjette.org certified postwhore
Name: Justin
Location: Florida
Join Date: Aug 2012 Motorcycle(s): Ninja 250 2001 Posts: A lot.
|
How to take a loan out for a motorcycle
Hi all, I am looking to buy a 2nd motorcycle but it seems like I don't have enough income to get my bank to approve me. I'm a full time student and work part time so it's very hard to get a job that pays enough to satisfy the bank's requirements. I was wondering if there was any other options out there such as a 3rd party? I can handle any of the payments just fine I just can't get past the creditors criteria...
|
|
May 26th, 2013, 03:48 PM | #2 |
King Hamfist
Name: Cameron
Location: NorCal East Bay
Join Date: Oct 2012 Motorcycle(s): 2007 Crf 150R, 2011 Hypermotard 796 Posts: 940
|
Fwiw unless you can put 70% down or the bike itself is cheap, under 5k I would avoid your situation. No offense, its just that if your already shaky sounding financial situation blows up in your face all its going to do is ruin your credit.
Aside from that Debbie downer intro, have you tried getting a credit union loan? Motorcycle loans are the hardest to get. Like the bank says if you lose your job the order of stuff you'll stop making payments for is bike, car, then mortgage. They'll want to see your pay stubs for the month and evaluate your situation from there, like what your current bank is doing. Generally credit unions will loan you more money, low apr's, and they give loans out a bit easier. |
|
May 26th, 2013, 06:20 PM | #3 |
ninjette.org member
Name: Andrew
Location: Michigan
Join Date: Mar 2012 Motorcycle(s): Red 2009 Ninja 650r Posts: 209
|
Why do you need a second motorcycle as a full time student working part time? I sure as hell didn't have the money or time for a second motorcycle while in college, let alone a second one expensive enough to take a loan out for.
|
1 out of 1 members found this post helpful. |
May 26th, 2013, 08:04 PM | #4 |
Jigglin' your Jiglets
Name: Sean
Location: San Jose, Ca
Join Date: Jun 2011 Motorcycle(s): 2009 K1300S, 2013 Ninja 300, 2011 Ninja 250R, Faster than Unregistered's ninjette Posts: Too much.
Blog Entries: 1
MOTM - Apr '13
|
I'm in the same situation as you. Instead of getting a second bike, get a third bike, the third is always easier to get
__________________________________________________
If the Ninja 250 doesn't have enough power for you, then you don't know how to ride it. AFM #676 Supersports are for n00bs |
|
May 27th, 2013, 01:05 AM | #5 |
B-Town Ninja
Name: Nathan
Location: Bloomington, IN
Join Date: Feb 2011 Motorcycle(s): Black 2013 Ninja ZX6R ABS Posts: 609
Blog Entries: 3
|
Here is what I'd recommend...
Yes, you can get loans from third party for vehicles like motorcycles. Talk to your dealership about your options and try to find something that fits your budget. I'll say this... if you can afford a $500/mo payment, try not to exceed a $250/mo loan. Try to at least double your minimum payments when you can and work your ass off to pay off the loan before your interest rate kicks in (most give you a year or two of 0% interest). Know that most lenders require you to have full coverage insurance on a bike with a loan.
__________________________________________________
Downgraded to a 2013 636. Previous owner of a 2010 250r --------------------------------- My moto-vlog YouTube channel http://www.youtube.com/bloomingtonninja |
|
May 27th, 2013, 02:09 AM | #6 |
Bass Master General
|
If you can't afford it, don't buy it.
No point getting in debt for something as frivolous as a second bike while you're still in full time education, a motorcycle is a luxury, although for some it's a primary means of transport, so getting a loan is ok, but a loan for a second bike? When you're earning this is fine, but your bank obviously won't lend momey to you because it would be irresponsable for them to do so, take that as a clue. Edit: when you become viable to loan money to (i.e. earning enough to pay them back), the bank will be asking you to take out a loan! I get a letter from my bank manager every month telling me "Dear Mr ***** Fancy a new Kitchen? Car? Boat? We have reserved a loan of £14,957.75 for you in branch!" So, that they don't want to lend to you, makes me worry. |
|
May 27th, 2013, 05:13 AM | #7 | |
Daily Ninjette rider
Name: Hernan
Location: Florida
Join Date: Mar 2011 Motorcycle(s): 2007 Ninja 250 Posts: A lot.
