Buying a bike as a student.

[Falcor]

Well the plan is to get the bike in July regardless of how much i have saved up at the time, so i was wondering if anyone has experience with the typical APR rates for a student to finance the rest of the bike?

[leed]

Unless you absolutely need it... Why not just buy it all out when you can afford it? Buying used will cost less, and if you drop it, you won't be as disappointed because it has likely been dropped before.

[ryanG19]

Originally Posted by Falcor

Well the plan is to get the bike in July regardless of how much i have saved up at the time, so i was wondering if anyone has experience with the typical APR rates for a student to finance the rest of the bike?

I can vouch for this as my buddy just financed one. He ended up putting $600 down and got a 2.89% rate through the local Superior Federal Union for a new 2012. That's basically inflation. I would say that if you can get your parents to co-sign (or if you are old enough to have decent credit) you should be looking around 3-4%. Rates are insanely low right now.

I would personally try to save up for it. His insurance is also double because he doesn't own the bike, the bank does.

[Falcor]

Well i'm 18 and will be 19 in July, not sure if my parents can co-sign since they just took out a loan for a house (Maybe i could get my sister to co-sign, not too sure how her credit is though). As for my credit i just now applied for a discover card to try getting that up but i doubt there will be much of an increase by then in my score. I'll probably have 2 grand set aside by the time i make the purchase.

[ryanG19]

Originally Posted by Falcor

Well i'm 18 and will be 19 in July, not sure if my parents can co-sign since they just took out a loan for a house (Maybe i could get my sister to co-sign, not too sure how her credit is though). As for my credit i just now applied for a discover card to try getting that up but i doubt there will be much of an increase by then in my score. I'll probably have 2 grand set aside by the time i make the purchase.

Hate to tell you this then bro, but your probably screwed. You have zero credit (since this is your first credit card you JUST got, your FICO score is like 30% based off of the length of credit history) and I'm assuming only loans for school. I'm sure Kawi will give you their card that has like a 17% interest rate, but enjoy giving them back the bike in a year when you can't afford the ridiculous payment. I can pretty much guarantee you will need a co-signer or no dealership is going to touch you with their financing and no bank would make that bad of a loan.

P.S. None of this was negative, just letting you know where you stand.

[Falcor]

Yeah i understand, i know i'm gonna have to have somebody sign with me probably. Oh and i have no student loans.

[massacremasses]

ewww buying it at the worst time too....

[Falcor]

Well, living in Florida prices don't fluxuate too much where i live since we can ride year round. Or at least that's the way it's seemed every time i check prices for the past year.

[massacremasses]

I guess, i live in CA and we can ride year around too, but still it gets chilly in the winter so prices are lower.. but yeah I guess.

[Falcor]

Oh yeah it gets cold over there, i visited a friend a year ago at the end of October and it was freaking freezing. The coldest it gets around here even in December if we aren't getting a cold front is around 60-70, so not too terrible.

[massacremasses]

ah yeah I guess it gets like 40 around here in the days...



but it doesnt snow...

[Falcor]

Snow... I haven't seen snow since i left Rhode Island when i was 10. Can't say i miss it too much.

[andreafaerie91]

I'm a student and I'm going to be getting mine in... January-ish. I'm going the used route... i think it'll be better incase you drop the bike. Cheaper too!

[Falcor]

Originally Posted by andreafaerie91

I'm a student and I'm going to be getting mine in... January-ish. I'm going the used route... i think it'll be better incase you drop the bike. Cheaper too!

Yeah, i'm definitely going to get a used one if i can from the dealer. Along with some frame sliders

[diablos991]

I'm a student and was able to get financing below 3% on a used 2009 ninja.

Though it's a little different since I'm in graduate school and already own a house.

Hopefully by 18 you have positioned yourself to build up a solid credit rating. (car loan, secured credit card, robust savings account, etc...) I would advise against buying a motorcycle if you do not have a car or are not living on your own. Don't ever put yourself in the position that you have to use the motorcycle if your body and mind aren't at 100%, so you still need a car.

I would have hated having a motorcycle while at my parents, because after I moved into an apartment, I would have to store the thing in open elements around jerk neighbors. Now that I have my own house and garage, things are tons easier.

[Falcor]

Originally Posted by diablos991

I'm a student and was able to get financing below 3% on a used 2009 ninja.

Though it's a little different since I'm in graduate school and already own a house.

Hopefully by 18 you have positioned yourself to build up a solid credit rating. (car loan, secured credit card, robust savings account, etc...) I would advise against buying a motorcycle if you do not have a car or are not living on your own. Don't ever put yourself in the position that you have to use the motorcycle if your body and mind aren't at 100%, so you still need a car.

