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Discussion Starter #1
Usually in a situation like this you just save up the cash... but i live in the bay area where gas is 3.00 a gallon, and I pay 1300.00 dollars a month for a piece of crap one bedroom apartment...so i have been saving a little, but i think financing is my only option unless i wait till 2007, my credit score is low because, i did some stupid stuff and went to jail for a while, and couldnt pay some hospital bills and a sprint bill...so they went into collections, ive paid off car loans and others ahead of schedule, and im paying those two off. Can someone point me in the direction of a bank that might be able to finance me...dumb question right, well ive been opening rejection mail now for six months and riding my boss's harley ( is getting old(not to mention my ass is numb from all the vibration)anyway i appreciate all the advice i can get... thanks ,jordan
 

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The Well-Leathered Mod
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Here's my advice, take it or leave it.

Dont buy the bike until you've paid off all your old debts & and current debts too for that matter.

Then w/ your newfound cash that you're NOT paying in interest, then save it.   That's right.   Dont finance a bike with it.    When you've saved up a few thousand, then buy a used SV with cash.

Dont buy things you cant pay for in cash NOW, especially toys.
 

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The Well-Leathered Mod
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Oh and by the way. ..
Everytime you apply for another credit card, or apply w/ another place for motorcycle financing, you're doing further damage to your credit score.

Get a copy of your credit history (you can get a free one from each company every year), and find what bad stuff is on there, then work to get it off your history.
Stop having people run your credit, because they'll continue to ruin your credit.
 

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I agree, if you're in that bad finacial shape now, don't make it worse by trying to finance something you won't be able to afford, and get ripped off with a ridicukously high interest rate in the process. pay off your debts first, save your cash and buy a USED SV650 for cash. You'll be glad you did.
 

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Discussion Starter #6
my old debt is paid off, save for the last fifty dollar payment to the county hospital, the only debt i have currently is my car...which keeps breaking without a waranty and the bike... is only half toy :) i would rather get fifty mpg than 25 in my car that keeps breaking... i tried suzuki, and the said get my credit up to 600 or so and come back...i guess i just need to be patient. I had no idea that every time someone runs my credit it hurts it...thanks for the info guys
 

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The Well-Leathered Mod
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Jordan,
Have you run a credit report to see whats on there?
How many credit accounts do you have open?
If you have a lot, close a few, but be careful. The credit score is in part based on the length of time accounts are open, and also the payment history on those. If you have an account that's been open a long time, w/ few or no late payments, keep it.
If you have one that's been open not so long, and has a few late payments, close that one. It should bring up your score.
 

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Definitely get a copy of your credit report, and contest any bad items that you dont think are yours.  By law, they are required to investigate it within a set period of time (I forget- 30 days? 60 days?) or they have to take it off your report.  Start building up your credit by using your credit cards on a regular basis, not maxing them out, and paying them off on time.  


If you are absolutely intent on buying a bike b4 you have the money, I would just talk to multiple sales associates at multiple dealerships.  They want to be able to sell you the bike, and will likely have knowledge of how to get financing for people with low credit scores.  
 

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Discussion Starter #9
thats the thing with my credit, im only 22 years old and there are only four things on my report , 1 is an 8,000 dollar car loan paid off a year early, two are those collections(ones been closed)and the other is my current 4,000 dollar loan with no late payments, so really it is more or less a lack of credit i think, and im not financially wrecked like that other post said... i simply said i pay alot of money to live where i live... i can budget for a bike payment... its the getting somebody to give me the chance to budget for the bike payment thats a pain... i also know once those delinquent collections payments are gone...i can probably get a credit card and start building from there.... damn it my biggest character defect is a lack of patience...thank you guys for your info , and clear headedness
 

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Blacksun said:
Definitely get a copy of your credit report, and contest any bad items that you dont think are yours.  
Here's a little hint/cheat. Once you contest any bad items on your credit report Your score will go up higher then normal for about 1 month. After that it will drop back down a bit once everything works itself out again. So say you start with a score of 550, it may go up to 600 for a short time then go down to a 575. Timing is everything with this though. Good luck.
 

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or just get a co-signer.
 

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Re: my credit is stopping me from getting my bike,anybody know how i can get fin

Paying each monthly credit card balance IN FULL, is always a good way to build credit.
 

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Re: my credit is stopping me from getting my bike,anybody know how i can get fin

asp125 said:
Paying each monthly credit card balance IN FULL, is always a good way to build credit.
sorry... I have to disagree with you on that one

credit is built upon paying on a mothly balance... if you pay it off at end of each month...  the credit agencies don't see as building credit history. For instance, I worked with an older guy here at work... he got a lot of money a while back from inheritance. He paid off his house, cars, bikes etc. and had almost no bills other than utility. He was dumbfounded when years later he wanted to finance a car and bank told him he didn't have enough credit history.

you will build positive credit more quickly if you carry a balance on your cards or loans and pay  at least minimum amount on them monthly and on time. this shows financial institutions that you are capable of being responsible consumer and that you can pay your bills on time.

it worked for me... I have more credit now than I ever should have... I have several credit cards with enough credit to buy a car or a bike (scarey thought for me when I get looking at bikes hehe). I get offers for 0% financing for a year every month from different credit angencies... because I carry balances on my cards add other loans and make all my payments on time.

