September 17th, 2013, 02:06 AM | #1 |
ninjette.org foodie
Name: Josh
Location: Kent, WA
Join Date: Sep 2013 Motorcycle(s): None...Yet Posts: 248
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F***ing Banks!
Ok, so the bank turned me down for a loan. They said my credit wasn't good enough (I'm trying to build it in the first place) AND my vehicle wasn't good enough for collateral ('96 Ford Explorer...too old). I'm trying to get my first bike, so I'm looking used. Found an '05 250 with 9k-ish miles for $1900(private seller), so I asked for $2k. No dice. Should I try something else, like a credit union?
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September 17th, 2013, 04:37 AM | #2 |
ninjette.org certified postwhore
Name: Frugal
Location: Dallas/Fort Worth (DFW)
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IMHO you should start saving money at a credit union, build an account balance of a couple grand. Then, use that balance to get a secured loan or credit card, then use that loan or card to buy a bike. You build credit quickly this way, and since the loan is secured by the balance in the account the loan is easy to get. If you don't have the financial means to save this much then you don't have the means to pay off a loan this size, and that's why the bank won't loan you the money. In case you forgot, banks got burned big-time recently lending to marginal borrowers. My credit rating is 813 and I did it starting out buying a car with a secured credit card at my savings union.
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2 out of 2 members found this post helpful. |
September 17th, 2013, 04:44 AM | #3 |
Bass Master General
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Yeah, silly idea trying to build your credit rating by buying several grands worth of motorcycle lol.
Get a monthly phone direct debit, a credit card you pay off in full every month, and a $500 loan, say it's to get a new oven, microwave and fridge. |
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September 17th, 2013, 04:54 AM | #4 |
ninjette.org certified postwhore
Name: Jason
Location: Norfolk, VA
Join Date: Dec 2011 Motorcycle(s): 2012 EX250, 2014 EX300 Posts: A lot.
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get a better job, and save money.
theres no point in buying on a loan
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September 17th, 2013, 05:02 AM | #5 |
The Corner Whisperer
Name: Chris (aka Reactor)
Location: Northern KY
Join Date: May 2011 Motorcycle(s): 2010 250 (track), 1992 250, 2006 R6 (street/track), 2008 R6 (track) Posts: Too much.
MOTY 2015, MOTM - Nov '12, Nov '13
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Alternative option: Buy a project and start learning.
It's almost buying season for bikes, use it to your advantage and buy a beater/project bike and restore/customize it. You have the entire off season to fix it, shine it up and get it legal before next season. You will love it when your done and learn a ton about wrenching & maintenance in the process. Cheap entry price and instead of payments, you buy parts, same difference in the end.
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Goal: Shake A Million Hands | Look through the corners | Track Day Prep | Closest track? | The Mid-Ohio School |
1 out of 1 members found this post helpful. |
September 17th, 2013, 05:28 AM | #6 |
dirty boy
Name: Joe
Location: Johnstown, PA
Join Date: Sep 2012 Motorcycle(s): I don't even know anymore?? Posts: A lot.
MOTM - Apr '14
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banks don't like to lend out small amounts of money, it's high risk low reward
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September 17th, 2013, 07:05 AM | #7 |
CVMA #74 WSMC #750
Name: Nemesis
Location: On the track
Join Date: Oct 2009 Motorcycle(s): All of them Posts: A lot.
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If you can't afford $1900 or even $2K on your own then you most likely should not be buying a motorcycle.
Time and time again, noobs forget there are other expenses other than the motorcycle itself. You have insurance, maintenance, protective gear, registration, etc. to consider. And if you crash, well it's just more added expense. BTW, a pre-gen ain't worth $1900. They should be selling for $1500 or less. At least in Cali it is.
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3 out of 3 members found this post helpful. |
September 17th, 2013, 07:07 AM | #8 |
not an actual panda
Name: dan
Location: philadelphia
Join Date: Aug 2012 Motorcycle(s): 2008 Ninja 250, 2009 CBR600RR (Sold) Posts: A lot.
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Lots of great advice in this thread. @FrugalNinja250, chris, and @Nemesis pretty much nailed it.
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September 17th, 2013, 07:22 AM | #9 |
I'm crazy,your excuse is?
Name: Winston
Location: Connecticut
Join Date: May 2013 Motorcycle(s): 250 2007 ninja Posts: A lot.
