POOR CREDIT MOTORCYCLE LOANS? FACT OR FICTION?

Message

stratguy · #1 Unread post by **stratguy** » Wed May 17, 2006 8:58 am

Greetings-
I think this is my "FIRST POST!"
I am puzzeled by the seemingly endless offers on the Net stating-
"FREE MONEY, NO CREDIT CHECK, BAD CREDIT OK FOR BIKE LOANS !!!!" (etc,etc)
When I attempt to contact these folks, I don't get a response.
I got screwed by GMAC, and I won't bore you by pleading my case here.
SO - Do any of you knee-draggers actually have expierence with a reputable source of loans for bikes? (ZX14, etc)
I thank you in advance for your time.
I have been an avid fan of "TMW" for a long while!

THANX Randy

secgeek · #2 Unread post by **secgeek** » Wed May 17, 2006 9:46 am

I didn't finance but when I was at Honda saturday picking up my bike.. I heard the dealer talking to a kid who they tried to run through 3 different finace companies.. He said with motorcycles the finance companies focus on experience in addition to credit... I dont know how true that is..

stratguy · #3 Unread post by **stratguy** » Wed May 17, 2006 11:48 am

Secgeek-

Thanks for the info. I'm 52, been ridin' since I stradaled a BSA 441 Victor
at 12 years of age.
I keep thinkin' that. since I am not an EVIL-HEARTED kinda' guy, and have a great job, love my Wife and kids, and am a decent "Air Breathin' Mammal that I SHOULD be able to put these GMAC guys in line.
I am correcting my TRW, but, you know SUMMER is here, and that ZX14
is over there.
I could pay cash, but need to build my Credit history back to nomal.
I think I'm DUMPING on this forum. Sorry, I'm just whinning.
(I'll probably whine until I get a bike!)
Thanks again for the reply!

Wed May 17, 2006 12:16 pm

Do you belong to or can you join a credit union? Generally speaking, their rates are much better than banks or finance companies. I just financed my new bike at 5.25% for 48 months.

Credit unions tend to be less "judgemental" about credit history. Or mine does at least. But, I'm in a small town. I'm sure that makes a difference as well.

Good Luck!

stratguy · #5 Unread post by **stratguy** » Wed May 17, 2006 1:38 pm

Scoutmedic-
I joined my Wife's Credit union today!
Your timing in right on it!
I will cehck tomorrow on their policy.
Thank you for your post! Randy

Wed May 17, 2006 4:36 pm

Super! Let me know how it goes. I know the CU I belong to has been great. The only reason I don't "bank" with them is because I needed a 30 year mortgage on my home (they only have a 15 year max) and, at the time, they didn't offer an ATM card (which they do now). My last 2 truck loans and my ATV loan were all with them. I got much better rates than any other institution offered.

Eunic · #7 Unread post by **Eunic** » Thu May 18, 2006 3:10 am

Scoutmedic is right on about the Credit Unions. You need say no more about GMAC. In my opinion, that is one sorry outfit and doesn't deserve the 'GM" brand. Also, I treat all unsolicited email from these "lenders" as Spam. There just "phishing". Just MOHO.

Eunic

NickelBagofFunk · Thu May 18, 2006 4:40 am

I couldn't agree more with going through the credit union. We just signed our loan papers yesterday for a Yamaha V Star 650 classic through them.

The rate was 6.5% for three years. I've done both of our car loans through the credit union. I guess I prefer the way they don't treat us like just another account number, but an actual person.

Myself002 · Thu May 18, 2006 12:02 pm

welcome to the forum and good luck with the finacing thing

Robkhb · #10 Unread post by **Robkhb** » Fri May 19, 2006 8:27 am

I agree that the credit union does have the best rates around however they are usually the toughest on credit. For example my credit union wouldn't finance us when I bought my car because my wife had a dispute on her credit. She had a credit score over 700 but since she had disputed 1 item on her report which was false, the CU would not even give us a loan. They said we had to wait until the dispute was gone. So we ended up going to a normal bank and had no troubles...