Motorcycle loan approval odds for very new credit

[Anonymous]

Hello I hope this in the correct place. I’m looking to finance a new $6000 motorcycle($1000 down) but have concerns. Im very new to credit! I only have a cc account, at 3 months old. I’m wondering if it’s even possible to get approved for a loan without acquiring a Fico score yet??? My credit score is 676 though, which is the only thing giving me hope. Thank you in advance

[Glen_M]

With some proof of income, I'm sure someone would approve you.  The concern would be what kind of loan will it be (consumer finance?) and what kind of terms would they give you (high interest rate is probable).

If you're a member of a credit union I would suggest talking to someone there about what kind of credit background it would take to get a recreational/motorcycle loan.  They'll be the most likely option for a good loan type and decent loan terms.

[Anonymous]

I financed a Yamaha FZ07 for $7000 four months after I turned 18. I had scores in the mid-low 700s but very low income. I was approved with Westlake Financial at an interest rate of 12%. Thats horrible, but there were no penalties for paying it off early. My loan terms specified I only paid interest in the minimum monthly payments, but all additional payments went straight to the principle. I paid it off in 3 months and paid very little interest. 

I think you have a decent shot with a high risk lender, but you'll get an absurd interest rate. I'd go for it if you can pay it off early with no penalties!

[pinkandgrey]

You can probably get a loan, but the rate might be sky-high. Would you be able to use a co-signer to bring the rate down?