Motorcycle financing approval odds

[Haytumaboneaaj]

Hey guys, 

I know you/ve probably heard this one a lot so Ill make this one short. I want to finance from KTM or YAMAHA, purchuse price is 9600 at yamaha and almost 11k at KTM.

My credit profile is as follows. 

I have 5 open credit cards. 0 balance discover limit 1750 recantly paid full balance twice this year.. 0 balance carecredit recantly paid off 3800 limit is 4500. I have Chase sapphire preffered with limit 5000 balance of 4800. I have capital one limit 2750 balance 2434. Barclay apple rewards 4500 limit balance 1600. 

I have an auto loan with santanderconsumerusa balance of 31000 paying since october 31 2015 

paid acceptance now loan/lease/rental agreement highest balance 8500 paid december 2014

paid aarons balance 3500 /rental agreement. paid january 7

longest credit account is 2.3 years i believe. Most of my credit cards we opened late 2014 or early 2015.

I have about 30 inquries on my equifax due to my recent auto loan. 15 on my transunion not sure about experian.

i have no late payments no collections no baddies on my credit profile. I am 22 years of age making 55-65K a year. weekly income of 1000$ give or take a couple of hundred.

current fico scores are 

as of 1/22/2016 EQUIFAX fico score is 687 

as of 1/21/2016 transunuion fico score is 688

as of 1/21/2016 experian fico score is 668 I believe some stuff may have not updated on experian just yet or just never reported to them.. actually acceptence now is the only one that does not show on my experian. only equifax and TU..

what are my approval odds for a motorcycle loan? I dont mind throwing up to 20% down.

thanks,

H

[Burned2manybridgesB4]

Somebody will approve you...

Credit unions used to do 100% financing, and standard bank loans wanted 10%+ down, but this is my experience from years ago. Now I buy used, and wrench my own.

Everyone usually says out of the gate that it'll pay for itself with gas savings.... Wrong.

Do you ride, and wrench? Two tires on a bike cost almost as much as 4x on a car... Etc etc..

Do you feel you're ready?

[Haytumaboneaaj]

---

@Burned2manybridgesB4 wrote:

Somebody will approve you...

Credit unions used to do 100% financing, and standard bank loans wanted 10%+ down, but this is my experience from years ago. Now I buy used, and wrench my own.

Everyone usually says out of the gate that it'll pay for itself with gas savings.... Wrong.

Do you ride, and wrench? Two tires on a bike cost almost as much as 4x on a car... Etc etc..

Do you feel you're ready?

---

I actually already own a triumph daytona 675 2010.. bought that cash. Though.. I am buying a dirtbike not a sports bike.. so its for pleasure, off roading, trail riding. I'm not getting it to save on gas haha 

[Burned2manybridgesB4]

Yep. Know KTM. 

[Burned2manybridgesB4]

[Chris679]

Couple comments:
1. I have a 09 Daytona, high five
2. I'm sure you can find a loan but the interest rate will likely be high given your current level of outstanding debt and what you are purchasing
3. If you just buckle down and pay off those credit cards you're going to see your credit score jump way up. This will lead to a lower rate on any loan you take out and will save interest you may be paying on the cards.