Need Some help

[BusaBoy86]

This past week i was working on gettin my new 09 Busa. I got the final price, applied for financing, and checked to see what it would take to get a loan through my bank. To get a loan through my bank I would need to put 30% of the total down. I don't have $3800 to put down right now. So i get the call bout financing, asking me some questions bout the status of my job, my dads job, cause he cosigned, and since i know the sales man well they were really tryin hard to get me this loan. Well after the questions were done she said i would hear from her again in the morning. Next mornin comes nothing, i was soooo nervous lease: she finally calls at about 3 in the afternoon, says with my credit, which is rather good lease: she can only get me 8 out of the 12 grand for the bike We tried with both my dad and mom as cosigners, and no one would approve my loan even when i offered to put a down payment on it. With my crappy wages i get from my part time job, and this economy, the loan wouldnt go through

So here is my questions to you guys. I can use that 8 grand towards another bike, do i go for another bike, a smaller bike or cruiser, or do i wait till i get the 30% to get the 09?? i really want a new busa because im sick of dealing with used bikes but it looks like in the situation im in, used may be the way to go. Im opening the thread for suggestions on which way to go, which bike to get, etc. Your help is appreciated!!!

 

[BA BUSA]

You might want to get a insurance quote also...being that you are under 25...it might be shocking.

 

[Rev. 6:5]

Under 25 was shocking? Dude, I'm 38 and the quote was shocking!

 

[Pipefighter248]

You might want to get a insurance quote also...being that you are under 25...it might be shocking.

+1 and since you will have a lien on it; have to have full coverage.
Not cheap.

 

[racerV]

Get an 08 from Honda East in Toledo for $9500. That's what I would do.

 

[Rev. 6:5]

Get an 08 from Honda East in Toledo for $9500. That's what I would do.

Yup, earlier models will be cheaper.

 

[Aquaman]

Get an 08 from Honda East in Toledo for $9500. That's what I would do.

+1 I got my 06 new from Scott Johnson and had it shipped to me airfreight. This guy is a no B/S guy. Real good ppl to deal with

 

[racerV]

Also......DO NOT USE SUZUKI FINANCING! Nothing is worth paying 18% right now. I got bankrolled through a credit union at 5.05% after Suzuki / Cheffield approved me at the higher rate which byh the way was their best rate.

 

[BusaBoy86]

i got an insurance quote...it actually wasnt horrible it was $1100 for the year...well to me that doesnt seem bad for an 09...there are some dealerships around here with 08's one has them for just under 9, i was goin to look into them

 

[shawnski]

This past week i was working on gettin my new 09 Busa. I got the final price, applied for financing, and checked to see what it would take to get a loan through my bank. To get a loan through my bank I would need to put 30% of the total down. I don't have $3800 to put down right now. So i get the call bout financing, asking me some questions bout the status of my job, my dads job, cause he cosigned, and since i know the sales man well they were really tryin hard to get me this loan. Well after the questions were done she said i would hear from her again in the morning. Next mornin comes nothing, i was soooo nervous lease: she finally calls at about 3 in the afternoon, says with my credit, which is rather good lease: she can only get me 8 out of the 12 grand for the bike We tried with both my dad and mom as cosigners, and no one would approve my loan even when i offered to put a down payment on it. With my crappy wages i get from my part time job, and this economy, the loan wouldnt go through

So here is my questions to you guys. I can use that 8 grand towards another bike, do i go for another bike, a smaller bike or cruiser, or do i wait till i get the 30% to get the 09?? i really want a new busa because im sick of dealing with used bikes but it looks like in the situation im in, used may be the way to go. Im opening the thread for suggestions on which way to go, which bike to get, etc. Your help is appreciated!!!

yeah... they are getting tougher to approve loans specially recreational vehicles and they ask for more down payment. i am suprised that they did not go for cosigner unless the mom and dad credit is not good!???
you still have to put money down even for used bike, if it is a 8000 bike that does not mean they are going to give you 8000 loan you probably have to put down payment but maybe less.
check few places online or check couple of other dealerships in your town if there are any and they might have different financial institute.

good luck!