MOTY - 2016, MOTM - Dec '12, Jan '14, Jan '15, May '16
|
Quote:
That is more than enough for his new bike !!!
__________________________________________________
Motofool .................................Never ride faster than your guardian angel can fly "Mankind is composed of two sorts of men — those who love and create, and those who hate and destroy. Love is the bond between men, the way to teach and the center of the world." - José Martí |
|
|
May 27th, 2013, 05:20 AM | #8 |
ninjette.org member
Name: Donnie
Location: Whitehall PA
Join Date: Jun 2012 Motorcycle(s): 2012 Ninja 250 Posts: 52
|
As the others said, if its a second bike there is no reason to get into more debt. To answer your question though, I was in your situation as well, a college student with a job but not enough income to have a bank feel safe enough to give a loan. Even though I could pay the monthly rates, they were not interested. What I ended up doing was using a credit card to buy my 2012 ninja. I always get offers in the mail for a new card with introductory rates. I got a card with 5% interest with an APR of 0% for 12 months. I put all 4750 on the card. I had 2000 as a down payment, I paid that off the second I got home, leaving me owing 2750. 2750/12=230 a month. Not only was it interest free, but I got 100 dollar gift card for spending X amount in the first 3 months plus another 50 dollar gift card after the ninja was paid off due to a point per dollar of the bike. Sorry for the length, I just wanted to show how I made the best out of a negitive situation with hopes that you may benefit as I did.
|
1 out of 1 members found this post helpful. |
May 27th, 2013, 05:31 AM | #9 |
ninjette.org certified postwhore
Name: Hansveer
Location: Bombay, India
Join Date: Jan 2012 Motorcycle(s): Ninja 250r - Track whore, Ninja 300 - SOLD, KTM RC390 - Orange Hulk, Ducati 899 Panigale - Red Devil. Posts: A lot.
|
Like everyone else here has said, don't buy a second bike if you're a student...
|
|
May 27th, 2013, 06:31 AM | #10 | |
Bass Master General
|
Quote:
I have to protect my interests after all... Oh wait, can't afford it, I now own a yacht |
|
|
May 27th, 2013, 06:49 AM | #11 |
ninjette.org certified postwhore
Name: Justin
Location: Florida
Join Date: Aug 2012 Motorcycle(s): Ninja 250 2001 Posts: A lot.
|
I never said I could not afford the bike. I said the bank told me I didn't have enough income for them to cut me a loan. I am on a full scholarship. The 2nd bike will eventually become my ONLY bike. I'm glad you guys are happy with your 250s but for the type of riding I do it is not nearly enough hp.
|
|
May 27th, 2013, 06:53 AM | #12 |
ninjette.org certified postwhore
Name: Hansveer
Location: Bombay, India
Join Date: Jan 2012 Motorcycle(s): Ninja 250r - Track whore, Ninja 300 - SOLD, KTM RC390 - Orange Hulk, Ducati 899 Panigale - Red Devil. Posts: A lot.
|
If you can afford it, then you wouldn't need a loan bro... Stay away from the debt trap if you know what's good for you...
|
|
May 27th, 2013, 06:54 AM | #13 |
ninjette.org certified postwhore
Name: Justin
Location: Florida
Join Date: Aug 2012 Motorcycle(s): Ninja 250 2001 Posts: A lot.
|
|
|
May 27th, 2013, 06:57 AM | #14 |
ninjette.org certified postwhore
Name: Justin
Location: Florida
Join Date: Aug 2012 Motorcycle(s): Ninja 250 2001 Posts: A lot.
|
I get what you're saying and I agree with you that debt is one hell of a hole to dig yourself out of. However, I have thought this through and I wouldn't mind taking a loan out for the bike I've wanted for a long time now as an exception. I really just want to know where a good place to seek a loan from is. The dealership doesn't offer them unless I put down a large down payment.
|
|
May 27th, 2013, 07:01 AM | #15 |
ninjette.org sage
Name: Tim
Location: Goshen CA
Join Date: Oct 2012 Motorcycle(s): 2012 red 250 ninja Posts: 740
|
There are always institutions that offer credit for things like this, but the terms can be nasty. I wouldn't recommend doing this just to get a bike, but it can help you to develop better credit in the future.
