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POOR CREDIT MOTORCYCLE LOANS? FACT OR FICTION?
Posted: Wed May 17, 2006 8:58 am
by stratguy
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
Posted: Wed May 17, 2006 9:46 am
by secgeek
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..
Posted: Wed May 17, 2006 11:48 am
by stratguy
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!
Posted: Wed May 17, 2006 12:16 pm
by Scoutmedic
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!
Posted: Wed May 17, 2006 1:38 pm
by stratguy
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
Posted: Wed May 17, 2006 4:36 pm
by Scoutmedic
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.
Posted: Thu May 18, 2006 3:10 am
by Eunic
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
Posted: Thu May 18, 2006 4:40 am
by NickelBagofFunk
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.
Posted: Thu May 18, 2006 12:02 pm
by Myself002
welcome to the forum and good luck with the finacing thing
Posted: Fri May 19, 2006 8:27 am
by Robkhb
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...