Motorcycle financing

 

Well, in the process of shopping for a new bike, I have discovered that
financing a motorcycle is no easy task. I recently purchased a new car
(well, a 2004) for $12,000 and had no problem getting financing with
$2000 down. But it seems that I can't even THINK about financing a
$4000-$5000 motorcycle with the same $2000 down.

I can understand the thinking - a car is more of a necessity than a
motorcycle. Of course, the people deciding this generally don't drive
in Southern California rush-hour traffic, I'd guess :)

I make good money at my job - but the problem seems to be that I
haven't been on my job long enough. I'm just coming up on 3 months.
Everyone is telling me that a year on the job would be fine, but 3
months isn't enough. It also doesn't help that my FICO is about 630 -
not horrible, but certainly not great.

I could save up the money, but since last christmas was a disaster (I
lost my job about a month before) I want to make it up to the kids this
year - so it will be at least February before I can have the cash
together to buy something outright. What I own now is unsafe to ride,
and will take more to fix than it's worth - I'd rather put the money
toward something that's going to last.

Or I could get something older (like I have) for about $1000-1500 - but
again, I don't really want to pour a lot of money into it. Besides, I'd
rather get something newer, if I can.

So - does anyone have any advice? Perhaps you might know of finance
companies that can work with someone in my position, or a shop that
might do in-house financing (as many auto dealers do) located in
Southern California?

As always, TIA

 



This may be the reason you can't get additional financing now. You're
already in it up to your neck.
--
Bob Mann

It may be that your sole purpose in life
is to serve as a warning to others.

 

wiley48@hotmail.com says...

Whoops.  Missed this part.

Yeah, that will be a big reason why you can't get more
financing.  You've likely got a big car payment already,
and borrowing over X% of your take home pay is not
considered a good thing.

--
Cam
'89 RZ 350
'00 Sprint RS

 


So, what if your car & house together amount to about 25% of your net,
and you have no other debts? I'm thinking that's not much of a debt
ratio.

I hadn't thought about a line of credit with the bank. I'll check into
that. I figured there are other options, but I just have no idea what
they are - I've never really dealt with this sort of situation before.

As for the warning about paying it off - definitely! I have no desire
to continue paying interest unnecessarily :)

Tim:

I have a FICO of 630 - you tell me how bad that is. My debts total
about 25% of my monthly take-home.

It has been stated CLEARLY that the problem is the time on the job
being less than a year, with the motorcycle finance people.


Except that it's not a problem anywhere else - just on this issue. And
that's mostly due to ignorance on my part of options (such as a line of
credit, as Cam mentioned). It has specifically been the MOTORCYCLE
finance people turning me down, and it has specifically been stated
that < 1 year is a problem. That's the hurdle I'd like to get around,
and where the line of credit from the bank (which I've been with for
over 7 years - in fact, I opened my account their first month in
business) seems like an idea. Something I hadn't thought of, which I
was looking for :)


Mainly because I would prefer to be able to ride during that time. But,
if I do wind up waiting, I'll just buy a new one.

 

In article <1132092723.136241.16400
@z14g2000cwz.googlegroups.com>, tony23@dslextreme.com
says...
 

That might be the stated issue, but often it's not the only
one.  For example, the less than a year on the job may only
be an issue because of the car loan.  Without that, 3
months may be just fine.  Who knows.  The process for loan
approval is often mysterious.  ;)

--
Cam
'89 RZ 350
'00 Sprint RS