" Poor Credit Loans for Motorcycles- FACT or FICTION?&q

[TheImp]

This is how you buy a bike if you have no money or poor credit or both. Have ur girlfriend to add her name to the bike credit card, like Yamaha has their own credit card at 6.9%, purchace the bike with no money down, have the bike registraion only in ur name, not hers, finance the total on the credit card, when the first 3 monthy payments come in the mail, don't pay them, then in that time break up with ur girlfriend, tell her you just used her, you don't love her and stuff like that, then they will bill her for the bike and you get to keep the bike and there is nothing she can do. You ride for free, she pays. Lock the bike up inside a building with a chain and they can't enter the building to repo it. They will only repo it if she doesn't pay and she has to get a court order, she won't do both. she will pay. She still loves you, awwwww how sweet ha ha ha ha.

God I wish you'd get banned. You add no value to this site - only mindless drivel.

In the meanwhile I suggest all of us just ignore him, not even quote him and give him any acknowledgement whatsoever.

[Kal]

lol Imp


Mind you, just for once it isnt a bad idea.

[icariz83]

Loans are higher because as people stated, motorcycles are toys not a neccessity (for the most part). I'm looking at adding a 2nd bike and the lowest rate I could get is 9%. I've heard firsthand that the whole Honda CC & Yamaha CC's kill you after year one so unless you transfer balances around for a couple years it's just as easy to finance through your bank or get a LOC.

But like people said, if your credit is that horrible do you really need a bike?

[DieMonkeys]

Sell some of you crap on Ebay, that's what I'm doing right now. I figured I could make at least $800 from my stereo equipment I don't use anymore.

[onlinesmurf]

Motorcycles are toys to anyone who treats them as such. Weekend riders, fair weather riders (unless they have majority fair weather). For people who actually ride alot its just about the same as a car (which can be considered toys also).

If you have bad credit you can get a motorycle loan, its just takes time and you will get bent over extra far (further than normal).
Buying with cash is for suckers unless you have extra cash after. I say this because if you save up $5k cash and buy a bike outright. After all you
have is the bike still no $, whats make you in a better position? You will be in a better position if you crash it or it gets stolen, if thats the case get gap insurance on your financed bike.
If you have bad credit and want to fix it financing items may help. You will pay a premium if you keep the payments right you can improve your credit. Last time I check paying for something straight cash doesn't help your credit. There are many other cheaper (and perhaps more sensible ways to fix your credit also).

The best option is more to save up the money to buy the bike you want (if new). Get financing (regardless of how high APR) then pay it off right away before the first cycle (make sure now prepayment penalty), that will help your credit and doesn't cost you a dime. Even better if you can qualify for one of those 0 for 6 months promotions. This just means you get to hold your money an extra 6 months before paying in full.

If you are going to go into serious debt and pay a high APR make sure this bike will be used. Having 2k miles over 3 years on a 11k XXXX1000 is foolish. You wasted alot of your money. If that is the case you might as well bought straight out used, or no bike at all since you don't ride.

Another way to be responsible on a bike unless you plan to run it into the ground before getting another one (over many years 7+) is lay off the style only or performance upgrades (not including tires and suspension). They add little value to your bike. How many decked out bikes you see going for the same as a stock bike. NO VALUE. Comfort upgrades at least you benefit for.

There are ways to make financing a bike an ok possibility. Depends on how much value/use you get for your money. For most people who are check to check (or near that) cash flow is more important than final amount paid. It may sound nice to say pay cash, but after you save up that cash you are still broke and just have a bike.

Everything is relative so your situation may vary.

[fiveoboy01]

Buying with cash is for suckers unless you have extra cash after. I say this because if you save up $5k cash and buy a bike outright. After all you
have is the bike still no $, whats make you in a better position? You will be in a better position if you crash it or it gets stolen, if thats the case get gap insurance on your financed bike.

Dumb advice. Paying with cash is always the best way to do it, if possible. I paid cash for mine. I own it outright, I can have just liability insurance on it, and I don't have to screw with a bank if I want to sell it.

If you crash the bike or it gets stolen, you will most likely LOSE money on the deal, if it's been financed. See Verm's thread for a perfect example.

[dieziege]

The difficulty of financing has nothing to do with motorcycles being toys. Vacation homes are toys but the interest rates are normal. Motorhomes are toys and the interest rates are normal. Airplanes are (usually) toys and the interest rates are normal.

Motorcycles are difficult to reposess because they can be locked in a closet, hidden in a basement, even stashed in an attic. They are easy to destroy (in value) by crashing, dropping, disassembling, mangling, etc.. They are therefore high loss risks for loans. That in turn changes the interest rates and ease of aquiring credit.

As for the supposed benefits of buying on credit... if buying on credit really turns you on, put it on your credit card. That's all Suzuki does anyway. To me, cheap things (not toys...my MC is a commuter vehicle) like motorcycles should always be bought with cash, and only when you have plenty of cash to buy everything including protectives. Should everyone follow that rule? Who cares?

[secgeek]

Dumb advice. Paying with cash is always the best way to do it, if possible. I paid cash for mine. I own it outright, I can have just liability insurance on it, and I don't have to screw with a bank if I want to sell it.

If you crash the bike or it gets stolen, you will most likely LOSE money on the deal, if it's been financed. See Verm's thread for a perfect example.

I agree completely.... Home/Car are necessities which might not be feasible to pay for in full at purchase, but toys no matter how extravagant should only be bought if you can afford them.... when I turned 18 got my first cc i caused myself some serious debt/damage... Now if I can't afford it I wont look at it...

I buy all my toys for cash.... Even though I wouldnt go with liability insurance only (but thats just me)....

[fiveoboy01]

The reason I have liability only, is because I figure if the damage is minor or cosmetic, I can leave it/pay to fix any mechanical damage.

If it's a total write off, well then I'm screwed. I accept taking that chance for a lower premium.

I've been through the credit card nightmare myself. Not completely out of it yet, but I'm in much better shape than I was a few years ago, up above my eyeballs in high interest debt. I'll never use a credit card again unless A) I can pay the whole balance off every month or B) I have a severe emergency that I wouldn't otherwise be able to pay out of my checking account.

[DieMonkeys]

Last time I check paying for something straight cash doesn't help your credit. There are many other cheaper (and perhaps more sensible ways to fix your credit also).

The best option is more to save up the money to buy the bike you want (if new). Get financing (regardless of how high APR) then pay it off right away before the first cycle (make sure now prepayment penalty), that will help your credit and doesn't cost you a dime. Even better if you can qualify for one of those 0 for 6 months promotions. This just means you get to hold your money an extra 6 months before paying in full.

Last time I checked you don't need to mess with your credit if you pay for everything with cash. Go read a Dave Ramsey book you dumbarse and stop listening to all those damned lies the credit card companies and banks are telling you.