Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 710
Registered: ‎06-01-2012
0

Motorcycle loan... VROOM!

So, the simulator says my score goes up if I get an auto loan. I currently have an auto loan, and have had several in the past, but they dont report (small local bank in rural AR) the type of place you just shake hands and youre approved lol

 

while that was great, I now live in MI and have no creditworthiness to show for all of those loans (1 late over 6 years of history)

 

I am currently in the market for a motorcycle. My scores range from 605-639 after my recent util drop, and collection removal.

 

Ive never gone outside of my previous bank, and dont know where is the best place to turn for a motorcycle loan? If I can even get one with my scores.

 

The bike I want is around 6-7k, and I have 1k to put on it, more if need be.

 

should I even bother with this? if so, where should I turn? credit union?  (Im just asking on a credit basis, I have the financial means to obtain this, DTI is 2% CC util is 6%)

In my wallet: GCU Patinum Visa 1500 CL, Charter One Platinum Rewards 500 CL, Chase Freedom 800 CL, Wal Mart Discover Card 6300 CL, Kay Jewelers 3000 CL
Highlighted
Established Contributor
Posts: 992
Registered: ‎05-14-2008
0

Re: Motorcycle loan... VROOM!

You can start with a CU or a Bank and see how it goes.  Some institutions are more cycle friendly than others.  Is this bike at a dealer or a private sale?  If its through a dealer they often have sources of credit.  If it's a new bike manufacturer's usually have subvented rates (usually 2-4% for 36 months). 

Established Contributor
Posts: 710
Registered: ‎06-01-2012
0

Re: Motorcycle loan... VROOM!

2009 harley nightster. it is a dealership. I applied via CU and the app said it just required 10% down, so we'll see how it goes!

In my wallet: GCU Patinum Visa 1500 CL, Charter One Platinum Rewards 500 CL, Chase Freedom 800 CL, Wal Mart Discover Card 6300 CL, Kay Jewelers 3000 CL
Frequent Contributor
Posts: 673
Registered: ‎04-23-2009
0

Re: Motorcycle loan... VROOM!

Harley what?  No way you need a croch rocket!!  Honda CBR 1000 unless you have never rode before then you need to start out with a small bike to be safe and learn how to ride properly first.

 

I would go with Credit Union if you can!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


Take the FICO Fitness Challenge

Established Contributor
Posts: 710
Registered: ‎06-01-2012
0

Re: Motorcycle loan... VROOM!

[ Edited ]

Harley Nightster, its a black custom looking version of the sportster... I would NEVER get a crotch rocket, uncomfortable, too much power, and I dont like the look. Im more of an old soul for a 25 year old. I like vintage looks. Just looking for something to cruise around on the weekends and relax.

 

Tested the waters with a CU, so we'll see Smiley Happy

In my wallet: GCU Patinum Visa 1500 CL, Charter One Platinum Rewards 500 CL, Chase Freedom 800 CL, Wal Mart Discover Card 6300 CL, Kay Jewelers 3000 CL
Frequent Contributor
Posts: 673
Registered: ‎04-23-2009
0

Re: Motorcycle loan... VROOM!

Well two wheels is two wheels it's really all fun to me.  I'm just glad my girl still rides with me, actually I think I ride with her.  She has a GSXR 1000 and she is 50 years old She if freaking awesome!!!! 


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


Take the FICO Fitness Challenge

Established Contributor
Posts: 710
Registered: ‎06-01-2012
0

Re: Motorcycle loan... VROOM!


BigDaddy18 wrote:

Well two wheels is two wheels it's really all fun to me.  I'm just glad my girl still rides with me, actually I think I ride with her.  She has a GSXR 1000 and she is 50 years old She if freaking awesome!!!! 


thats awesome haha I hear ya, 2 wheels is 2 wheels, but I dont need all of that power! lol I bet that thing will fly!!!

In my wallet: GCU Patinum Visa 1500 CL, Charter One Platinum Rewards 500 CL, Chase Freedom 800 CL, Wal Mart Discover Card 6300 CL, Kay Jewelers 3000 CL
Frequent Contributor
Posts: 673
Registered: ‎04-23-2009
0

Re: Motorcycle loan... VROOM!


jcstarkey8826 wrote:

BigDaddy18 wrote:

Well two wheels is two wheels it's really all fun to me.  I'm just glad my girl still rides with me, actually I think I ride with her.  She has a GSXR 1000 and she is 50 years old She if freaking awesome!!!! 


thats awesome haha I hear ya, 2 wheels is 2 wheels, but I dont need all of that power! lol I bet that thing will fly!!!


Indeed, she scares me sometimes that girl has no fear!  I like the corner and she just likes to go fast!!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


Take the FICO Fitness Challenge

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.