April 30th, 2012, 01:14 AM | #1 |
ninjette.org member
Name: Brandon
Location: Oregon
Join Date: Apr 2012 Motorcycle(s): 2001 ninja 250 (24,000) miles Posts: 12
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financing???
I really want to get a new ninja with my girlfriend so we can ride together bit they are so expensive. Im only 18 but make $1400 a month on my own. I can afford a motorcycle payment. But the thing is. I just can't think of a place that would let me finance a bike. Because mainly, im 18 and have no credit. So you guys got any ideas of and private banks or something/someway i can get this done? Btw i live in Oregon if that matters. Thanks guys!
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April 30th, 2012, 01:32 AM | #2 |
ninjette.org guru
Name: David
Location: Florida
Join Date: Oct 2011 Motorcycle(s): 2008 Kawasaki Ninja 250R Posts: 357
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I've got okay credit from one year of using credit cards, and I have to tell you that financing options suck balls without a cosigner. Perhaps you can get your parents to cosign a loan with you.
To build credit, get a couple of bills and maybe a credit card on your name. Use the credit card only to buy necessities that you were going to purchase anyway and make sure to pay it off every month. It also serves as a nice emergency buffer, but pay it off quickly. You could possibly get a ****** rate loan if you provide proof of employment for long-term, at least six months I'm guessing. |
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April 30th, 2012, 01:47 AM | #3 |
ninjette.org member
Name: Brandon
Location: Oregon
Join Date: Apr 2012 Motorcycle(s): 2001 ninja 250 (24,000) miles Posts: 12
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Ive tried a cosigner (mom) and her credit score is in the high 6's and they denied us. I don't know why but they did. And all the banks i have went to have all turned me down. Im just trying to figure out if there is a specific company/agency that specializes in motorcycle loans :/
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April 30th, 2012, 02:36 AM | #4 |
ninjette.org member
Name: Bryan
Location: TX
Join Date: Apr 2012 Motorcycle(s): '90 ex250 Posts: 155
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Don't buy new then. Find an older one and get a really low line of credit and start building.
Also, if you've gone and had your credit run at a bunch of different places then yes you'll be denied after about the first one. Every time you apply for credit it shows up on your history and banks see that as you trying to get multiple lines of credit beyond what you're actually applying for and will deny you outright. I know this because I had a score of 800+ and was denied at after the first bank already approved me because I went to multiple banks applying for a loan. I didn't know that at the time though. |
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April 30th, 2012, 06:38 AM | #5 |
ninjette.org guru
Name: Eric
Location: Concord, NC
Join Date: Apr 2012 Motorcycle(s): 1976 CB550 Cafe, 2011 Ninja 250, 1999 Honda CR125 Posts: 264
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Sometimes a nice down payment helps. I don't know your whole financial situation, but if you're that young making $1400 a month, I imagine you could put back at least $1000 pretty fast. Depending on your other expenses, you might be just as well off saving up enough to buy it outright. If you're not that patient, used isn't a bad idea as long as you find one that hasn't been abused. Either way, cash talks, so that could get you a better deal.
You could get the bike that way and try to get a credit card to build credit for you next bike. Never too soon to plan ahead, right? haha |
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April 30th, 2012, 07:16 AM | #6 | |
Sexy Beast
Name: Mat
Location: Tampa
Join Date: Mar 2011 Motorcycle(s): 2010 Ninja 250R, 2006 ZX-14, 2012 Ducati Monster Posts: A lot.
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try lendingclub.com
Quote:
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April 30th, 2012, 07:36 AM | #7 |
ninjette.org certified postwhore
Name: Sean
Location: Middle TN
Join Date: Apr 2012 Motorcycle(s): 2010 Ninja 250r (sold) / '03 CBR 600RR Posts: A lot.
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Okay, have you tried opening an account at a Credit Union? With the credit union, you can then open a visa secured card (they may call it something different) but it's a credit card, except you put down x number of dollars up front (minimum of $100 usually) and you can spend no more than that each month. So, just buy a couple small things here and there and pay it off every month, this will help you build credit. Also, credit unions are more likely to give a loan and their rates are less than regular banks.
In addition, I'm not sure what your monthly expenses are, but if you were to put aside a few hundred each month, then you could potentially save up enough to buy it out in less time than it would take to build up credit. Check with any siblings to see if their credit score is better. Also, I'd take a couple of pay stubs showing your monthly income, as that is another thing they are looking at...to make sure you have the income necessary to support it. |
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April 30th, 2012, 07:41 AM | #8 | |
ninjette.org member
Name: Ross
Location: NoVA
Join Date: Jul 2011 Motorcycle(s): '09 250R Posts: 214
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Quote:
Is the $1400 income you take permanent or just seasonal? Is that the take home or gross? I assume you're still in school or something. Not motorcycle related but I recommend that you start putting money away for savings before blowing everything on toys. It's a lot easier to start early in life. Have a system where money is taken out automatically from your account on a regular basis and put into another account WHERE YOU DON'T SEE IT. You'll be amazed how it will add up quick and you'll thank yourself later for doing such. You don't want to be in the high 6's like you mom, Do you?
