Finance Questions

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Question: How can i get a motorcycle loan or finance a bike with poor credit?

My credit is not terrible but its not real good either its like 600 i can not get a personal loan but people have told me its easier to get a motorcycle loan or finance a bike easier than a personal loan

Answer: It's easy, don't do it.

You are buying a toy, pay cash.

You will save a fortune in interest payments, and insurance costs.

A loan will charge you about 33% to 100% in debt services for what you buy. You are buying your debtor a third to a whole bike for the one you purchased. With a credit score of 600, you will probably pay 100% in interest to the value of the loan. And the resale value of anything with wheels is atrocious. You lose money no matter what.

If you open a savings account and put away $50 dollars a week, that is $2400 at the end of the year. You can buy a clean used bike in January for that money, and then start saving for the shiny new one you are lusting after.

Then there is insurance. Depending on age, sex, driving record, etc. insurance can run another $200 per month. I pay $75 per year for full coverage on my paid for bike.

Don't fall for the FICO trap.http://www.daveramsey.com/

EDIT: Look at all the vultures your question attracted.

Motorcycle Financing Tips