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General SportbikesThis area is made for sportbikes in general. Posts that dont really belong anywhere else besides here. Questions can be answered and addressed to fully understand certain aspects. If your question is Manufacturer specific please post it there.
Buddy I dont think 1 or 2 months is going to affect the bank's decision on your loan, you'd have to be out of the loans for 6 months for it to actually sway their decisions.
Besides when you get the loan you're not going to pay a payment for a month regardless. No one can tell you if you're in over your head, it does seem a little like you're cutting your budget closely if you have to ask.
If you're asking whether it is worth it to wait to have the bank run your credit. My oppinion is it would only benefit you APR wise to wait another 4-6 months. Getting approved or dissapproved won't be affected IMO if you apply tomorrow or a month from now.
That's the answer I was looking for LA...If I wait out the rest of this month, I can pay down (about $900 more dollars) on my revolving credit so when I present to the bank they will see my ratio at like 35% load on REVOLVING ONLY, which will be reported on my credit report. I've waited 6 months+ already since my last try when the main reason i got rejected for $5K unsecured loan was my length of credit history and high balance on revolving credit but approved for $2500.
I'm asking b/c I get OCD with my finances. I know the if you have to ask you probably are or can't saying...I know that I can...I just needed SBN support! I know I can spare $150 per month on a bike...Hell I've been paying about $600 per month the last month and a half just to lower my revolving credit accounts so they would look good. When I got my car loan my bank increased my credit limit on my car so my ratio would look good, so I know it's important to have a 30% ratio...
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"What do you value more? Life or Image?"
I'm looking okay in all categories EXCEPT I have a high debt to credit load on my INSTALLMENT loans...which naturally I can't just pay down right away (15K balance on car loan and 9K balance on student loan).
I do plan on going with USAA which I have home ins, car ins, car loan, checking/savings account, IRA, credit card products with them. IF that fails I will look at my local credit union...IF that fails, I am going to fight myself and "enlist others" to help me avoid financing at a dealer....1) b/c I dont want a new bike and 2) I can't find any used ones at any dealers in town. However according to the reasons for granting a loan the dealer has more incentive than my bank.
The dealers generally have access to all banks and credit unions in the area now a days.
They are the best and easiest place to atleast find out. They submit out to everyone generally with a loan app
I hate to be a post whore in this thread but debt to income is usually based on a montly basis, not your total debt.
People who have a 200k loan and pay 1200 a month (360 months) have the same liability to the bank as people who have a 40k loan and pay 1200 a month (36 months)
it's all based monthly for the most part
whore yourself out bro...I need the support. lol.
I think we are mis communicating debt to credit load and debt to income. I am not worried about my debt to income ratio. I make enough to handle my debt...and it's good debt.
I am worried about the amount of debt I have to the amount of credit available I have as it was the factor that kept me from obtaining $5K unsecured in the past. Like My total amount of loans that I have taken on Installment are $28K of credit worthiness. I owe about $22K on Installment. That is 80%. My revolving debt is at $5900 and I owe $2900. I am working on getting my revolving debt to $1700 BEFORE I apply...but right now there is nothing I can do on my installment account debt, but pay as agreed and that takes time....how will this affect me getting $5k secured loan on a motorcycle is what I am trying to evaluate here...hope this spells it out a little more clearly...
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"What do you value more? Life or Image?"
You're key to getting approved through a Union or Bank is going to be finding the bike you want, getting the KBB value on it, and going to the bank requesting 70% max value for a loan on it.
figure 60% to be safe. also keep in mind that 3 years is the max you're going to get a loan, maybe even 2 if you pick a bike more than 6 years old, it will be tough to find a bike for 3500 less than 6 years old.
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www.GTcyclecenter.com
Mike Rowe 2012
that is correct, that makes it less of a liability to them. The only time they'll give 100% is when it's a new bike, and it's rare they do it then.
Yes 70% is most likely the most a credit union or bank will give you on a used bike, the risk factor is lowered by having their standards high like that
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www.GTcyclecenter.com
Mike Rowe 2012
So if I tell them I want a $5K bike...they approve me for 70% that's $3500 or my ideal price...then I can use +/- $1k of my own cash to fill the gap for the purchase if need be.
Sound like a good strategy...damn I'm so OCD/they need to put a monitor on me (I don't know sounds like something Lil' Wayne would rap about).
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"What do you value more? Life or Image?"
You may want to check out prosper.com. They are kind of like an ebay for loans site. I have messed around a bit as an investor there and it's been alright to me--don't see why it wouldn't work for you to get the money you want.
You may want to check out prosper.com. They are kind of like an ebay for loans site. I have messed around a bit as an investor there and it's been alright to me--don't see why it wouldn't work for you to get the money you want.
Hey deviant...I will definitely keep them in mind if things don't work out with USAA...I feel like I have all my ducks in a row on this one, but man you never know what kind of curves you could be thrown.
I remember my mother clipping a news paper article (she does this often so I have to search a little) about a website that links you to personal lenders who will actually lend you their own money for investment purposes kind of short of a capital venturist (sp) but if you're into real estate or business investing if I find the article I'll PM you the links....
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"What do you value more? Life or Image?"
ask the bank about this when you apply, but I believe that you can get as many credit checks as you want in 24 hours of time and it only counts as 1 run. The credit unions give you a break because they realize you're shopping for APR's, but they all have to be done within 24 hours
don't hold me to that, but ask the bank, a buddy of mine who's the finance guy at the mitsubishi place told me that
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www.GTcyclecenter.com
Mike Rowe 2012
I've heard you actually have 14 days if they are the SAME type of credit inquiry. i.e. mortgage loan vs. student loan within 14 days from different lenders count as 2 separate inquires. mortgage loan vs mortgage loan within 14 days from different lenders count as 1 inquiry under the classification of shopping around for a loan.....
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"What do you value more? Life or Image?"
I'm looking okay in all categories EXCEPT I have a high debt to credit load on my INSTALLMENT loans...which naturally I can't just pay down right away (15K balance on car loan and 9K balance on student loan).
I do plan on going with USAA which I have home ins, car ins, car loan, checking/savings account, IRA, credit card products with them. IF that fails I will look at my local credit union...IF that fails, I am going to fight myself and "enlist others" to help me avoid financing at a dealer....1) b/c I dont want a new bike and 2) I can't find any used ones at any dealers in town. However according to the reasons for granting a loan the dealer has more incentive than my bank.
i financed my bike through USAA last year. It was required that I purchase something '04 or newer. I got a 7.25% interest rate and my credit is not perfect, but not bad either (divorce sucks). Oh.. I had also just bought a house and I have student loans as well. No car payment, though.
Give them a call.
Even if that debt load is tied up via 2 INSTALLMENT loans? And I am not talking about DEBT TO INCOME RATIO. This is DEBT TO CREDIT AVAILABLE that is at 80%. If that statement changes your answer post up...
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"What do you value more? Life or Image?"
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