Established Contributor
jcstarkey8826
Posts: 704
Registered: ‎06-01-2012
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
Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008
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
jcstarkey8826
Posts: 704
Registered: ‎06-01-2012
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
BigDaddy18
Posts: 673
Registered: ‎04-23-2009
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!


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Established Contributor
jcstarkey8826
Posts: 704
Registered: ‎06-01-2012
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 :smileyhappy:

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
BigDaddy18
Posts: 673
Registered: ‎04-23-2009
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!!!! 


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Established Contributor
jcstarkey8826
Posts: 704
Registered: ‎06-01-2012
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
BigDaddy18
Posts: 673
Registered: ‎04-23-2009
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!!


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