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----------------------------------------- --Power is nothing without control-- ----------------------------------------- |
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April 30th, 2012, 08:09 AM | #9 |
The Luck Dragon
Name: William
Location: Stuart, FL
Join Date: Apr 2012 Motorcycle(s): 2013 Ninja ZX-6R B/W Posts: 738
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April 30th, 2012, 08:23 AM | #10 | |
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
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Quote:
To op, give up on financing a motorcycle, it isn't going to happen. I had a 730 when I bought my first bike and applied for the Kawasaki credit card. Of the three tiers you can get based on credit, I got the lowest tier. My credit union also wouldn't give me a loan until my credit history was 2 years and 6 months long, at the time it was 2 years 4 months. What I did was saved up money, put the bike on the Kawi card and paid it off in 3 months. Unfortunately your only option is to save up enough money to buy it outright. And remember u also need gear at least another $500 on top of the bike plus insurance and all that. Also for credit, paying bills that aren't credit cards or loans will not help your credit, I.e. a cell phone or rent or anything like that. Go to a credit union start a savings and checking and they will likely give you a credit card with an ok interest rate (18%) and a low limit $500-$1000. Credit unions will actually look at your situation and unlike banks who see you as a liability only. Put money in the savings and checking, at least $1000 and sho the CU you are responsible.
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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 |
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April 30th, 2012, 10:12 AM | #11 |
ninjette.org member
Name: Brandon
Location: Oregon
Join Date: Apr 2012 Motorcycle(s): 2001 ninja 250 (24,000) miles Posts: 12
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Wow lots of responses! I have a ninja 250 now that i am going to sell and put all of that as the down payment and see what they think. Thanks for the help guys!
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April 30th, 2012, 10:15 AM | #12 |
The Luck Dragon
Name: William
Location: Stuart, FL
Join Date: Apr 2012 Motorcycle(s): 2013 Ninja ZX-6R B/W Posts: 738
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Whatever you do, be safe
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April 30th, 2012, 10:38 AM | #13 |
ninjette.org dude
Name: 1 guess :-)
Location: SF Bay Area
Join Date: Jun 2008 Motorcycle(s): '13 Ninja 300 (white, the fastest color!), '13 R1200RT, '14 CRF250L, '12 TT-R125LE Posts: Too much.
Blog Entries: 7
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Don't. You already have a perfectly good motorcycle, and going further into debt at 18 to have a slightly better one, when there are very soon going to be so much higher priorities, just isn't the prudent move.
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Montgomery Street Motorcycle Club / cal24.com / crf250l.org / ninjette.org ninjette.org Terms of Service Shopping for motorcycle parts or equipment? Come here first. The friendliest Ninja 250R/300/400 forum on the internet! (especially Unregistered) |
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May 2nd, 2012, 11:18 AM | #14 |
ninjette.org member
Name: Ricke
Location: Spring Hilll, FL
Join Date: Apr 2012 Motorcycle(s): 2008 Black Ninja 250r Posts: 21
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put a set amount away a month and save up the money to buy a used one or a new one they are usually not far off in price most 250s around here used go for 3400-3800 new the price went up to like 4500 i belive
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May 2nd, 2012, 11:23 AM | #15 |
Lays er down
Name: Michael
Location: Maryland
Join Date: Apr 2012 Motorcycle(s): 2008 Lime green Ninja 250R Posts: A lot.
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i bought my used 2008 for 2500 plus msf course and gear i spent around 3300 total. so just save up for 2 months and a half and buy everything out right. cheapest way
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May 2nd, 2012, 11:36 AM | #16 |
ninjette.org member
Name: Salim
Location: Philadelphia
Join Date: May 2012 Motorcycle(s): 2005 SV650S Posts: 195
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I would just save up, not much difference between the 2012 model and older ones, besides body changes. Older speedo says 135 too the newer ones say 120mph.
Be smart and start with one or two credit cards, use them pay them off each month and build credit. I didn't have cards when I was 18 but I had some school loans. Until I started using my credit cards and paying them off, my score did not increase. |
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May 2nd, 2012, 12:42 PM | #17 |
ninjette.org newbie
Name: Robert
Location: So-cal
Join Date: Nov 2011 Motorcycle(s): 2011 ninja 250r Posts: 6
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Just save up, I financed mine and thats with having a credit card for 2 years and got hit with 21% interest, on top of that you have to get full coverage(not such a bad thing, but it is when you have a bad record). After everything its way to much, only upside being that it builds your credit nicely. But also take into consideration that the 250 is not the best passenger bike. My girl and I ride a lot and the thing drags itself every where(and its modded). And i weigh 160 and her 120.
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May 2nd, 2012, 04:28 PM | #18 |
ninjette.org member
Name: Garry
Location: Quincy
Join Date: Aug 2011 Motorcycle(s): 2011 ninja 250r, 2013 gsxr 600 Posts: 93
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Should save and pay for it all at once. Main problem with your situation was the first sentence though. You want to get a second bike just so your girlfriend has one to use?
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May 3rd, 2012, 09:42 PM | #19 |
ninjette.org member
Name: Brandon
Location: Oregon
Join Date: Apr 2012 Motorcycle(s): 2001 ninja 250 (24,000) miles Posts: 12
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No, i want to get a bigger bike and sell the one i got now (250).
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