When I bought my bike, I had someone who was willing to cosign for me to get a decent loan, but I wanted to get the boost to my credit rating, so I got a loan through the local buy here pay here lot that is linked to the motorcycle dealership. In order to do this, I took a loan with a 20 percent rate and a 500 dollar fee on a loan for less than 2800 dollars. You can do what you must, but if don't need the bike, it may not be worth it, there may be better ways to build your credit, and if you can afford payments, you should be able to save up for the bike in short order. |
|
May 27th, 2013, 07:02 AM | #16 |
Bass Master General
|
Then sell your ninja 250 to pay for the deposit, there is a little saying here "you can't have your cake and eat it"
You can't afford to buy the bike outright, and you can't even afford a deposit for a loan = YOU CAN'T AFFORD THE BIKE! |
|
May 27th, 2013, 07:10 AM | #17 |
Daily Ninjette rider
Name: Hernan
Location: Florida
Join Date: Mar 2011 Motorcycle(s): 2007 Ninja 250 Posts: A lot.
MOTY - 2016, MOTM - Dec '12, Jan '14, Jan '15, May '16
|
Justin's problem is the Ninjette is his only transportation.
Public transportation here in South Florida is scarce and non-practical. A trade may do it.
__________________________________________________
Motofool .................................Never ride faster than your guardian angel can fly "Mankind is composed of two sorts of men — those who love and create, and those who hate and destroy. Love is the bond between men, the way to teach and the center of the world." - José Martí |
|
May 27th, 2013, 07:44 AM | #18 | |
ninjette.org certified postwhore
Name: Morgan
Location: A city twinned with Kawasaki
Join Date: Nov 2011 Motorcycle(s): '08 Ninja 250, 2010 STR 675 Posts: A lot.
Blog Entries: 1
|
Quote:
Out of interest what type of riding & what type of bike are you looking at? |
|
|
May 27th, 2013, 07:59 AM | #19 |
ninjette.org certified postwhore
Name: Justin
Location: Florida
Join Date: Aug 2012 Motorcycle(s): Ninja 250 2001 Posts: A lot.
|
|
|
May 27th, 2013, 09:09 AM | #21 |
King Hamfist
Name: Cameron
Location: NorCal East Bay
Join Date: Oct 2012 Motorcycle(s): 2007 Crf 150R, 2011 Hypermotard 796 Posts: 940
|
That looks like the last nail in the coffin yo. Lets look at this at face value. Everyone here is offering good advices. So your motorcycle is your main mode of transportation? Yes, the 250 is a terrible stunt bike. So you want to buy the holy grail of stunt bikes an... OLD f4i.
Patience is a virtue, especially at our ages. I know we want everything yesterday. This has nothing to do with the ninja 250 being the greatest bike ever. I'll be the first one to tell you that it's a low level noob bike completely built around its 100 mph top speed. Stunt bikes are the equivalent to owning a track only bike, except worse. You're going to tear the thing up learning the tricks and the bike is going to turn into a busted up pos. sounds like you can't even put down a solid down payment on a what 5 grand bike? Buy a wrecked f4i for under 2000 grand and learn on that while keeping regular transportation. All it takes is that lucky 25mph drop to punch a hole in the case and the bike is fuxored. Obviously this isn't what you want to read. If buying this bike means living hand to mouth for a want, a better stunt bike, that is not a smart idea. Finish college, get a decent job. Get your financial and life **** in order, and buy all the stunt bikes you want. This is coming from someone who can't wait to start road racing. |
1 out of 1 members found this post helpful. |
May 27th, 2013, 09:26 AM | #22 |
ninjette.org member
Join Date: Jun 2012 Posts: 117
|
i was on ur side until u said u stunt ride. taking a loan out for a stunt bike is nuts dude. good luck
|
|
May 27th, 2013, 09:38 AM | #23 |
Jigglin' your Jiglets
Name: Sean
Location: San Jose, Ca
Join Date: Jun 2011 Motorcycle(s): 2009 K1300S, 2013 Ninja 300, 2011 Ninja 250R, Faster than Unregistered's ninjette Posts: Too much.
