I have bad credit and i want another busa any ideas on finanacing

grayautomotive

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OK i know someone on here has been able to finance a bike with bad credit i need to know who u know bank wise willing to finance people with bad credit. When i was younger i made alot of dumb credit mistakes and im still paying for them today but my credit is so bad they want give me a social security card less along a credit card. lol bad joke i know. but can anyone give me any possible leads of company i can go to to see about financing im very interested in getting me a busa within the next few weeks and i can put down about 2500 cash. Or does anyone want to loan out there bike on payments and go buy you a new one. I can carry full coverage.
 
GOOD LUCK !! People with GOOD credit aren't getting approved for motorcycle loans right now with the economy the way it is, so again GOOD LUCK
 
There are some busa;s for sale in the classified section of this website,,
And 2 yrs ago me and my wife got a new car financed thru a dealership after going thru several that turned us down,,,and you do have a nice down payment,and if you have a job history,,you do have a chance,,every dealership has different banks,,and the sales guys will go the extra mile to get you the loan for the commission....Try numerous ones until you find one thats hungry enough to take you,,,wish you the best,,,plus in the clalssified section,,you may find a guy hungry enough to make you a deal,,,,,,
 
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Do yourself a favor, repair your credit with the $2500. Put off buying a new bike and live within your means for now. There is plenty of time for toys. You have to take care of what is really important and that is repairing your credit worthiness. Research the cost of insurance as they do indeed use your credit rating for premiums along with age, record, address etc. It may not be worth it to get a bike if you would paying through the nose for insurance and probably a stupid loan rate of 15% APR(if you're lucky). At that point you would just be digging yourself into a deeper hole than you already are. Do what you will as this is just my past experience and :2cents:
 
Depends on how "bad" it is. If you're sub 500 scores you likely will have a better chance of winning the lottery. Between 500-600 you might have a chance but will pay dearly in interest rates and 600-650 have a much better shot. Capital One use to do motorcycle loans for fair/borderline bad credit but they've since stopped doing them. The rate varied between 20+% and <7%. Check with your local credit union if you use one or have one that you're eligible to join. Come with a hefty down payment and it will definitely increase your chances. Someone mentioned insurance above, you might want to check what insurance would run as most insurance companies now use the score generated by FICO that's specific to the insurance industry and that can have an impact on what you'll pay each month which could in turn play into how much you can afford to pay with the bike payment on top of that.
 
Take care of your credit first that is a zizeable down payment but if your int. rate is like 20% or something it will be a waste of money. If you are determined though try a credit union :thumbsup:
 
well u guys r right insurance wise im sort of good,good driving record besides a couple of blimishes a few years ago but i have cheap auto insurance i pay 110 a monthg for 4 months for 3 cars full coverage, nationwide. But someone told me to pay off my loans and it will help my credit well i did so and little did i know it gave them the right to repost everything on my credit for another seven years which i had 3 years to go and stuff would of just fell off anyways from what people tell me. But know i have 4-6 years to go on things. So far as job history i know work for myself i own my own business and ive been doing so for 2 1/2 years now. im living far in my means i just need something to take my stress away and man when i see a bike i just say ohhhhh.awwwww:bowdown:
 
If you have to BORROW to buy the bike, you are not 'living within your means'...try something different this time (since what you tried last time obviously didn't work) and save up the cash to buy the bike. It will make your ride SO much more enjoyable.

Dave Ramsey Homepage - daveramsey.com
 
Do yourself a favor, repair your credit with the $2500. Put off buying a new bike and live within your means for now. There is plenty of time for toys. You have to take care of what is really important and that is repairing your credit worthiness. Research the cost of insurance as they do indeed use your credit rating for premiums along with age, record, address etc. It may not be worth it to get a bike if you would paying through the nose for insurance and probably a stupid loan rate of 15% APR(if you're lucky). At that point you would just be digging yourself into a deeper hole than you already are. Do what you will as this is just my past experience and :2cents:

Another 2cents. It's a want and you NEED to take care of bussiness. I wanted a bike 8 years ago and finally bought last month. I saved up and made ONE payment, it's really easy to make a good deal when you say "here's what I'll give ya". Not "here's what I want my payment to be".
Best regards to you in whatever you decide.
 
