Hi guy's I thought I could post in here and possibly get a good answer from the wonderful people on CL. I'm 18 drive an SC300 that i bought with cash . I work part time at a software company 25 hours a week and go to school. I just got an american express credit card to build some credit a couple of months ago. I'm wondering what are my options in reguards to financing a bike due to my age etc? Can any of you guy's chime in? Thanks!

 

if you don't have the $$$ to buy a bike outright you shouldn't get one

 

thanks for the useless post buddy...

I know someone can chime in!

 

Your age really doesn't matter a whole lot - it is your credit.

The problem with using American Express is that it has to be paid in full every month. I would suggest seeing if capital one auto finance for motorcycles.

It used to be in the past that to finance a motorcycle you had to have full coverage insurance. Well, the cost for full coverage on a motorcycle is ridiculous so thankfully they got rid of this.

So try capital one or your bank and try and use your car as collateral.

Good Luck,
Jonny

 

So, ............. whadda ya want on your tombstone?

I know how it is to want and not have the cash just laying around. I bought over 30 cars from 19 to 25 years of age before i grew out of it and slowed down to two new one's per year somewhere around 28 or so . However I want to caution you on buying the bike. They are seasonal of course, so keep your car on hand because there's bound to be rain and other weather patterns no matter where you live. In Fl, there seems to be a lot of rain lately.

When buying, you should try and put as much as, but not less than 20% down since the bikes are not a real value holding auto. You don't wanna be under on day one, it never get's better until it's paid for completely.

Try to finance it through a credit union. They will be the best place to establish credit for your age. After you tell them you intend to put 20% down, they'll be more willing to help. The more you put down, the more they'll help. What the banks are really interested in is "how much does it book for, how much is it selling for, and what's the difference between the two?" As long as you have no negative credit, you should be fine to secure the loan.

 

are you buying thos bike from a dealership? If so, they usually offer financing...most of the time they pad your financing deal with extra $$$ for themselves, though.

I say try a personal loan. Go through lendingtree.com or something similar and see what they offer you. You can usually get 3 or 4 offers to choose from. Good luck.