Blog Entries: 1
MOTM - Apr '13
|
__________________________________________________
If the Ninja 250 doesn't have enough power for you, then you don't know how to ride it. AFM #676 Supersports are for n00bs |
1 out of 1 members found this post helpful. |
May 27th, 2013, 10:02 AM | #24 |
ninjette.org certified postwhore
Name: Rebecca
Location: SF Bay Area
Join Date: Sep 2009 Motorcycle(s): 2013 Ninja 300 w/ ABS, 2014 NC700X, 2008 Ninja 250 (sold), 2002 Ninja 250 (sold) Posts: A lot.
MOTM - Jan '18, Sep '13
|
Why would you want to finance a stunt bike? There's no guarantee that something won't happen to the bike, especially if you're doing something like stunting. You could very well quickly end up with no bike and out a bunch of money. I understand needing a commuter, but a second bike for things like stunting/racing is a luxury. Wait until you're done with college and settled for those kind of things. You'll have more fun when you have that good job and can easily afford to pay for not just the bike, but all the extras you need/want for it.
|
|
May 27th, 2013, 10:11 AM | #25 |
ninjette.org certified postwhore
Name: Jason
Location: Norfolk, VA
Join Date: Dec 2011 Motorcycle(s): 2012 EX250, 2014 EX300 Posts: A lot.
|
You can probably only get a loan on new bikes...
But its really a bad idea since your insurance rate is high as well. You will need gap as well as comprehensive and collision coverage... I say wait a couple of years.
__________________________________________________
Ethioknight Memorial Fund- Sticker sale http://www.ninjette.org/forums/showthread.php?t=111700 |
|
May 27th, 2013, 10:45 AM | #26 |
ninjette.org sage
Name: Justin
Location: Fresno CA
Join Date: Jun 2012 Motorcycle(s): 12' Ninja 250 Posts: 831
|
lol these people are harsh. Majority of you guys are not answering his question at all, rather just telling him to not do anything at all because getting a loan = instantdebt.
Have you tried any Credit unions? My credit union is constantly doing deals/promotions with really good loans for vehicles/motorcycles, specially with low credit. |
1 out of 2 members found this post helpful. |
May 27th, 2013, 11:51 AM | #27 |
ninjette.org member
Name: Garry
Location: Quincy
Join Date: Aug 2011 Motorcycle(s): 2011 ninja 250r, 2013 gsxr 600 Posts: 93
|
When you mentioned taking out a loan, I expected it to be a brand new bike. But if you can't even pay off the Cbr in almost the full amount after selling the 250 to help then you really don't have money for a second bike.
|
1 out of 1 members found this post helpful. |
May 27th, 2013, 11:57 AM | #28 |
ninjette.org certified postwhore
Name: Hansveer
Location: Bombay, India
Join Date: Jan 2012 Motorcycle(s): Ninja 250r - Track whore, Ninja 300 - SOLD, KTM RC390 - Orange Hulk, Ducati 899 Panigale - Red Devil. Posts: A lot.
|
|
|
May 27th, 2013, 01:09 PM | #29 | |
not an actual panda
Name: dan
Location: philadelphia
Join Date: Aug 2012 Motorcycle(s): 2008 Ninja 250, 2009 CBR600RR (Sold) Posts: A lot.
|
Quote:
Go to a bank, a credit union, put it on a credit card, ask your parents. You sound super high risk. Typically you'll pay for that with high fees and/or interest. |
|
|
May 27th, 2013, 05:54 PM | #30 |
ninjette.org member
Name: Matt
Location: Toronto
Join Date: Mar 2013 Motorcycle(s): 2012 Ninja 250 2013 GSXR 600 Posts: 96
|
pay cash in full or dont buy it dont go into debt for somthing you dont NEED
|
|
May 27th, 2013, 07:02 PM | #31 | |
ninjette.org newbie
Name: A
Location: Seattle
Join Date: May 2013 Motorcycle(s): 1995 Ninja EX250-F Posts: 7
|
Quote:
If you're doing something "off the books", just pay full cash. Wait until you have enough money and get a bike off craigslist. I would not use your student loans to pay for the bike. It's not very smart to stunt on a bike you owe money on. |
|
|
May 27th, 2013, 07:29 PM | #32 | |
ninjette.org sage
Name: Tim
Location: Goshen CA
Join Date: Oct 2012 Motorcycle(s): 2012 red 250 ninja Posts: 740
|
Quote:
That being said, I wouldn't finance a stunt bike, ever. |
|
|
May 28th, 2013, 11:02 AM | #33 |
Not dead yet!
