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Discussion Starter · #1 ·
My credit isnt that good. I just bought a 04 r6 for 4,000 cash about 3 months ago and wrecked it. So now I want something newer and want to finance. I ahve about 3,000 in cash and want to finance the rest on a 07 or 06. My girlfriend is willing to be the co-signer and her credit score is 650. Is that good enough?
 

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yep with your score and hers combined it will be good enough. If you go to a big bank they will give a high interest rate. if you go to a credit union they will most likely give you the best deal. If you want lower payments then do the 60 month contract and you'll probably pay around the low hundreds a month.

But before you actually purchase a bike call around for insurance. You will have to have full coverage if you are financing. This is where it could get expensive more than your monthly payment if you don't shop around and find a good insurance place.
 

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Do you have another vehicle or some property you can take a lein on and get the cash from that to put towards your bike? From what I've heard the banks don't like financing these kind of bikes and the Yamaha credit you mise as well forget about cause you gotta have perfect credit from what I've heard.
 

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well as someone who used to sell cars and i have had alot of dealings with getting a loan the past few months for my bike.
you say she is a 650 ? is that experian equifax trans union? or just her fico?

their is a big different between those. for instance at the time i tried for my loan i was something like a 690 equifax like a 7 something on experian and a 740 on trans union
but i was only approved for 5 k due to the fact that i didnt have a whole lot of credit history although what history i had was good. so that plays a part of it to. also income to dept ratio plays a huge role as well
 

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ps not to flame but let me get this straight you crashed your older bike now you want to buy a newer more expensive bike? have you considered using that cash and just saving up to buy a slightly older one out rite ?
 

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Jigga_R6 Is Tha Nayme!
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your going to have a horrible interest rate regardless with that score. and combining scores????? completly wrong, actually you might get a better deal just having your girl finance the whole thing no co-sign...

banker/invesments from wellsfargo. where i work. plus a 650 puts her in a 14-16% rate on motorcycles. wether it be from the dealer or the bank. credit union might be lower, i would put the money down do the longest term and pay 100 to 150 more a month than what they ask. cause what they ask is fully amortized. which is like 60 or 70 percent interest and the rest towards the principle. so the more you pay off sooner the less interest you pay.

just fyi a 10000 bike is going to be like 220+ a month with 3000 down.
 

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08 in the crate
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So you still have the wrecked bike? Looked at your wrecked post and the bike doesn't look that bad. Take your money, fix it back up.... Do it yourself, you can save some money and learn a lot about the bike. It's not hard. "In that time you can get some gear that you are always going to wear" You have a bike that is paid for and you don't need your girl to co sign. Build your own credit. I know you want the new and everything but you will feel much better if you work for it. If you are not going to have insurance on your bikes then you should have them paid off or enough money to take care of them if you wreck them. Not trying to put you down but you need to get your priorities straight. T
 

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Discussion Starter · #9 ·
So you still have the wrecked bike? Looked at your wrecked post and the bike doesn't look that bad. Take your money, fix it back up.... Do it yourself, you can save some money and learn a lot about the bike. It's not hard. "In that time you can get some gear that you are always going to wear" You have a bike that is paid for and you don't need your girl to co sign. Build your own credit. I know you want the new and everything but you will feel much better if you work for it. If you are not going to have insurance on your bikes then you should have them paid off or enough money to take care of them if you wreck them. Not trying to put you down but you need to get your priorities straight. T
ill be living up there in orlando right across from UCF in about a week n ill b looking at dealers...i just noticed youre up there.
 

