Does anyone know of a place where you can obtain a motorcycle loan with an average rate for interest.. with a loan amount of like 10k? I need a place that will work with a poor credit score between (580 - 600). well I planned to put $2k down on the bike so that would bring the price to about $8k, but with my credit score so low I don't know it I'll get approved or not. my TransUnion credit score is about 583 and my Equafax and Experian is about 580 each. I'm working with a CreditRepair.com to repair my credit and I dont have that much of a payment history. I've only got like 2 secured credit cards, one from Wells Fargo for $600.00 and another from Capital One for $300.00 and whenever I use them I keep them under 30% of maxout limit... Speaking of CreditRepaid.com I dont know If I'm wasting my money or not... I'm paying $89.00 a month for their services and they seem as if their not doing the best they can do for me. They've had a few items removed but I haven't really owed that much. the largest account that I owed was like $1,399.00 and it was for a stupid medical bill because I took a ride in an ambulance 3 blocks away...
I should've walked!... another account was for almost the same amount and that one was because I got a DUI and had to get that stupid breathalizer on my vehicle and when It was time to take it off, they misplaced the device and never turned it in for the company called innerlock so the company attempted to charge me for it... like I said I've never had any credit cards really... the only other things are just a few small accounts for a couple 2 or $300.00 dollars. one from some stupid company called columbia house for like $88 dollars for some DVD's or some crap and another from AT&T for like $500.. and that completes my accounts. Oh last but not Least I once had a car repo.. about 10 years ago I bought a nisan altama and the car was crashed like before 1 month gone by and the Nissan said I didn't sign for the gap insurance but I had the copy of the contract stating that I did sign for it and by the time I paid attention to my credit score it was a bit too late to do anything about it. Nissan wanted $10,000 dollars for the rest of the car and I was unwilling to pay because I had gap insurance and they just put it on my report as a charge off.... so yah that was over 10 years ago now. I just want to purchase a Kawasaki Ninja 650 2015 and I'm willing to put $2grand down like I said but with this credit score I dont want to have them run my credit and get denied so I'm looking for a place that will work with me. Please give me some advice someone. If you think I should just wait than I'll just do that because I dont want to risk messing my credit up any worse. Thank you for all your advice...
MrLi0n, please don't take this the wrong way, it's meant as friendly advice.
You're using a credit repair company, in another post you were trying to get a loan to pay debts and fix a car, and now you're trying to get a loan to buy a motorcycle. I would imagine that you're pretty young and I know how it is to "want" things...trust me, I do. But at some point we need to learn the difference between "wants" and "needs". It doesn't sound like you need a motorcycle...it sounds like you need to pay off the debts you have and work on getting your credit repaired. Trust me there will be other motorcycles, cars, and everything else to buy...but you need to be in a financial position to buy them. I don't think you're in that position right now. Getting in over you head with debt is not a good position to be in....just read on this message board and you'll see plenty of examples. And just because you can afford the payment for something doesn't mean you can afford it. When you have a payment that actually means you CAN'T afford it...because if you could you woudn't have to take out a loan. Merchants will use all sorts of advertising to find ways to get your money...shiny cars, motorcycles, and everything else that you don't need. Just wait until you're in a better position financially...trust me you'll feel much for it.
Hope I wasn't too tough on you...like I said it's meant as friendly advice. I just see too many people getting in trouble with debt and getting in over their heads. Read on these message boards and other places and educate yourself financially, you'll be glad you did.
Good luck!
Fox
Please use short paragraphs and spaces, this is so hard to read.
Okay, you need a way to get to work, I get that. But you probably don't need a 10k motorcycle. I'm not a motorycycle guy but I know 10k will buy a pretty nice used car, so I would imagine that it will buy a pretty nice bike. You said you have 2k so why don't you buy a 2k bike until you're in a better position to buy a nicer one. Remember when you're doing stuff like this...buying a cheap bike or car...that it's only temporary...you can buy a nicer one later when you're in a better position. I'm not so sure I would put my finanical future in the hands of the credit repair guy...and having a loan might help your credit score recover faster, how fast I don't know. I haven't had a car loan in over 6 years and all my scores are over 815, no mortgage now either. So if you really want to have a loan why not take out a 2k loan...you already have the money to pay that, and you can use the rest of the money you would have used for the bigger payment to pay off other debts or save. I can tell you from experience that it feels really nice to not have any debt and to have money in the bank. I could have and should have been in this position sooner...and anyone can be debt free, they just have to want it.
I don't want to come down on you hard, but you seem to have a history of making bad decisions. No judgement, I've made plenty and continue to make them. But we must learn from our mistakes. You seem to minimize the debts you had by calling them names like stupid, "stupid company called Columbia house", "stupid breathalyzer", etc. I think what you're doing here is minimizing your actions and distancing yourself from taking full responsiblity. I learned that I had to take full responsibility for my past actions in order for me to fully move forward from my mistakes. Just something you might want to think about. It's obivous that you want to do the right thing because you're on here asking for advice.
Good luck!
Fox
I wasn't trying to silence you...I was trying to help you! And if you're listening to advice...you're already helping yourself!
Keep up the good work!
Fox