topic Re: Motorcycle, powersports financing after BK in Bankruptcy

Motorcycle, powersports financing after BK

twono — Sun, 07 Feb 2021 16:10:46 GMT

So on occasion i play around with prequalifications for credit cards, Capital One Auto Navigator, Carvana, Cargurus, etc.....I decided to check out any BK friendly motorcycle lenders.

Got in touch with a local motorcycle dealership, told them my story, and they offered Sheffield, Synchrony and Roadrunner financial as their lenders. Of course i would recommend going through your local CU first, but since i already have an RV loan with my CU that i got 13 months post DC, i looked into other means.

I burned Synchrony and Sheffield, so that left Roadrunner to check out. They have a soft pull application but it is a full blown credit app so i was a bit nervous about submitting....Soft pull, Approved @Anonymous.39% for $22,500 which is the price of this particular bike. I am NOT buying a $23,000 motorcycle at 12.39% to be clear. Maybe $10k-12k bike with a few thousand down and pay off quick though.

The Roadrunner Financial website also says that they use 'EXPERIAN AUTO 08'.

My data points:

-DC Oct 2019

-Obtained 3 new cards within 60 days of DC

-RV loan $20k @Anonymous.9 with local CU, Nov 2020, 1 yr post DC.

-No other APPS except those listed above, which means NO denials since DC.

-FICO 08 TU 647, EX 651, EQ 652......FICO 09's are low 700's

I get a Capital One card pre-approval weekly but don't bite.

Pre-approved with Cap One auto for $35k, 4.5-6.5%

Pre-approved with Carvana

I"m just seeing what pre-approvals are coming my way and use that as a gauge/indicator of how im progressing with my rebuild.

Hope this tidbit of info helps.

Re: Motorcycle, powersports financing after BK

DebtStinks — Sat, 06 Feb 2021 23:57:42 GMT

Good info! Thanks for the share and the DP's!

Re: Motorcycle, powersports financing after BK

Getty59 — Sun, 07 Feb 2021 07:12:02 GMT

Congrats on the bike loan! 👍

Re: Motorcycle, powersports financing after BK

twono — Sun, 07 Feb 2021 13:31:56 GMT

@Getty59 wrote:
Congrats on the bike loan! 👍

Thanks but i didn't get a bike. Just simply testing the waters for those looking at a motorcycle purchase post BK. I am a bike enthusiast and have many bikes already. But there's always room for more!

Re: Motorcycle, powersports financing after BK

Anonymous — Tue, 09 Feb 2021 18:04:59 GMT

I burned Harley in my BK. OUCH. I want a new one, but not yet. Waiting a year or so and then, hopefully I can get a new trike (with a big, fat down payment to help). Just had to chime in. Thanks for that info you provided!

Re: Motorcycle, powersports financing after BK

twono — Thu, 18 Feb 2021 21:23:06 GMT

@Anonymous wrote:
I burned Harley in my BK. OUCH. I want a new one, but not yet. Waiting a year or so and then, hopefully I can get a new trike (with a big, fat down payment to help). Just had to chime in. Thanks for that info you provided!

You'll get the ride back! I ended up getting a new bike with Roadrunner after all.

Super easy, simple. I ended up doing the 'formal' application through the dealership and they sent it to Roadrunner. Since i was already in their 'pre-approved' system, i had contract sent to me via email and docu-signed the papers within an hour.

I had to shoot a copy of my I.D. to the dealer and that was it.

They pulled EX Auto 8 - 672, 16 mos post DC

No proof of income was requested.

Loan is for $14,500, 12.99% which isn't bad for a motorcycle with a BK. I'm gonna get it below $10k in the next 6 months and then refi with my CU, hopefully in the 7% range.

Re: Motorcycle, powersports financing after BK

Anonymous — Sun, 28 Feb 2021 18:42:07 GMT

Thanks for the info! I may see what they offer depending on what my local CU says. They've been gret with us though, so I may not have to look any farther.

I'm not looking at an expensive bike, just a run of the mill sport touring rig mostly for commuting in the nicer seasons. 55mpg is much better that the 30mpg my Compass gets. Plus I can keep the miles down on the Compass and extend the warrany time.

The bike I'm looking at is $5500 out the door and I was thinking of $1000 down, so basically financing $4500.