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Lots of good advise here, I hope see it all in the best light possible. A pregen can be had for quite a bit less than $2000, save your pennies and buy at the peak of winter and definately budget for protective gear.
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September 17th, 2013, 07:44 AM | #10 |
ninjette.org certified postwhore
Name: Jay
Location: CT
Join Date: Apr 2011 Motorcycle(s): 2015 636 ABS - 69 Honda 305 Posts: A lot.
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Aside from all the other advice given. Go to a credit union for a loan, they are much more leinant as far as your credit rating is concerned. When i was 18 i opened an account at the credit union and took out a small loan for 1,000. Just to build my credit since i had none, ever since then i have been fine. Big banks are more likely to say no, while ive never had issues with my credit union. Plus their interest rates are usually lower.
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September 17th, 2013, 08:04 AM | #11 |
ninjette.org certified postwhore
Name: Whodat
Location: Ware Is.,MA
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Rob the bank, then deposit the money in a savings account and take a loan out on the savings account (passbook loan).
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1 out of 1 members found this post helpful. |
September 17th, 2013, 09:57 AM | #12 |
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
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Start with a credit card. Keep it in good standing and just wait. Building credit takes time. I would not try to take out a loan for a pregen. The things are not worth financing.
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September 17th, 2013, 10:59 AM | #13 |
ninjette.org sage
Name: Fox
Location: Boston
Join Date: May 2012 Motorcycle(s): 08 250R Posts: 881
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repeat everything stated above.
in my opinion, a motorcycle is not something to buy on a loan. If you can't afford cash, you can't afford it. |
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September 17th, 2013, 11:14 AM | #14 |
King Hamfist
Name: Cameron
Location: NorCal East Bay
Join Date: Oct 2012 Motorcycle(s): 2007 Crf 150R, 2011 Hypermotard 796 Posts: 940
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I'm assuming this is your first bike? Brief 30 cents. I financed my new gen. I planned on making payments for a year and pay it off early to build credit. Everyone has offered good advice but the elephant in the room is that its your first bike. A pre gen 250 isn't exactly lust worthy. I'm not here to be holier than thou and tell you that you'll crash it and drop it.
I will tell you that you might not love it after a couple of months or you will want another bike badly in a very short time. Being able to get rid of something at the drop of a hat is great |
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September 17th, 2013, 03:01 PM | #15 |
sail away
Name: Jon
Location: San Jose
Join Date: Jul 2012 Motorcycle(s): gixxer (sold), ninjette (upgrade!) Posts: 964
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Or, you might fall in love with it and keep it forever!
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Unregistered found this post helpful. Track Day Preparation Checklist 1. Financial 2. Mental 3. Physical 4. Gear / Bike |
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September 17th, 2013, 03:09 PM | #16 |
Your face
Name: Wes
Location: SF Bay Area
Join Date: Jul 2013 Motorcycle(s): 2014 Honda CBR650f Posts: A lot.
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I guess the jokes on you
I'm so clever |
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September 18th, 2013, 12:41 AM | #17 |
ninjette.org foodie
Name: Josh
Location: Kent, WA
Join Date: Sep 2013 Motorcycle(s): None...Yet Posts: 248
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Hey guys, thanks for all the great advice and info. I've put a lot of thought and research into a lot of bikes, so I know that a Ninja 250 will do what I want it to, no more no less. I'd like a pre-gen for a few reasons: they're cheaper, I like the seat design better, I won't feel so bad when I streetfighter it, etc. Once I get one, it's stuck with me . I have some credit, just not enough to be more than a ghost when it comes to credit reports. I'm thinking about getting a credit card through my bank, something around a $200-$300 limit, using it for small purchases, and paying them off with the money I would've used in the first place(cash I would already have). If I can do that for say 6 months, I'd probably stand a better chance of getting a loan or possibly having enough saved to get a bike. And if can time it right, I could pick one up right at the tail end of winter, when the weather's nice enough for a test ride, but not quite full blown riding season so should still get the bike for a decent price. How about it? Decent plan? Or am I nucking futs?(I probably am anyway)
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Unfortunately, by the time you come to the realization that this does not, in fact, actually say anything remotely useful, you've wasted 3 seconds of your life you'll never get back... |
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September 18th, 2013, 12:42 AM | #18 |
ninjette.org foodie
Name: Josh
Location: Kent, WA
Join Date: Sep 2013 Motorcycle(s): None...Yet Posts: 248
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'cause I've never heard that one before
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Unfortunately, by the time you come to the realization that this does not, in fact, actually say anything remotely useful, you've wasted 3 seconds of your life you'll never get back... |
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September 18th, 2013, 01:06 AM | #19 |
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
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Good stuff. Don't need to rack up interest on a credit card to build credit; paying it off in full is much nicer on your wallet anyway. Another idea is to make the payments you would've had on the loan/bike to another bank account and then use that toward the bike later. You might be able to buy one without a loan before you know it if you make decent sized payments toward that.