Name: Rob
Location: Marlborough MA
Join Date: Apr 2010 Motorcycle(s): 2009 Ninja 250R Posts: 315
|
Can't get approved for a loan? Talk to my cousin Tino. He can set you up with a very attractive offer with NO CREDIT CHECK.
...Just don't miss a payment. Hard to ride a motorcycle with two broken ankles, you know? |
1 out of 1 members found this post helpful. |
May 28th, 2013, 11:51 AM | #34 |
ninjette.org sage
Name: Fox
Location: Boston
Join Date: May 2012 Motorcycle(s): 08 250R Posts: 881
|
Find someone to co-sign the loan and sell the 250 as the down payment.
Other than that, just hang tight, save money, and buy it when the banks think you can afford it. |
|
May 28th, 2013, 02:42 PM | #35 |
ninjette.org member
Name: Trill
Location: California
Join Date: Apr 2013 Motorcycle(s): 250r Posts: 14
|
I dont think it's thta smart of an idea to get a second bike on a loan. Honestly, theres way you can do it but just hang tight, sell your other bike first and then buy the other bike. You don't really want to end up screwed and in debt later right? It could take years to completely pay off.
|
|
May 28th, 2013, 03:13 PM | #36 |
ninjette.org certified postwhore
Name: Justin
Location: Florida
Join Date: Aug 2012 Motorcycle(s): Ninja 250 2001 Posts: A lot.
|
Doesn't look like I'm going to get the bike at this time, even if I wanted to. Just for the record, yeah you crash stunt bikes but the whole point is riding the bike you want to ride and replacing whatever parts you have to is just a part of the process of riding, stunting or not. Making payments is just a luxury for people like myself that don't have the whole payment at this time.
And to who was asking, no I'm absolutely not thinking of using student loans to pay for the bike. |
|
May 28th, 2013, 05:54 PM | #37 | |
ninjette.org newbie
Name: A
Location: Seattle
Join Date: May 2013 Motorcycle(s): 1995 Ninja EX250-F Posts: 7
|
Quote:
Reminder: You can't default on Student Loans through Bankruptcy. edit: just read the above post. that's good. Sell the Ninja 250, save up a bit of money, and get a second hand 600cc off craigslist once you're ready to upgrade! |
|
|
May 29th, 2013, 03:42 AM | #38 | |
ninjette.org sage
Name: Tim
Location: Goshen CA
Join Date: Oct 2012 Motorcycle(s): 2012 red 250 ninja Posts: 740
|
Quote:
|
|
|
May 29th, 2013, 03:49 AM | #39 | |
ninjette.org certified postwhore
Name: Hansveer
Location: Bombay, India
Join Date: Jan 2012 Motorcycle(s): Ninja 250r - Track whore, Ninja 300 - SOLD, KTM RC390 - Orange Hulk, Ducati 899 Panigale - Red Devil. Posts: A lot.
|
Quote:
|
|
|
May 29th, 2013, 03:59 AM | #40 |
#squid
Name: nickypoo
Location: Five Guys
Join Date: Jul 2011 Motorcycle(s): Track dedicated 2008 ZX6R Posts: A lot.
MOTM - Jul '16
|
Nickjpass #2
__________________________________________________
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
[visordown.com] - MV Agusta secures 15 million loan for international development | Ninjette Newsbot | Motorcycling News | 0 | January 5th, 2015 03:23 AM |
Have a stock 300 you want to loan and get some free stuff for? | backinthesaddleagain | General Motorcycling Discussion | 1 | December 23rd, 2013 02:57 PM |
Question about a loan: Ninja 250. | XurXes | General Motorcycling Discussion | 87 | August 28th, 2012 04:52 AM |
[topix.net] - Piaggio secures $58.8m loan | Ninjette Newsbot | Motorcycling News | 0 | August 1st, 2010 12:10 PM |
[motorcycle.com] - Piaggio receives 150M euro loan | Ninjette Newsbot | Motorcycling News | 0 | December 19th, 2008 08:21 PM |
|
|