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Discussion Starter · #1 ·
Hey all,

My question is just as my title. How can i buy a bike with bad credit. I can make the payments every month, thing is i split up last year and all the bills got stuck on me. So all of them got behind and bam bad credit. Now i cant get a loan for a bike, even though i have a decent job and have enough cash to make a payment every month. Any idea how i can finance a bike? I dont have a large amount of money to just buy one so thats outta the question. Any ideas would be appreciated! Thanks All!
 

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Just to add some more to your situation. You have to make sure you can afford insurance as well. If financing you will be required to have full coverage year round.

If you have anything on your license and are under 25 (or not on mom and dads policy) expect to pay around $2k a year or more for insurance.


You may want to look into credit unions as they seem to have less intrest rates sometimes.
 

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Discussion Starter · #3 ·
im over 25 and i can afford insurance. I just cant get a loan anywhere due to my credit score GRRR. Actually i would perfer to have full coverage insurance even if i wasnt financing it. But if anyone has any ideas how to buy one please let me know. Also befor someone asks this isnt my first bike.
 

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I had to have my parents help me out with this last one, Same situation tried everything and the banks, credit unions and financing companies kept telling me its a luxury item... Sucks...
 

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No problem. I have just had quite a few people asking me about getting a bike the last month and when I told them about insurance they basically dismissed the Idea.

Parents, or just someone to co-sign may be your best bet. I know it is hard.
 

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well...some people talk without knowing whats up. The day I turned 18 I went to the dealer. Picked out a gsx-r600. I put 0$ down and walked out with the bike, I had no crdit what so ever. One misconception is that suzuki does NOT require full coverage when you finance. They do NOT ask or care. I dont recommend being without it tho. Also...I have state farm insurance...I pay 55 a month full coverage. FULL COVERAGE. Im 19 now. Note: your apr will prob be high but pay it off ASAP or get it refinanced when you get a little better credit
 

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Three words...........

High interest rates!!

You can ALWAYS get something that you want. You just have the PAY OUT YOUR ASS to get it!

So......... how bad do you want it. 30% interest sound good?
 

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If you live in NC and have 1/3 the money down...I can probably get you financed at 18% more than likely. Not the best interest rate...but not the worst either and at least you will have a bike.
 

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Just do like I did and sell crack to whores
 

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No matter your age, you can always have a co-signer on your loan, find someone with perfect credit, that would be willing to help you out, and then after 18-24 months of consecutive payments, you will be able to refinance the bike, through the same lender and get the co signers name off the title, loan, registration... etc.... Then you will be building your own credit from there.

Ask around. Just make sure you dont mess up someone elses credit.

Scott
 

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Yea, just get a co-signer. I put the bike under my girlfriend's name cuz i have shitty credit. And i think if you're getting a brand spankin new bike, the interest rate isn't as high. I think if you use Suzuki financing is around 6% or so (maybe less). Now if you get a used bike, that's a different story. I got 13% and a buddy of mine got 19%. If I were you, i would just save up and put as much down as possible.
 

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Discussion Starter · #12 ·
unfortuantely i dont have a co-signer =(. But i will travel to NC if you can get me financed. Anyone else know anyone that might be selling a bike and let me make payments? or a motorcycle sales guy that will hook me up even with bad credit?
 

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take a loan out against your vehicle.thats what i did,cause i didnt have enough credit.a buddy of mine works at a credit union and was able to hook me up with the deal.i was able to 10.000 for my truck,but only got 4500 to put towards the bike.
 

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Discussion Starter · #14 ·
unfortuantely i dont own my vechile for another 2 years hehe, its starting to look like im outta options, since i have no co-signer.
 

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The co-signer thing will work wonders for ya. Being on a submarine and having a loan didn't work out to well and I had pretty bad credit for a bit. When I got married all loans were put in both names and after awile they went to just my name. I know have better credit then the wife. Don't hesitate to ask your MOTHER. Mothers will almost always try to help you out and can usually convince dad if he is hesitant. Good luck bro
 

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The co-signer thing will work wonders for ya. Being on a submarine and having a loan didn't work out to well and I had pretty bad credit for a bit. When I got married all loans were put in both names and after awile they went to just my name. I know have better credit then the wife. Don't hesitate to ask your MOTHER. Mothers will almost always try to help you out and can usually convince dad if he is hesitant. Good luck bro
yea i tried that too,but i had a little bit better credit than they did.but yet still not enough.lol
 

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One misconception is that suzuki does NOT require full coverage when you finance.
Actually, none of the manufacturers require full coverage now, not just suzuki. i only have PLPD coverage and i'm still paying some of the bike off. i am 20 now, i bought my bike when i was 19 and i don't have that high of an APR. i have 7.9 % rate, and i put down about 2,800 bucks when i bought the bike. i just used the money from my old bike that i sold as my down payment. just keep looking around, a co-signer would help. but have you considered just buying a couple years older bike. you can save yourself a big chunk of money, and then when the time comes when you can afford a brand new bike, sell it and put the money down like i did, it worked well for me. just a thought.
 

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Discussion Starter · #18 ·
ok guys,

just an update. I have no co-signer, i dont have enough money to buy a older bike, or i would. I do have enough money to make a bike payment though. But my credit isnt good enough to get a loan. Im kinda stuck here. If anyone has a older bike that would let me make payments on i can do that. Or does anyone have any other ideas how i can finance one? Anyone have any bike saler friends or anything hehe. Thanks for all the help thus far! I really appreciate all the responses! Just stil bikeless =(
 

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check into clearing up that report if possible. It may end up effecting more the a bike purchase in time. **** Luck with it. Also I agree with the co sign thing but you'll have to know the person well. You could also buy used or private sale. If not finance through a dealer, try directly to a bank or a credit union. Every place has a different set of standard from which they will qualify you. But High interest is somthing you can and will not avoid. That interest is the very thing that keeps the poor man down. So do some math if you get the chance to sign for a bike. It's not worth falling deeper into debt.
 
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