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September 18th, 2013, 02:27 AM | #20 |
ninjette.org foodie
Name: Josh
Location: Kent, WA
Join Date: Sep 2013 Motorcycle(s): None...Yet Posts: 248
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I was planning somewhere between $200-$250 a month toward the loan per month, so depending on interest, I would've had it paid off in a year or so (10 months actual loan amount, 2 months interest?). So in 6 months, I'd have a little over a grand saved up. From there I could haggle a private seller or try to get a small loan for the remainder of said sellers asking price. Guess I'll start saving and cross that bridge when I get to it
The loan idea was just a "quick and easy fix" so I could have a bike now. I knew it was a long shot, but figured I'd try it anyway...
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Unfortunately, by the time you come to the realization that this does not, in fact, actually say anything remotely useful, you've wasted 3 seconds of your life you'll never get back... Last futzed with by jokesonyou24; September 18th, 2013 at 02:32 AM. Reason: Because I can...mwhahahaha |
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September 18th, 2013, 02:53 AM | #21 | |
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
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September 18th, 2013, 03:44 AM | #22 |
Blind 250 Loving Whore
Name: Tom
Location: Chesapeake, VA
Join Date: May 2011 Motorcycle(s): 2008 250R, 02 FZ1, '20 Fat Bob 114 Posts: A lot.
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Credit checks only affect your temporary score and most banks will ask if you've applied recently for this very reason. You should find a new bank. My credit union will do personal loans from $500 and up with no collateral needed. I don't know what kinda job you have but if you don't have credit, income is your next in line for getting the loan.
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September 18th, 2013, 04:04 AM | #23 | |
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
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September 18th, 2013, 04:41 AM | #24 | |
ninjette.org foodie
Name: Josh
Location: Kent, WA
Join Date: Sep 2013 Motorcycle(s): None...Yet Posts: 248
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Quote:
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Unfortunately, by the time you come to the realization that this does not, in fact, actually say anything remotely useful, you've wasted 3 seconds of your life you'll never get back... Last futzed with by jokesonyou24; September 18th, 2013 at 05:53 PM. |
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September 18th, 2013, 04:50 AM | #25 |
ninjette.org member
Name: Ryan
Location: Chico, CA
Join Date: Sep 2013 Motorcycle(s): Kawasaki Ninja 300 Posts: 18
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I'm just going to throw in because I disagree with some of what's being said. Sometimes a motorcycle is worth taking out a loan. I use mine for commuting and literally save enough in gas to cover my motorcycle payment. I'm paying for the insurance and my fuel fund has been diverted into the bike. Yes I'm putting out a little extra cash but I'm also getting some equity.
HOWEVER, in your case, I don't think a loan is a good idea. I've owned bikes before, I know the cost. It's worth it to me because my wife has the good car now instead of the old beater that seems to break down every third time she drives it. |
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September 18th, 2013, 04:51 AM | #26 | |
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
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Quote:
(and go start building that credit for when you need a loan for something bigger later on) |
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September 18th, 2013, 04:55 AM | #27 |
Certified Troublemaker
Name: Teri
Location: Hamilton, NJ
Join Date: Oct 2012 Motorcycle(s): 2006 Ninja 250r "Pikachu", 2017 Ninja 650 "Epona" Posts: A lot.
MOTM - Aug '13, Aug '14, Feb '17
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401K loan, if you have a 401K anyway. That way you pay the interest back to yourself. in most cases you can take 40% of what you have in there out on a loan. You would just need to check with whoever you have for it.