I would have hated having a motorcycle while at my parents, because after I moved into an apartment, I would have to store the thing in open elements around jerk neighbors. Now that I have my own house and garage, things are tons easier.

Yeah i'll have a car to drive still, except the mpg is horrid and I've always wanted a bike so it's kind of a win win as soon as i figure out the financial aspects of it.

[andreafaerie91]

Originally Posted by diablos991

I'm a student and was able to get financing below 3% on a used 2009 ninja.

Though it's a little different since I'm in graduate school and already own a house.

Hopefully by 18 you have positioned yourself to build up a solid credit rating. (car loan, secured credit card, robust savings account, etc...) I would advise against buying a motorcycle if you do not have a car or are not living on your own. Don't ever put yourself in the position that you have to use the motorcycle if your body and mind aren't at 100%, so you still need a car.

I would have hated having a motorcycle while at my parents, because after I moved into an apartment, I would have to store the thing in open elements around jerk neighbors. Now that I have my own house and garage, things are tons easier.

I found a guy that rented a POD to store his bike in while he was living in an apartment XD just told his landlord he had some extra stuff.. lol

[andreafaerie91]

Originally Posted by Falcor

Yeah i'll have a car to drive still, except the mpg is horrid and I've always wanted a bike so it's kind of a win win as soon as i figure out the financial aspects of it.

I'm guesstimating 8000 outright for everything including emergency cash for repairs etc. and that's for a 600. Trust me, as soon as I found out what the MPG on a bike was... i was sold for good haha. I drive a 1990 ford pickup... lol hello 14 mpg... XD

[Falcor]

Originally Posted by andreafaerie91

I'm guesstimating 8000 outright for everything including emergency cash for repairs etc. and that's for a 600. Trust me, as soon as I found out what the MPG on a bike was... i was sold for good haha. I drive a 1990 ford pickup... lol hello 14 mpg... XD

17 mpg right now in the dodge dakota . 10 mpg once i switch to the 68 stang YAY ME.

[andreafaerie91]

oh dear god.... yeah, it's s pretty car but gas is expensive!! haha it helps that I'll be graduating next spring also, so I won't have to worry about these stupid cold winters up here and my truck freezing... helloooo Melbourne! haha

[Falcor]

Yeah, my rationalization is that yes i will be making payments, but the money i'll be saving on gas will pay for it on it's own. So i'm not afraid of throwing money at the dealer every month for the damn thing till the rest is payed off lol.

[Jiggles]

I bought my first ninja 250 when I was 20. I had had a credit card since I turned 18 and made payments on it every month. When I bought my motorcycle I was up to a 730 credit score. I applied for Kawis card, they have three tiers, I got tier 3, the worst, 11.99% for 2 years and then 24% after that. I had some money saved up so I ended up paying the bike off in 3 months before I was ever charged interest.

You can try to apply for the kawi card, not sure if they will give it to you, even with my relatively good score, they still gave me the worst tier.

[Jiggles]

Originally Posted by Falcor

Yeah, my rationalization is that yes i will be making payments, but the money i'll be saving on gas will pay for it on it's own. So i'm not afraid of throwing money at the dealer every month for the damn thing till the rest is payed off lol.

Oh yea, you won't save any money, you are delusional. I had the same thought process, trust me, it doesn't happen

[Falcor]

It's because they knew that lady was going to come after you!

[Falcor]

Originally Posted by Jiggles

Oh yea, you won't save any money, you are delusional. I had the same thought process, trust me, it doesn't happen

Well it probably wouldn't really be saving money, more just like putting it all into a different mouth to feed so to speak.

[Jiggles]

To help you keep track, the below link is for the updated excel file

http://www.ninjette.org/forums/showp...9&postcount=47

This is the whole thread

http://www.ninjette.org/forums/showt...highlight=cost

[Falcor]

Oh, thanks this looks pretty useful to help figure out the budgeting the first few months.