 

[Aquaman]

Did you try capital one. Blank check? that is what I used

 

[shawnski]

Did you try capital one. Blank check? that is what I used

since the economy gone sour, capital one does not do motorcycle loan, you might ask for personal loan but unsecure loan are getting tough unless you have A1 credit, good income etc...etc... you have to give reason what the loan is for, don't say for motorcyle!
... but it won't hurt trying just don't get to desperate for loans becuase too many inquireis will mess up your credit .

 

[BusaBoy86]

since the economy gone sour, capital one does not do motorcycle loan, you might ask for personal loan but unsecure loan are getting tough unless you have A1 credit, good income etc...etc... you have to give reason what the loan is for, don't say for motorcyle!
... but it won't hurt trying just don't get to desperate for loans becuase too many inquireis will mess up your credit .

I tried in october to get a an 08 and got denied then but i was only gettin paid cash by my dad's business, so i couldnt really list him as a source of income. Now i have a job, but it doesnt pay as well as i wanted being part time and still in college, and i still cant list my dad's business as a source of income. I dont want to hurt my credit because i have pretty decent credit but at the same time im itching to get out there and ride. I am looking into finding a better paying job as well as my options for loans. I have loans out with sallie mae already i was thinkin bout gettin another with them to get the bike, and then i could consolidate all my loans together...im just not sure if i should give up on gettin a busa for now

 

[twotonevert]

The best thing I can say is dont let your emotions and want for the bike over rule good judgment and common sense. Good luck with your decision bro.

 

[skydivr]

Dude...step back and take a deep breath. In this economy, do you REALLY want a note that you had to get mom and dad to cosign? Really, it sounds to me like you need to save for a little while in order to make a reasonable down payment, or look for a used or older model bike. Insurance is gonna kill you.

What happens if you loose your job - do you have all your other bills paid for, a 6-month safety net fund, contributing to a 401k, etc.? Girlfriend gets pregnant? Hell, I'm the worst at impluse buying, but my stuff is PAID IN FULL or I don't buy it. You really don't want to get into a desperate predicament this early in your life as an adult. There are plenty of debt horror stories out there right now. Count to 10; you are under TWENTY FIVE for goodness sake, waiting a year or so isn't gonna hurt you one bit....

 

[cipher5791]

If you want a Busa and don't have one, try finding and earlier model. You can probably find one already modded for less than 8K. Insurance is going to eat you up either way.

 

[Lurch]

Dude, Just come and get mine when you want to ride. Besides you need ot come and get it and wash it from the last time you rode it.

 

[rusheriv]

Someone is trying to tell you something. I know its hard to resist the allure of the Busa but you priorities may lie elsewere. When the time is right it'll happen.

 

[CTA_Busa_LE]

Regardless of what you do you need to shop insurance as well. My cousin is 25 and barely pays more than me at 38.

I also agree, step back, take the emotion out of it and look for what fits your current situation. There are plenty of used busas out there that have low miles and have been taken well care of that you can get for a lot less money. If you take care of it and get it paid off in a reasonable amount of time it will more than cover your down payment on a new one later.

 

[ibified]

As folks have said here, SHOP INSURANCE BEFORE YOU BUY!!!!!!!

I had a friend buy an R6 as a first bike a couple years back...complete idiot, but i wont go into that story unless someone asks me about it. He didnt shop insurance before he bought and was shocked when he found that the best he could do was about $2800 for liability only.

The insurance company knew what they were doin though, because it got wrecked 3 times in the year he was allowed to ride it (mommy and daddy chained it up on him) until it got repoed (mommy stopped sending in the payments.

Either way, it sounds to me like the credit companies have thought this through a little more than you have. No offense, but the fact that you dont earn a lot and need a cosigner is going to have ANY lending institution worried. They know this is not going to be your primary vehicle, so that makes the probability (in their eyes) all the higher of you defaulting on the loan.

I would think about saving up your money and buying one down the road when you have more money, better credit, and the market improves.