Motorcycle Financing - Debt to Income and Credit History
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- เผยแพร่เมื่อ 1 ต.ค. 2024
- So this is a video by viewer request about Motorcycle Financing specifically how it relates to Debt to Income and Credit History. When it comes to financing a motorcycle, or how to finance a motorcycle, your length of credit history will come into play as will your overall debt to income ratio. Stick around and I'll explain.
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Best to pay cash for toys.
Now if y’all buying a bike for primary transportation I get it, been there.
Get much more bike than car for the money
Basically you have to have an amazing credit score and great income, or you won't be approved by ANY dealer... that's why 100% of new riders buy a used bike also because they might drop it.
I walked in with $4000 cash for a down payment and have very high income but one look at my credit and they said no.
I was pretty much paying off 65% of the bike up front but, nope. It's easier buying a house... I've gotten personal loans of $10,000 before but can't get financing for a motorcycle. So I bought a 2014 yamaha bolt type R cruiser for $4,000 cash instead. Not the bike I truly wanted but it's paid off.
It sounds like maybe your dealer was be in lazy and doesn’t have good secondary lenders...even with shaky credit the dealer I used to work for could get people financed, they just might need a lot down which it sounds like you had. Different dealers have different talent with financing though unfortunately...and some just don’t put the work in
That sucks man
Bought my Harley with a 610 score 3 years ago, So about a year before your comment, High interest, i knew it was going to be but I didnt care I had the bike and refinanced after 6 months of payments on time and got my interest rate knocked in half. Before that I had a Vulcan I biught new with a 610 score... Im looking for a new harley now and was approved with a 640 score, Just cant decide on the bike casue prices are stupid
@@AM0908 were the interest rates high on the Vulcan??
I recently purchased a motorcycle and they didn’t ask for paystubs. I thought this was weird.
Just what i needed!!! Thanks bro your the man...
Always happy to help man, thanks for watching and let me know if you need anything else!
@@AlexSimmons11c im thinking about buy a motorcycle in the next 6 months to a year i have a car payment and made my car payment and my credit score is good. Would it be possible to get a loan on a motorcycle
This info is great for new riders or people thinking about getting a bike.
Yeah you know the drill, I kept getting questions on it so I had to clear it up hahaha
I'm looking to begin riding,im 19 years old ,and I'm thinking of getting a Honda rebel 500 , I have no credit history ,im self employed, making 500 a week ,and have no "bills" to pay , what are my chances of getting my very first motocycle ? On top of this situation, I look at it as ,a way to begin to build my credit score , what do you think ?
If you have the income like you say but don't have any credit, you will need a good cosigner still in order to get a decent loan and start building credit. It will be possible to get a bike loan without one on a "first time" program, but you will pay a lot more interest and it is a better idea to find a good strong (long credit history) co-signer. Or get a secured loan (you can look into that) with a credit union for a year or so to build credit, then try on your own.
Let me help everyone who wants a simple answer. Prove to the lender you do not need the money and they will help. In other words have a 200 thousand $ a year income 10 years of solid continuous work history and not more than 10 percent debt to income and you will be approved for the rest of us who work and life happen to you are NOT getting financed.
👍 looking forward to seeing more GT650 ride videos.
Hahaha I will do my best to film some more then!
Great video! Very good information.
Thanks for watching! Again sorry for delayed responses while I've been away
, , I want a 2022 yamaha yz250 it's around $8700 I want to put a down payment of $3000 on it i don't have good credit I did go bankrupt about 5 or 6 years ago think they will approve me?
Most people are spending 25-40k on Harley’s. I can’t see anyone having an issue financing a 7k dollar bike.
every video is interesting and edifying
Hey man i have a 640 credit score but i didnt have a major loan i only got the credit score from credit card.. but i have it for 2 years and have 100%percent on time payment yet im working on my utilization. And im not trying to finance a bnew bike i looking at a 2017 r6 do you think i have a shot? Hopefully ull see this comment
Best help I've received. Greatly appreciate it. Took some notes and getting ready to make some improvements
Great video. Today i applied to finance $9000 putting down $2000. I have a 760 credit score, 20+ years credit history, amex credit card with no limit and I still got denied because my DTI was at 46%!!! Crazy. I agree with you , i’ll pay cash and be done with it… i just didn’t want to use my money when I could have used the bank’s but whatever. Move on…
, , I want a 2022 yamaha yz250 it's around $8700 I want to put a down payment of $3000 on it i don't have good credit I did go bankrupt about 5 or 6 years ago think they will approve me?
Wow!
Would having payed off a personal loan of 4000 USD count favorably to the lenders? I paid it off in 6 months and my credit line is only 14 months old.
Does a tool box payment from snapon count as a loan your talking about
I have a credit score of 650 the motorcycle that I want is $4000
Best finance a dirtbike video ive seen. Thanks for the knowledge
Is debt to income counted as the whole debt worth the monthly payments? To be more specific I have a credit card is my balance or the minimum payment every Looked at as far as debt to income
Man this shits so confusing.
Thank you so much for this.
Motorcycles aren't toys to me. They are essential. I ride all seasons, will even have a set of tires for snow, and I will never own a car.
Bike life forever.
If they knew I was a professional Courier, and was getting a midsize sport-touring or scooter for work, would they treat it seriously like a car?
Unfortunately no matter what the financial business pretty much always treats bikes as if they are toys, or at least as luxury items when it comes to financing!
@@AlexSimmons11c
Very disappointing. Thanks again for your help.
👌👌👌
What if you are a new immigrant in this country and you don't have a credit history or a very little credit history like 4-6 months of credit history on a secured credit card and you don't have anybody to cosign. Is there any chance of getting a motorcycle financed if yes what range of interest I should keep in mind?
Hey Alex, I am really ready to get a bike and do not want to borrow any money., so I won't be getting a continental GT. Since I am not mechanical do you think I would be crazy to buy an old bike. I am considering a 1977 Yamaha XS750 that looks as though it is incredibly well cared for. points adjusted, carbs balanced and cleaned.converted to a later solid state voltage regulator and rectifier. all stock except 52mm pod filters and clubman bars.16000miles asking price 2500. Also considering a 86 Honda night hawk 450, new tires , chain and sprockets, fork seals done, carbs cleaned 17000 miles, asking price 1500. The yamaha looks really cool. I also like the nigh hawk but not as much but hey it's only 1500. Looking for your advice and thoughts.
Well the older bikes like that can be very reliable and AMAZING, but even a really well cared for older bike will need maintenance so if you're not very mechanical you will need to gain some knowledge (and a service manual) if you're going to go with a "classic" bike. The older the bike the more maintenance intensive it will usually be. At the very least you'll need to take good care of your carbs, chain, in that XS750 you'll occasionally need to clean and mess with the points (or convert the ignition setup).
Long story short you can ride and enjoy an older bike just fine, just be prepared to learn how to maintain it properly yourself so you don't have to pay someone else, and it can keep you happy forever. The older the bike, the more maintenance it will need more often, just keep that in mind. I'll make a video as well on the topic soon.