[devans2011]

Well I got my license , my bike picked out . But since I'm 19 and a student I really havnt had time to build credit ... The only thing holding me from my bike is a damn cosigner .. WHICH I CAN'T FIND!!!! Frustration at its finest

 

[Delta107]

I bought my bike at 16 with Cash!! The only way to do it! Unless your parents will co-sign..... Which from your thread sounds like they won't. Most credit unions wont give you a loan due to motorcycle losing a lot of value when you ride them off the lot. You could try getting a secured line credit card or department store credit card to start building credit.

 

[jkv45]

I bought my bike at 16 with Cash!! The only way to do it! Unless your parents will co-sign..... Which from your thread sounds like they won't. Most credit unions wont give you a loan due to motorcycle losing a lot of value when you ride them off the lot. You could try getting a secured line credit card or department store credit card to start building credit.

Me too - I've never purchased a cycle on credit, and I've owned at least a dozen so far.

Buy what you have the money for, new or used. Don't buy a new bike as your first, and never finance it.

That's my suggestion.


Jay

 

[czsummy]

If you are patient wait till the end of summer into fall when people are selling for cheap on craigslist my 500 was total about 2200 saved up over the summer, I'm also a college student. Now it's not the newest or nicest but it's doing the job just fine. If I would have waited a month and a half I could have had an 2008 650r for 2500, I was kicking myself but now I have the 650 to look forward to in a few years.

 

[Gadfly]

I'm one of those people who just financed my bike, I just wanted to build credit and financing...while expensive is a good way to do it. Me personally I just can't buy something used because I don't know how it was treated. Just my 2¢…

 

[devans2011]

To start this off I'm just going to say that Ur picture being house is simply fantastic . And I'm going to wait a couple pay checks and drop a 1000 down payment and they will accept me

 

[devans2011]

Or do u guys think a 500$ down payment would be good enough . The bike is 7400

 

[NefRider]

The higher the down payment, the lower the monthly. Do you need the 500 in your pocket for something, if not I'd use it to lower the bill. Can you also negotiate that price?

:Sent via the NewNinja iPhone App:

 

[jkv45]

Or do u guys think a 500$ down payment would be good enough . The bike is 7400

$7400 for your first bike? Seriously? I've had over a dozen, all paid cash, some new, and I've never spent that much.

Save your money, find a good used bike similar to what you want, and pay cash. The minute you buy a new bike the resale value will be thousands less, and when (if) you do pay it off you have overpaid thousands - and it's worth even less. Do you have all the gear? Do you have money left for insurance and maintenance?

In your financial situation (from what you have told us) you are way over your head and about to make a mistake you will regret. If you need to establish credit, look into other options like a 90-day note. Get the note for an amount you have in cash and pay it off early. Get a Credit Card.

Sorry for not supporting your decision, but you need a reality check. At this point you need to compromise and not get everything you want.


Jay

 

[devans2011]

Well I got my equipment and I was looking at a new 2012 650r . I have enough for payments and all that jazz . If I could find a used one for a decent price Id be interested

 

[Gadfly]

I paid 550 down for mine with my scooter trade in.

 

[NefRider]

Making the right financial is always best practice. Motorcycle buying is an emotional purchase for the most part. The advice above Is excellent advice.

Something to ponder. If you can make payments you can save money.

Good luck making your decision.

:Sent via the NewNinja iPhone App:

 

[devans2011]

I found a Used 2009 650 or 4900 I'm liking that one . Hopefully they will accept me with a 500 dollar down payment

 

[Bulletproof250r]

Devans.... If you are dead set on financing the bike I would try your banking institution first. For that one your looking at for $4900, try to see if a personal loan will help. Sure you may pay a little higher interest rate but may be able to get it without a cosigner. Plus when taking a personal loan they don't need collateral like keeping the title for the bike until paid for. The bike will be paid for, you have the title, and may be able to carry lower insurance on it.
Most banks will loan up to $5000 for a personal loan. If you get it at your bank then they can set up payments each month directly from your account each month. Sometimes that helps lowering interest on the loan.
If you get the loan and talk to the dealer finance officer they may cut you some slack on maybe title/tag fees and or taxes on the bike. To help you get on it for less money. If not then you'll have to come up with that money for that.

 

[devans2011]

That's a good idea . The 4900$ one is 5 hours away tho :/ so I prob gotta keep shopping

 

[devans2011]

I do like the idea of a personal loan tho

 

[Bulletproof250r]

Well if you get the personal loan then you can sit on the money until you figure out what ya wanna do for a bike. Don't wanna sound like I'm beating a dead horse but buying brand new for a first bike is somewhat of a bad decision cause of the "when you'll drop the bike" speech. And trust me it's gonna happen just a matter of when and how bad. Anyway buying used takes the sting out of dropping a new bike. Plus if you drop a new bike, file an insurance claim, they may total the bike on cosmetic damage alone. Even though there is nothing wrong mechanically. Happened to my cousin. He didn't even get enough back for the bike to replace it. Food for thought.
Back on topic though I had some buyers remorse after I bought mine even though I paid cash for it. Mine was a leftover 2010 model 250 with 1 mile on the odom. Price was $3700. A couple weeks ago I saw a used 08 650 on Craigslist for $3000 with 1200 mile on it. I kinda wished I waited a little longer to see of a better deal but... Such is life and I still like my 250.
Good luck

 

[devans2011]

Thx! Did u take out a personal loan or just saved ?

 

[Bulletproof250r]

Thx! Did u take out a personal loan or just saved ?

Actually I used a loan from my 401k at my job. It's a retirement savings plan I contribute to out of my pay. The cool thing about that it's like a loan through a bank but the interest and payments go right back into my 401k. It's like I loaned myself the money and pay it back with interest directly from my paycheck to myself which makes my 401k grow. The only thing is that this type of loan doesn't build credit for you and the loan does not show up on credit reports.
There can be some negatives on doing a 401k loan too, like if you lose your employment at that job, and don't keep paying on the loan then the IRS will tax you on the money you borrowed from the 401k loan. They tax it pretty high too.

 

[devans2011]

Oh I gotcha!