Down payment/buy now

Message

milkncereal2 · Mon May 08, 2006 11:59 am

I've taken the msf course and pretty much decided on the ninja 500. My question is i got horrible credit, but i can do the deal with the credit card from the dealership, or with more convincing get my dad to sign for the bike, and pay for the bike myself. The second way i could get a great apr but i would have to get 1000 down payment, and it would not technially be my bike?

So go ahead and get a bike now, or wait a little bit, save some money and use my dad's credit?

dieziege · #2 Unread post by **dieziege** » Mon May 08, 2006 12:09 pm

...save up and buy a used bike? I've seen quite a few older 450-550cc bikes for well under $1500 used. Quite a few under $1000.

Then you can hit up your credit cards to pay for the insurance.

CNF2002 · #3 Unread post by **CNF2002** » Mon May 08, 2006 1:09 pm

If you have bad credit, financing something with a cosigner isnt a bad idea. You get a better interest rate, which means you'll have an easier time paying it off, and you will slowly regain your credit.

Cosign, dont just let your dad sign up, even though he can get a better interest rate than with you attached to it.

Bad credit huh? You need to fix that NOW. Credit is so important and interest rates are going up. More people are defaulting, bankruptcy is no longer an option, and collection agencies are *icks...

...speaking of collection agencies, I have one that calls my work for a couple of employees. I always tell them they are not allowed to call their place of business, and by law they have to stop calling. But they just keep calling. Most of the time they just give me their lame first name (no last name, like anyone is going to hunt them down or something) and some wont even tell me what company they are with...just so they cant get in trouble because they know they are breaking the law...

...anyway ninja500 is a good looking bike. I almost bought one! But I was in the process of buying my blast, and the only thing I liked about it was the color (mmmm...apple red).

flynrider · #4 Unread post by **flynrider** » Mon May 08, 2006 1:13 pm

Hey Milk,

See my post under "Motorcycle Loan Question". If your credit is already bad, going the credit card route could be a risky proposition. Higher interest isn't the only difference.

milkncereal2 · Mon May 08, 2006 1:26 pm

^^^^^
i read what you posted in the other thread, and i tried reading all the small print on that stuff, the kawasaki credit card deal was even better as it was 6.99 through 48 month period. I thought there should be a catch.

On the used route, I've searched on the internet and the ninja's 250 and 500's dont seem to fall that much used. Im pretty impatient and i dont think i could find an older model that has everything i wanted. a suzuki gs500 or ninja 500's are the only two bikes that have "felt right" and looked awesome. im all up for suggestions for used to bike to reasearch. If i bought a bike used i would be in the 1500 range for a bike.

Another option i've thought about is signing up for a couple summer colleg classes, apply for a massive federal loan and get a huge refund check to help pay the bike off too.

roscowgo · #6 Unread post by **roscowgo** » Mon May 08, 2006 1:48 pm

Its spring, most people have devolped suction cups right about in the seat of their pants motorcyclewise right now. there should be a nice big puff of used bikes in the fall.

ohhh wonder if anyones ever tried to come up with a "Professional Bike Break In" service. sorry, i'm attracted to tangents in the thought process