[andreafaerie91]

that's really cool! Lucky for me... my boyfriend has been riding/owning bikes and cars since before he could pay for them (granted he's only 22 but... this is his 4th bike... and he paid for his mom's car lol) so he's going to help me with budgeting. I'm working off of a used bike price, with tags, state inspection, personal prop tax, insurance, bags for the bike (still can't seem to find one that will fit my freakin macbook....) and a hockey puck thingie for the kickstand. I already have all my gear and the cover haha

[Falcor]

Originally Posted by andreafaerie91

that's really cool! Lucky for me... my boyfriend has been riding/owning bikes and cars since before he could pay for them (granted he's only 22 but... this is his 4th bike... and he paid for his mom's car lol) so he's going to help me with budgeting. I'm working off of a used bike price, with tags, state inspection, personal prop tax, insurance, bags for the bike (still can't seem to find one that will fit my freakin macbook....) and a hockey puck thingie for the kickstand. I already have all my gear and the cover haha

Yeah i already have my gear besides a jacket, still looking around for once that fits my taste but will still protect me in the event of a unfortunate moment. *knock on wood*

[diablos991]

Originally Posted by Jiggles

I bought my first ninja 250 when I was 20. I had had a credit card since I turned 18 and made payments on it every month. When I bought my motorcycle I was up to a 730 credit score. I applied for Kawis card, they have three tiers, I got tier 3, the worst, 11.99% for 2 years and then 24% after that. I had some money saved up so I ended up paying the bike off in 3 months before I was ever charged interest.

You can try to apply for the kawi card, not sure if they will give it to you, even with my relatively good score, they still gave me the worst tier.

Not a bad number score, they probably shafted you to the higher rate card because your credit hadn't matured yet. Some creditors like to see 3-5 years of history for the good rates. They may have also also factored in the debt to income ratio.

I always get my loans directly through my credit union. There are a couple extra steps involved, but that is the way to get the really low rates (less than 3%) unless the dealer is offering no interest financing.

[killamuf]

I'd go for a used bike....because you most probably you will drop it....

won't hurt as much, if its used.

[Falcor]

Originally Posted by killamuf

I'd go for a used bike....because you most probably you will drop it....

won't hurt as much, if its used.

I imagine listening to dubstep and riding at the same time is tricky when those bass drops come in. It's like subliminal messaging to your brain...

[killamuf]

Originally Posted by Falcor

I imagine listening to dubstep and riding at the same time is tricky when those bass drops come in. It's like subliminal messaging to your brain...

well that is true, but its not always gonna be because of you (falling of your bike).

It could be nature or some other freak accident. Well whatever you decide, good luck and be safe brother.

[akshay11]

I'm a student also, junior in college, and I just bought new also but paid it all. I had 5k set aside and the bike was 7300.. so my parents pitched in the rest and I paid them back. But yeah my dad has near perfect credit.. ~795.. and the dealer still said he would only be able to give us a rate of like 2-3%.. Only wouldve financed if it was 0% but meh

[andreafaerie91]

I'm just going to buy the bike straight out... haha in cash. I'm not for financing and rates and all that jazz :P

OP: As for a jacket I went with joe rocket and got a fantastic CE level 2 back protector to replace the flimsy boogieboard material that came with the jacket lol I have to get a liner though...

[andreafaerie91]

Originally Posted by akshay11

I'm a student also, junior in college, and I just bought new also but paid it all. I had 5k set aside and the bike was 7300.. so my parents pitched in the rest and I paid them back. But yeah my dad has near perfect credit.. ~795.. and the dealer still said he would only be able to give us a rate of like 2-3%.. Only wouldve financed if it was 0% but meh

how do you like your 650? do you feel like it's too much? I'm still on the fence between the 250 and the 650... I really like the feel of the 650, but i like what i'm hearing about the 250. I'm just afraid that i'll regret not starting with the 250. I'll be learning on a 500 buell blast

[Falcor]

Originally Posted by andreafaerie91

I'm just going to buy the bike straight out... haha in cash. I'm not for financing and rates and all that jazz :P

OP: As for a jacket I went with joe rocket and got a fantastic CE level 2 back protector to replace the flimsy boogieboard material that came with the jacket lol I have to get a liner though...

Yeah i was looking at the joe rocket jackets since i got joe rocket gloves i'd like to match. My problem is i refuse to get textile, i want leather.

This one goes with my helmet and gloves.
http://www.motorcycle-superstore.com...ce-Jacket.aspx

[Falcor]

On a side not, i won't be taking any summer semesters this year, so i'll be getting even more hours at work more than likely and i'll be able to pay everything off quicker.

[andreafaerie91]

I'll have my summer internship buuuut I won't be getting my endorsement until October... I just want to get my bike before I move to Florida haha

[andreafaerie91]

Originally Posted by Falcor

Yeah i was looking at the joe rocket jackets since i got joe rocket gloves i'd like to match. My problem is i refuse to get textile, i want leather.

This one goes with my helmet and gloves.
http://www.motorcycle-superstore.com...ce-Jacket.aspx

That's a nice jacket

I got this one. I don't have gloves yet, I'm a bit picky because I have small hands hahahahah

http://www.leatherup.com/p/Womens-Mo...ket/55873.html