and believe it or not... its possible to get negative credit ratings with credit cards that you have nothing on... if you never use them... it actually acts negatively on your credit although not real bad but a small fraction. Also, if you max all your credit out and have no credit left, its considered bad too... I learned some of this from aunt who is a mortgage broker while trying to get financed for my first house ;)
 

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Re: my credit is stopping me from getting my bike,anybody know how i can get fin

syntheticton said:
sorry... I have to disagree with you on that one

credit is built upon paying on a mothly balance... if you pay it off at end of each month...  the credit agencies don't see as building credit history. For instance, I worked with an older guy here at work... he got a lot of money a while back from inheritance. He paid off his house, cars, bikes etc. and had almost no bills other than utility. He was dumbfounded when years later he wanted to finance a car and bank told him he didn't have enough credit history.

you will build positive credit more quickly if you carry a balance on your cards or loans and pay  at least minimum amount on them monthly and on time. this shows financial institutions that you are capable of being responsible consumer and that you can pay your bills on time.

it worked for me... I have more credit now than I ever should have... I have several credit cards with enough credit to buy a car or a bike (scarey thought for me when I get looking at bikes hehe). I get offers for 0% financing for a year every month from different credit angencies... because I carry balances on my cards add other loans and make all my payments on time.

and believe it or not... its possible to get negative credit ratings with credit cards that you have nothing on... if you never use them... it actually acts negatively on your credit although not real bad but a small fraction. Also, if you max all your credit out and have no credit left, its considered bad too... I learned some of this from aunt who is a mortgage broker while trying to get financed for my first house ;)

I kindof disagree w/ you there.
In the last 8 or so years that I've had a credit card, I've carried a balance to the next month not more than 5 times.
Putting stuff on the card & paying it off every month gave me good credit.

Hey Jordan, you could always get a CC w/ a $200 limit (and tell them NOT to raise the limit), use it to buy a $15 item or something every month, and pay off the balance $1 each month. That way you get the "revolving" credit, w/ on time payments every month, and it'll bring your score up, but you're not paying a lot in finance charges.
If you do this though, never put more than $50 on your card. The companies like your amount on your cards to be not more than 25% or so of the limit.
 

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Re: my credit is stopping me from getting my bike,anybody know how i can get fin

DrummerDaveB said:
I kindof disagree w/ you there.
In the last 8 or so years that I've had a credit card, I've carried a balance to the next month not more than 5 times.   
Putting stuff on the card & paying it off every month gave me good credit.

Hey Jordan, you could always get a CC w/ a $200 limit (and tell them NOT to raise the limit), use it to buy a $15 item or something every month, and pay off the balance $1 each month.   That way you get the "revolving" credit, w/ on time payments every month, and it'll bring your score up, but you're not paying a lot in finance charges.
If you do this though, never put more than $50 on your card.  The companies like your amount on your cards to be not more than 25% or so of the limit.
maybe its different for different financial lendors etc. or different states
 

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Re: my credit is stopping me from getting my bike,anybody know how i can get fin

DrummerDaveB said:
I kindof disagree w/ you there.
In the last 8 or so years that I've had a credit card, I've carried a balance to the next month not more than 5 times.
Putting stuff on the card & paying it off every month gave me good credit.
Same here, I rarely carry a balance from month to month. It's scary when you know you can charge a BMW on your credit card; ok even if it's the base model. I have 2 credit cards, and that's it. I refuse to pay any more interest than necessary to "borrow" someone's money. Having a monthly rent or mortgage payment that you're never late on, also helps.

I had no debts either when I started out, and couldn't finance my first car. What I did was saved up $3000, took a line of credit for that amount from my bank, used the credit to pay into a 401K, and then repaid the bank over installments from the original $3k in savings. Viola, instant credit history.
 

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Discussion Starter #18
damn.. this is great, you guys are like financial advisors...i am pretty much learning about credit for the first time at the age off 22... thank you guys for all of this info... i will have my bike soon... i want to get an 05 and paint it white, because the black frame sucks with those colors(I feel) i am really looking forward to being a proud owner of an sv... all of my friends are telling me to get r1's and gixxers, but i have made my mind up already...my last bike was an 89 ninja zx750, and now i want to ride naked...and nobody can stop me!!!!!!!!!!!!!...
 

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Discussion Starter #19
damn.. this is great, you guys are like financial advisors...i am pretty much learning about credit for the first time at the age off 22... thank you guys for all of this info... i will have my bike soon... i want to get an 05 and paint it white, because the black frame sucks with those colors(I feel) i am really looking forward to being a proud owner of an sv... all of my friends are telling me to get r1's and gixxers, but i have made my mind up already...my last bike was an 89 ninja zx750, and now i want to ride naked...and nobody can stop me!!!!!!!!!!!!!...
 

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I don't have a lot of credit either because I chose to pay cash for items rather than finance. I couldn't get a loan for an SV. So, I went to the bank told them I needed to take a vacation, pay off a few bills and I got a personal loan through them. I "bought" the bike from the dealer. I had the title so I don't get fucked on insurance. Now, I am repaying back the loan and my insurance is less than 400 a year. Maybe that will help. BH
 
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