I am a recently divorced female and don't have a long credit history since my ex did all the financing. What I have is good but I am having trouble financing me a new busa. All I hear is I don't have enough credit since this is a "luxury Item" Does anyone have any advice. I miss riding as we did a lot of that when I was married. I need a ride for bike week 08' Thanks for any help
Financing
- Thread starter asaelle_1
- Start date
Short of getting someone to co-sign I think your options are very limited... I wouldn't suggest using a High interest rate company to secure a loan on a MC purchase but thats just me.
Having worked in several "stealerships", I'll try and help.
Regardless of your marital status, sex, or whether or not the item is considered a "luxury item", it all boils down to this:
You need to have a credit history, established through previous lines of credit, mortgages, vehicle payments, credit cards, etc. You can have BAD credit, and still get a loan. The only thing to bear in mind with having BAD credit, is that you will not qualify for low APRs.
A very good rule of thumb is to ALWAYS BE PREPARED to put down at least 1/3 of the dealer's asking price. Once you are alright with that, you can negotiate better financing, and play around with the back-end deals that the F&I manager will bombard you with.
If you are serious about buying a bike, make sure you make that CLEAR to the salesperson. Tell them you are ready to buy TODAY, and also be prepared. Odds are, if you get a good salesperson, and send out all the green-light signals, they will work harder for you. Have your checkbook, a major credit card, and your driver's license ready. Once you establish these things, and have decided on your bike, sit down and listen to the salesperson (your courtesy will go a long way). Explain your situation to the salesperson, including things like what you can afford as a monthly payment. and then sit back and let the salesperson do their job. Remember, they work for YOU! It's in their best interest to shop your loan out to get the best rates, including manufacturer's offers, rebates, etc.
Bear in mind that the dealership is in it for the money. They will try and wring out the most they can out of the deal. DON'T be sucked in by a low monthly payment, or by "low introductory" rates. They sound sweet when you are all hyped about riding away on your new bike. When you read your paperwork, or get the payment notices, reality will set in.
Don't be afraid to say NO at ANY time to the deal. Salespeople are trained to read you, and get you emotionally attached to the bike you were looking at, and get you pumped-up to get the deal done. You can always get the dealer's best "deal" and take it to your bank for comparison.
I could go on and on about the "Stealership" mentality, and how bike sales works, but I'd really go off on a tangent. In short, I hope this helps. Post back with any specific questions, or points that you need cleared up.
Good luck, and have FUN!
Regardless of your marital status, sex, or whether or not the item is considered a "luxury item", it all boils down to this:
You need to have a credit history, established through previous lines of credit, mortgages, vehicle payments, credit cards, etc. You can have BAD credit, and still get a loan. The only thing to bear in mind with having BAD credit, is that you will not qualify for low APRs.
A very good rule of thumb is to ALWAYS BE PREPARED to put down at least 1/3 of the dealer's asking price. Once you are alright with that, you can negotiate better financing, and play around with the back-end deals that the F&I manager will bombard you with.
If you are serious about buying a bike, make sure you make that CLEAR to the salesperson. Tell them you are ready to buy TODAY, and also be prepared. Odds are, if you get a good salesperson, and send out all the green-light signals, they will work harder for you. Have your checkbook, a major credit card, and your driver's license ready. Once you establish these things, and have decided on your bike, sit down and listen to the salesperson (your courtesy will go a long way). Explain your situation to the salesperson, including things like what you can afford as a monthly payment. and then sit back and let the salesperson do their job. Remember, they work for YOU! It's in their best interest to shop your loan out to get the best rates, including manufacturer's offers, rebates, etc.
Bear in mind that the dealership is in it for the money. They will try and wring out the most they can out of the deal. DON'T be sucked in by a low monthly payment, or by "low introductory" rates. They sound sweet when you are all hyped about riding away on your new bike. When you read your paperwork, or get the payment notices, reality will set in.
Don't be afraid to say NO at ANY time to the deal. Salespeople are trained to read you, and get you emotionally attached to the bike you were looking at, and get you pumped-up to get the deal done. You can always get the dealer's best "deal" and take it to your bank for comparison.
I could go on and on about the "Stealership" mentality, and how bike sales works, but I'd really go off on a tangent. In short, I hope this helps. Post back with any specific questions, or points that you need cleared up.
Good luck, and have FUN!
Scarabsport
Registered
A cosigner may be your best bet. Maybe your ex? New boyfriend? Brother, sister?
Keep in mind every time you apply for credit that will show up on your credit report and each application will lower your credit score. If you run all around town applying you will kill whatever credit you have. You may want to pull your own credit report and then take it to the dealer or bank or whoever and tell them you don't want them to pull their own credit report on you unless they are sure you will qualify for the loan.
You may also want to let the members here know what your general locale is because someone on here may know someone in the local credit industry who can point you in the right direction.
Good Luck!
Keep in mind every time you apply for credit that will show up on your credit report and each application will lower your credit score. If you run all around town applying you will kill whatever credit you have. You may want to pull your own credit report and then take it to the dealer or bank or whoever and tell them you don't want them to pull their own credit report on you unless they are sure you will qualify for the loan.
You may also want to let the members here know what your general locale is because someone on here may know someone in the local credit industry who can point you in the right direction.
Good Luck!
+100, same thing I was going to say
South georgia is where I live and don't work where I can get into a credit union I think around here you either have to work at a place that interacts with a credit union or be someones relative that is a member in order become a member. Is there any internet lenders that are lenient. come tax return time I can pay most of it off and go from there thats just after bike week. Thanks for all of your input
I take it you have already tried Suzuki's financing? I was successful there but expect to pay it off next year. Its a teaser -100 bucks a month. But its all I need at the moment. Good Luck
That's the best way to go. It'll help your credit and give you a lower interest rate than a bank would.
Welcome to the ORG and good luck!
luded1
Registered
how about www.motorcycleloancenter.com
I wouldnt wish divorce on anyone, very difficult even under the best circumstances. I don't know your situation or responsibilities (children etc.) but, when I went through my divorce in addition to my good full time job, I took a part time job at the mall in the evenings.
I worked like a dog for a year, but it kept my mind off my problems, I made new friends and it made me sleep at night. I burned out on the second job after a year, but I made over $10,000.00 of "extra" cash.
I put that money toward a house with land in the country, but could have been used on anything I wanted. Just a thought, Hang in there!
I worked like a dog for a year, but it kept my mind off my problems, I made new friends and it made me sleep at night. I burned out on the second job after a year, but I made over $10,000.00 of "extra" cash.
I put that money toward a house with land in the country, but could have been used on anything I wanted. Just a thought, Hang in there!
Tell us about your riding experience. What bikes have you owned or ridden in the past? The 08 busa would be real cool, but if a person did not have enough cash to put down to secure financing, perhaps you could look at a new 07 or a nice used bike as they would cost much less than the new busa that is selling for sticker price in many dealerships. I'm in the car business and deal with financing issues everyday. A cosigner will help get a loan for people who do not have alot of established credit, but cash down is a big consideration when a lender is looking at your deal. Do you have cash to put down?
I used to be in the Car business and what GSXcite just said is very true. I now work for a credit Union and not all the time do yo have to work for a certain company to be a member. The C.U. I work at you either have to work or Live in a certain County...and we accept like 4 local counties. Credit Unions do try to help ppl out but only if you are willing to establish a relationship with that Credit Union. Remember you have to walk before you can run.....don't jump on the first deal thrown your way.
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