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Team: Teletubby racing
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i know two people with hella bad credit..and they got financed for a house??!?
WTF! well i guess two wrong makes a right
 

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didnt read any responses except the last one. credit score doesnt mean nearly as much as you'd think...atleast when your young.

i had problems getting financed without a cosigner when i was buying my bike...and my credit score was around 650 and theres nothing really bad on my credit report and i have credit dating back to 2000.

the thing that hurt me was once you start digging into my credit report, alot of my high purchase things were cosigned...at the time i thought it would be better to get my parents to cosign for my car and shit to get much better interest, but i finally went to the bank manager and asked her why i was having trouble getting financed. she looked and said from her standpoint, the majority of my high $ purchases were cosigned, so i didnt have much credit that was high $ amount and in my name only. there was no guarantee i was making the payments...the cosigner could have been paying.

and bikes are alot harder to get financed than cars and houses because they are toys. im in the military so i saw alot of kids with basically zero or horrible credit getting 20,000$ cars left and right with no collateral or cosigner while i was having trouble getting a loan that was less than half of that. granted they were paying about 24% interest, they were still getting financed.
 

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08 in the crate
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Yes, from Orlando. Got my bike at Seminole Power Sports in Sanford. Trust me. You will be much better off keeping what you have? I'm not old but I have learned a lot in my years. Worked for everything I have and proud of it. Like others have said you getting a co sign does nothing for your credit. T
 

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24% ?????:confused:

How the heck do they pay back the loans????
:stupic

they don't pay them off, they trade them in on different vehicles and the difference in price gets added back to the next loan if this is any, so they will be paying on a 5 year loan the rest of their lives.
 

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If you can finance with USAA I will try them. I refinanced my 08 tribeca through them an they gave me a 6.5% with a score of 670. Then I financed my bike two months later and they gave me a 7.25 based off of the credit report they pulled two months earlier.

Just for FYI always get your fico scores from MYFICO.com. those are real fico score. Also co-signing will help your credit because the loan is still being reported on your reports and in time will boost your score.

I psent 3 months on myfico forum learning about credit reports and the do and do nots. What to do to boost credit score and remove old negative reports. On my own boosted my score from 590 to 710 in 3 months. Even though i paid my credit cards on time they were still maxed so paying them off upped my score. I sent a goodwill letter foe a collections and they removed the collectons from my report. then i opened some prime credit cards and socked draw them. letting them age......
 

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good luck bro, my credit score is 750 something and i got 7.3% through a local credit union. pay your bills on time man :fact
 

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Discussion Starter · #17 ·
If you can finance with USAA I will try them. I refinanced my 08 tribeca through them an they gave me a 6.5% with a score of 670. Then I financed my bike two months later and they gave me a 7.25 based off of the credit report they pulled two months earlier.

Just for FYI always get your fico scores from MYFICO.com. those are real fico score. Also co-signing will help your credit because the loan is still being reported on your reports and in time will boost your score.

I psent 3 months on myfico forum learning about credit reports and the do and do nots. What to do to boost credit score and remove old negative reports. On my own boosted my score from 590 to 710 in 3 months. Even though i paid my credit cards on time they were still maxed so paying them off upped my score. I sent a goodwill letter foe a collections and they removed the collectons from my report. then i opened some prime credit cards and socked draw them. letting them age......
Thanks for your advice, hmm so If I pay off my debt dosent it take quite some time for it to actually be removed?
 

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does anyone else have any advice?

I'm putting another vote towards fixing the old bike with the 3 grand you got already. otherwise your gonna end up in the end having spent like 13+ grand in 2 bikes and only have 1 bike thats rideable.
 

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cancelling any credit cards you dont use helps you (it gets rid of open ended credit). say you have a best buy credit card that you have never used but it has a 5000$ limit. the bank is gonna look at that like you CAN go 5000$ into debt at any time if you decide to use that card, and if you do then you might struggle to pay them back.

some banks will finance a bike more easily if you come up with XX% of the loan as a down payment in cash...since they will be giving you less money than the bike is worth...they can repo it and get more than what they gave you.

if you still can't get anything, see if you can get a personal loan for like 1000$. take that loan, put it in a savings account, and pay the loan back little by little. it will help build credit up. your gonna be paying some money out of pocket because of interest...keep that in mind...but it will help you in the long run if your having trouble getting financed now, you may be able to in 6 months give or take.

get a credit card of some sort, rack some stuff up on it, and start paying it off (a credit card in your name only).

those wont help you NOW, but if you have no options you can do those and in a few months your credit may be good enough to get you a bike.
 
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