financing???

[ducky12555]

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!

[Liist]

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.

[ducky12555]

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 :/

[MasterCylinder]

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.

[Goom]

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

[caps]

try lendingclub.com

Originally Posted by ducky12555

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 :/

That's why they denied you. That is not even close to what is required by most places for a motorcycle loan.

[xSean13]

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.

[kcaja1]

Originally Posted by caps

try lendingclub.com



That's why they denied you. That is not even close to what is required by most places for a motorcycle loan.

Yeah, high 6's score is SUBprime (not good). It's also harder to get a credit card or auto loan for the first time and also not having any credit history at all. I'd say save up and buy bike outright.
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?

[Falcor]

I believe my thread may or may not have relative information for you to sort through. @Jiggles likes to de-rail things

I roughly make about the same per month as you.

[Jiggles]

Originally Posted by MasterCylinder

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.

Sorry not true. If you run your credit 30 times in 30days it will count as 1 hard inquiry. The credit companies know you are shopping around and will not penalize you for it.

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.

[ducky12555]

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!

[Falcor]

Whatever you do, be safe

[Alex]

Originally Posted by ducky12555

financing?

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.

[Ricke115]

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

[Old Lemon]

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

[sze5003]

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.

[Envyxc350]

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.

[Compooky]

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?

[ducky12555]

No, i want to get a bigger bike and sell the one i got now (250).