:whistle:put $10k into a secured CD and use it as collateral on the loan for the bike. that way the bike is paid for free and clear before you even ride it. :poke: well...that's what i did.
 
I was told the worse thing you can do is go around, and try to get approved from different places, like trying to get a loan from 4 different places in 3 days, because every time they run your credit it lowers your score, or hurts you in some way...is this true ?


I was told by a lady from my insurance company that, "right now it's VERY hard to get loans for pleasure items (or WANT items), like motorcycles, boats, campers,...(you get the idea), because when someone loses their job,or gets into money trouble they pay for their NEED items first ".
 
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OK, sounds like you either have things in line now with your credit or your working very hard to make em right... With that in mind I'd say take the money you have saved and buy a Used MC. I know this isn't a Busa, but as your already learning some of the best things in life take hard work to have... The first time you ride your two wheels it won't matter what brand/type it is, cause it'll be yours (free/clear). Then take that extra $$ you'll be pocketing and start saving so you can borrow the money from yourself when the time is right. Good luck and let us know how things turn out...
 
I was told the worse thing you can do is go around, and try to get approved from different places, like trying to get a loan from 4 different places in 3 days, because every time they run your credit it lowers your score, or hurts you in some way...is this true ?


I was told by a lady from my insurance company that, "right now it's VERY hard to get loans for pleasure items (or WANT items), like motorcycles, boats, campers,...(you get the idea), because when someone loses their job,or gets into money trouble they pay for their NEED items first ".

I just went through this when I purchased my truck. According to my bank, you have 14 days to shop for a vehicle. I was worried about shopping various places and them checking my credit. As long as you stay in that 14 day window you will be fine and it only dings you once, at least that is what I was told.
 
I was told the worse thing you can do is go around, and try to get approved from different places, like trying to get a loan from 4 different places in 3 days, because every time they run your credit it lowers your score, or hurts you in some way...is this true ?

Absolutely true. And some places will broadcast your app to multiple banks to see which will get you the better rate, evety bank they broadcast it to is like you going to another place and applying. If one of the lenders rejects the application from a dealer who was fishing, the lender cannot approve you for a dealer who has a relationship with them for either 60 or 90 days, I forget which. I went through this with my nephew last year when he was buying a car. Be careful that the dealer doesn't run your credit until you are positive you are buying a specific vehicle.
 
I just went through this when I purchased my truck. According to my bank, you have 14 days to shop for a vehicle. I was worried about shopping various places and them checking my credit. As long as you stay in that 14 day window you will be fine and it only dings you once, at least that is what I was told.

Your bank may look at that, but not all lenders do.
 
I just went through this when I purchased my truck. According to my bank, you have 14 days to shop for a vehicle. I was worried about shopping various places and them checking my credit. As long as you stay in that 14 day window you will be fine and it only dings you once, at least that is what I was told.
That's with regards to the FICO scoring system. Your score will only see those inquiries as a single hit so long as they are within a 2 week period (30 days if applying for a mortgage). Rather than taking a hit for say 4 inquiries, your score will only take the hit as one so long as they are all run for the purpose of an auto or mortgage. Credit card apps are treated as individual applications each time you apply. MYFICO.com has great information about the whole FICO scoring and ways to improve your score.

I've never seen a bank view the inquiries differently than what the scoring system does but these days with the economy being the way it is I wouldn't be surprised at a bank scrutinizing an application more than usual.
 
I've never seen a bank view the inquiries differently than what the scoring system does but these days with the economy being the way it is I wouldn't be surprised at a bank scrutinizing an application more than usual.

Maybe the score may have something to do with how closely they scrutinize things as well.
 
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