How to take a loan out for a motorcycle

[FvnnyL3tt3r1ng]

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...

[CycleCam303]

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.

[Reyno2ac]

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.

[Jiggles]

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

[NathanUc]

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.

[Joshorilla]

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.

[Motofool]

Originally Posted by Joshorilla

.........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!"...........

Just accept the offer, transfer monies to Florida, and Justin will make payments to you.
That is more than enough for his new bike !!!

[dmb5450]

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.

[psych0hans]

Like everyone else here has said, don't buy a second bike if you're a student...

[Joshorilla]

Originally Posted by Motofool

Just accept the offer, transfer monies to Florida, and Justin will make payments to you.
That is more than enough for his new bike !!!

Sure, 1000% interest, all physical assets as collatoral as well as any future earnings to the sum of $5000 and i'll get my uncle in Clermont to break a bone for every day late payment.

I have to protect my interests after all...

Oh wait, can't afford it, I now own a yacht

[FvnnyL3tt3r1ng]

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.

[psych0hans]

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...

[FvnnyL3tt3r1ng]

Originally Posted by Jiggles

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

You always have something funny to say, don't you?

[FvnnyL3tt3r1ng]

Originally Posted by psych0hans

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...

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.

[ChaoSS]

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.

[Joshorilla]

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!

[Motofool]

Originally Posted by Joshorilla

Then sell your ninja 250 to pay for the deposit.......

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.

[Whiskey]

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.

Either part-ex or hang tight & save, putting the loan repayment into an accessible savings a/c & then part-ex.

Out of interest what type of riding & what type of bike are you looking at?

[FvnnyL3tt3r1ng]

Originally Posted by Whiskey

Either part-ex or hang tight & save, putting the loan repayment into an accessible savings a/c & then part-ex.

Out of interest what type of riding & what type of bike are you looking at?

I stunt ride and the cbr 6 f4i

[Whiskey]

Originally Posted by FvnnyL3tt3r1ng

I stunt ride and the cbr 6 f4i

Save for it & buy it outright dude, they're not that expensive, taking a loan out for a stunt bike is ****in crazy

Would I be correct in thinking you wrote off a 250 stunting not too long ago?

[CycleCam303]

Originally Posted by FvnnyL3tt3r1ng

I stunt ride and the cbr 6 f4i

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.

[ADoMinGu3z]

i was on ur side until u said u stunt ride. taking a loan out for a stunt bike is nuts dude. good luck

[Jiggles]

Originally Posted by FvnnyL3tt3r1ng

You always have something funny to say, don't you?

Penis

[tfkrocks]

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.

[lgk]

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.

[Aggrotech]

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.

[Compooky]

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.

[psych0hans]

Originally Posted by Motofool

A trade may do it.

[Panda]

Originally Posted by FvnnyL3tt3r1ng

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.

This means the bank thinks you can't afford it. Used f4is are dirt cheap. If the bank thinks you can't afford payments and you can't afford to put down a down payment. It sounds like you actually can't afford it.

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.

[contact148]

pay cash in full or dont buy it dont go into debt for somthing you dont NEED

[Geologic]

Originally Posted by FvnnyL3tt3r1ng

I can handle any of the payments just fine I just can't get past the creditors criteria...

Are you doing something illegal? How can you handle payments but not meet the "criteria"? Or were you going to use your student loans to pay off the bike?

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.

[ChaoSS]

Originally Posted by Geologic

Are you doing something illegal? How can you handle payments but not meet the "criteria"? Or were you going to use your student loans to pay off the bike?

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.

I can understand being in this position, especially if his student loans/scholarship pays for housing as well. If that is the case, his expenses can be very low, so it doesn't take much income to be able to make payments, but the creditors still won't approve it.


That being said, I wouldn't finance a stunt bike, ever.

[Ytse Frobozz]

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?

[dfox]

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.

[keith217]

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.

[FvnnyL3tt3r1ng]

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.

[Geologic]

Originally Posted by ChaoSS

I can understand being in this position, especially if his student loans/scholarship pays for housing as well. If that is the case, his expenses can be very low, so it doesn't take much income to be able to make payments, but the creditors still won't approve it.


That being said, I wouldn't finance a stunt bike, ever.

A student loan is supposed to pay for tuition, books, room and board. Not a stunt bike.

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!

[ChaoSS]

Originally Posted by Geologic

A student loan is supposed to pay for tuition, books, room and board. Not a stunt bike.

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!

Right, which is why I'm saying that if his loans are paying for his college, his tution, books, room and board, then his job, where he may not make much, can pay for whatever he wants, because his needs are met at that point. I'm not suggesting using the student loan money for a bike.

[psych0hans]

Originally Posted by ChaoSS

Right, which is why I'm saying that if his loans are paying for his college, his tution, books, room and board, then his job, where he may not make much, can pay for whatever he wants, because his needs are met at that point. I'm not suggesting using the student loan money for a bike.

Shouldn't the money saved go to repaying the student loans? He'll HAVE to start eventually, might as well start now? Just my

[nickjpass]

Nickjpass #2