Motorcycle, powersports financing after BK

[twono]

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 @741051.9 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.

[DebtStinks]

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

[Getty59]

Congrats on the bike loan! 👍

[twono]

---

@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!

[Anonymous]

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!

[twono]

---

@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.

[Anonymous]

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.