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BMW motorcycle

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Anonymous
Not applicable

BMW motorcycle

Hi,

 

I moved to the US in late september and I obtained my secured credit card around mid october. I always payed off my credit balance, and I always paid my bills(3 times lol). This means I have no credit history or it's very short. I have no loans at all, just a secured credit card with $500 CL and I got a discover CC on this week with $1000 CL. I make $101k pa. (this is pretty high in Oklahoma), and I rent a house for $1150.

I would like to buy a BMW R1200GS motorcycle, its around $26k, money down would be $2k-$4k.
Do you think I have any chance to get a loan from BMW financial services? I also was think about their 3asy ride loan.

 

Thanks,

Message 1 of 9
8 REPLIES 8
sccredit
Valued Contributor

Re: BMW motorcycle

Motorcycles are considered luxury items and are more difficult to finance.  Unless you have a generous local credit union I do not think you'll qualify based on you age of credit.

Message 2 of 9
Anonymous
Not applicable

Re: BMW motorcycle

yea typically motorcycle loans are harder to obtain. I would wait until you have a decent credit score before trying to apply for one, espicially since that is alot to finance. Not sure if you took this into consideration or not but if you have a parent/guardian/spouse with a good credit history maybe you can have them cosign for you

Message 3 of 9
Anonymous
Not applicable

Re: BMW motorcycle

I moved to the US from Europe so I have no realtives here only my spouse. So cosigner is not an option.
I read a lot about this credit history thing... its almost impossible to get into the system, and I have to wait months/years to get a loan.

It's pretty annoying, I have a good salary but I cant get a loan.. I have to wait years to be able to get a loan for a motorcycle. To be honest one years from now I will be able to buy it without any loan...
Im a motorcycle fanatic, I just cant imagine a summer without a bike. Smiley Happy

Message 4 of 9
Anonymous
Not applicable

Re: BMW motorcycle


@Anonymous wrote:

I moved to the US from Europe so I have no realtives here only my spouse. So cosigner is not an option.
I read a lot about this credit history thing... its almost impossible to get into the system, and I have to wait months/years to get a loan.

It's pretty annoying, I have a good salary but I cant get a loan.. I have to wait years to be able to get a loan for a motorcycle. To be honest one years from now I will be able to buy it without any loan...
Im a motorcycle fanatic, I just cant imagine a summer without a bike. Smiley Happy


I'm a motorcycle fanatic as well so I know exactly where you are coming from lol. But if that's the case why don't you just use the $4k that you were going to use as a down payment and just buy a used bike for now, then once your credit is built up enough you can sell it and apply for that loan?

Message 5 of 9
Anonymous
Not applicable

Re: BMW motorcycle

Yes, this is my plan B. If I dont get a loan with a resonable interest rate(I wont take a loan over 10% interest rate), I will buy a cheaper bike.
But you know, if you ever had a BMW R1200GS ADV., you never want anything else... Smiley Happy I had but I sold before I moved here.
My wife also need bike. Smiley Happy So our buget is tight without a loan.

Message 6 of 9
Anonymous
Not applicable

Re: BMW motorcycle

Yes It's a nice bike, especially the new ones! Just be careful when you apply, some dealers submit your application to a handful of banks to see who has the best rate and every bank they submit your application to goes as a hard inquiry on your credit report. This might make it a little harder to build it up quickly if you don't get approved right away

Message 7 of 9
disdreamin
Valued Contributor

Re: BMW motorcycle

With your salary plus your wife's (sounded like the $101k was yours alone) and rent of only $1150, you should be able to save up and pay cash in no time flat! I'd pound on saving up for summer if it were me. Or go in with more down - perhaps that would improve your chances at a favorable loan.
Message 8 of 9
Anonymous
Not applicable

Re: BMW motorcycle

My wife doesnt have an EAD yet.So she will start to work hopefully around summer.
Our savings are pretty low yet. As I mentioned we just moved here so we spent tons of money. Bought two cars, furintures, an actually everything as we bring only few things with us.
But that was I said, I need a loan now, but if I dont get it I wont need in 1 year from now...

Message 9 of 9
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