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Discussion Starter #1
okay here's my story.
Had my ninja 500 for about 6 months now, want to move up to something better, looking to get a loan for about 6k, want an r6 my buddy is selling.

Here's my problem, I have no real credit history, paid for my car in cash, only thing I have is a bank account and debit card. Have a job and goto school, make about 40k or so a year working at a computer company. Oh, and I have no one to co-sign for me.

So what would be my best bet to get a loan? I tried lending tree, no luck there. Should I try a dealership? not sure if i want a brand new bike though.....
 

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save up or visit a bank for a personal loan. open up a credit card.

i wouldn't buy a bike with loaned money though, just pay cash. ride the 500 longer, that is a fun bike.
 

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what R you lookin' at?
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forget upgrading, spend the $ on a trackday and realize you have a long way to go. 6 mos is nothing, in the big picture.

and unless you have gold credit, your not gonna get a loan w/ reasonable interest rates anywhere......
 

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xenonz said:
okay here's my story.
Had my ninja 500 for about 6 months now, want to move up to something better, looking to get a loan for about 6k, want an r6 my buddy is selling.

Here's my problem, I have no real credit history, paid for my car in cash, only thing I have is a bank account and debit card. Have a job and goto school, make about 40k or so a year working at a computer company. Oh, and I have no one to co-sign for me.

So what would be my best bet to get a loan? I tried lending tree, no luck there. Should I try a dealership? not sure if i want a brand new bike though.....
Making 40k a year you should beable to get a loan through a bank as long as you dont' have BAD credit... if you can try a Credit Union... they're usually better at giveing loans... they also usually have lower rates... other than that... you may have to do what I did... save up... and put a HUGE down payment... mine was due to bad credit but I put 4k down on my 6k bike... just to make my payments as low as possible and be sure I could get a loan...

Hope that helps...

:cheers
 

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I just walked into my Credit Union and told them I wanted a personal loan. Walked out 20 minutes later with a check. Mine was for $3k though, and I have a credit history.
 

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student loan! thats what i did, got a loan from school for 6k. dont have to start payin it back till 6 months after i graduate(im starting my junior year this year) and the interest rate is 4%
 

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Not the answer you wanted, but you might want to look at getting a new bike. I have been told by a few people that the "cards" that the Japanese companies use as financing aren't that hard to get approved for.

I've been looking to get my wife a bike to replace her EX250 and Suzuki and Honda offer credit cards that they put the bike on. Check the intrest rate, though. They are locked in at a certain number, but if you miss a payment the rate climbs to a normal credit-card type rate of 20+%.
 

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The best way to quickly build credit is through a secured loan. Walk into your bank with $1000. Ask for a secured loan for $1000. They'll write the loan and you put the money away for 6 months. Make the minimum payments from that money and after 6 months, pay off the loan and you now have a completed loan on your credit history. Any bank will give you a secured loan if you're handing them the same amount of money you're borrowing. Sure, it costs you a little money in interest, but it's not that much, and your paying like $20 in interest to "buy" a good mark on your credit rating.
 

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Pay cash! J/K I put $5500 down the just put the rest on a Kawasaki good times card!
 

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be very weary of financing a bike through a Suzuki,Yamaha, Or honda program. most all of them have adjustable interest rates that can and almost always climb to around 16-20%. at that rate, it will cost you $11000 for a $6000 bike after interest and take you 6 years to pay it
 

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RhythmsDJs said:
The best way to quickly build credit is through a secured loan. Walk into your bank with $1000. Ask for a secured loan for $1000. They'll write the loan and you put the money away for 6 months. Make the minimum payments from that money and after 6 months, pay off the loan and you now have a completed loan on your credit history. Any bank will give you a secured loan if you're handing them the same amount of money you're borrowing. Sure, it costs you a little money in interest, but it's not that much, and your paying like $20 in interest to "buy" a good mark on your credit rating.
One way to cut down on the interest loss is to ask them to hold the money in an interest bearing saving account. So if your loan is 5% interest and the account bears 2%, you'll make a little in your savings account and take less of a hit on interest.
 

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Discussion Starter #13
I could put down about 1200 (20%) on the bike, think I would have a good shot with that at a bank? Checked mine today (bank of america) they dont do motorcycle loans and they said their personal loans have insanely high interest rates.
 

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xenonz said:
I could put down about 1200 (20%) on the bike, think I would have a good shot with that at a bank? Checked mine today (bank of america) they dont do motorcycle loans and they said their personal loans have insanely high interest rates.
Bank of america sucks! Try to find a good credit union and do your banking there. The best ones are near military bases.
 

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xenonz said:
I could put down about 1200 (20%) on the bike, think I would have a good shot with that at a bank? Checked mine today (bank of america) they dont do motorcycle loans and they said their personal loans have insanely high interest rates.
So you don't feel like taking RacerX's advice? I personally know a few guys who have race prepped EX500's that are smoking 600's and litrebikes all around the track. You have alot to learn and discover on that bike yet, why rush to get a new bike? Don't be tempted by fitting into the "cool bike night crowd" most of them are just posers anyways.
 

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IM A BAD ASS WITH A STICK
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wct097 said:
I just walked into my Credit Union and told them I wanted a personal loan. Walked out 20 minutes later with a check. Mine was for $3k though, and I have a credit history.

i did the same thing as you but with mine it was for 7k and also had my mother to co sign for me because i didnt have any credit at all....and yes my MOMMY helped me out :twofinger
 

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First, %85 of applicants are turned down for mc loans. I got turned down. Im a home owner, and have one or two small dings on my credit report. The fools will give me a house but not a motorcycle.

Second, I've been riding a my ex500 a few months now, and just had my first track day. It kinda sucks getting passed on the straights, but I had just as much fun in the corners as everyone else.

You have a great bike....your suffering from an ego problem. (Im suffering too...would love a b***** bike, but there is really no reason I can say I would benifit from it at this time.)

Third - I know its NONE OF my business, but if your making "around" 40k a year, consider that you should have at least 10k in the bank....Or at least enough cash reserves to pay your bills for 6 mos...Times are rough, you already have a good bike why not save yourself a few grand for the rainy days that will inevitably show up?
Im just telling you that cause I had to learn the hard way...wish someone would have suggested that to me a few years ago...
 

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Smiley Gladhands
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KYGixxer said:
be very weary of financing a bike through a Suzuki,Yamaha, Or honda program. most all of them have adjustable interest rates that can and almost always climb to around 16-20%. at that rate, it will cost you $11000 for a $6000 bike after interest and take you 6 years to pay it
And that's ONLY if you don't put anything else on the card during that 6 years. If you do, the length of time to pay it off goes up. Credit cards are really bad. I just took out a $21000 home equity loan to pay off all my debt, excluding my cars and house. The interest rate is 7% and will be paid off in 5 years. The monthly finance charge on the $21000 home equity loan is less than the monthly finance charge on one credit card that had a $9000 balance.
 

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Since you're still in school do what Snigg said. Student loan interest rates kick ass over anything a neighborhood bank or credit union will give you.
 

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Triton said:
You have a great bike....your suffering from an ego problem. (Im suffering too...would love a b***** bike, but there is really no reason I can say I would benifit from it at this time.)
+1 and my advise on a loan for a m/c is DON'T get one. I have 6 bikes in my garage, all of which were bought with cash, and I make nowhere near 40k per year.

Take RacerX's advise, you've got a long way to go to fully explore that 500.....6months and straight roads ain't squat.
 
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