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Raven's Rejuvenation A bruise is a lesson... and each lesson makes us better... |
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September 18th, 2013, 05:51 AM | #28 |
ninjette.org member
Name: Paul
Location: Mississauga
Join Date: Aug 2011 Motorcycle(s): Black '09 Kawasaki Ninja 250 Posts: 51
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Hold on...so you want to get into riding and all the costs associated with it, yet you have a hard time saving 2 grand? You may need to rethink your priorities. If you have a half decent full time job or a decent part time job and no family to support it should take you 2-3 months at the most.
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September 18th, 2013, 06:01 AM | #29 |
ninjette.org foodie
Name: Josh
Location: Kent, WA
Join Date: Sep 2013 Motorcycle(s): None...Yet Posts: 248
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Well I've sized my head at 22 inches, so that'll help. And Amazon has a generous return policy. As for boots, already got 'em, Redwing, from their motorcycle line. It's the only brand I'll buy when it comes to shoes and this is my third pair over a period of 11 years(2 pair of motorcyle boots and 1 pair of running shoes). They're damn tough, usually last around 5 years(and I'm incredibly hard on shoes!) and now I'll actually be wearing them for the intended purpose. My first pair lasted 6 years before I replaced them, they're literally broken down to bare soles, no arch support, but the stitching has held up and they're still waterproof (up to six inches deep)
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Unfortunately, by the time you come to the realization that this does not, in fact, actually say anything remotely useful, you've wasted 3 seconds of your life you'll never get back... |
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September 18th, 2013, 06:18 AM | #30 | |
ninjette.org foodie
Name: Josh
Location: Kent, WA
Join Date: Sep 2013 Motorcycle(s): None...Yet Posts: 248
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Quote:
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Unfortunately, by the time you come to the realization that this does not, in fact, actually say anything remotely useful, you've wasted 3 seconds of your life you'll never get back... |
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September 18th, 2013, 06:28 AM | #31 | |
ninjette.org member
Name: Paul
Location: Mississauga
Join Date: Aug 2011 Motorcycle(s): Black '09 Kawasaki Ninja 250 Posts: 51
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Quote:
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September 18th, 2013, 06:40 AM | #32 |
ninjette.org foodie
Name: Josh
Location: Kent, WA
Join Date: Sep 2013 Motorcycle(s): None...Yet Posts: 248
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29...though I try like hell not to act it
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Unfortunately, by the time you come to the realization that this does not, in fact, actually say anything remotely useful, you've wasted 3 seconds of your life you'll never get back... |
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September 18th, 2013, 07:22 AM | #33 |
CVMA #74 WSMC #750
Name: Nemesis
Location: On the track
Join Date: Oct 2009 Motorcycle(s): All of them Posts: A lot.
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Poor financial planning.
You need to do some more research and better planning. If I had the time I would type up my suggestion but I'm pretty busy all this month.
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September 18th, 2013, 07:45 AM | #34 | |
not an actual panda
Name: dan
Location: philadelphia
Join Date: Aug 2012 Motorcycle(s): 2008 Ninja 250, 2009 CBR600RR (Sold) Posts: A lot.
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I don't know what "temporary score" you're referring to. |
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September 18th, 2013, 07:49 AM | #35 |
The Corner Whisperer
Name: Chris (aka Reactor)
Location: Northern KY
Join Date: May 2011 Motorcycle(s): 2010 250 (track), 1992 250, 2006 R6 (street/track), 2008 R6 (track) Posts: Too much.
MOTY 2015, MOTM - Nov '12, Nov '13
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Hey Dan, not sure that is true for all cases. Your credit is checked so much now, I am not sure it carries the same weight as it once did. It's supposed to be, your credit can only be checked if you agree and give auth to do so. I think some shady companies do it without auth though.
Your credit may be checked in the following common ways; Getting insurance Renting a house Applying to a job Loans and such So if applying to many jobs that require credit checks, I wouldn't want finding a job to stain my credit record.
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Goal: Shake A Million Hands | Look through the corners | Track Day Prep | Closest track? | The Mid-Ohio School |
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September 18th, 2013, 07:51 AM | #36 | ||
Blind 250 Loving Whore
Name: Tom
Location: Chesapeake, VA
Join Date: May 2011 Motorcycle(s): 2008 250R, 02 FZ1, '20 Fat Bob 114 Posts: A lot.
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