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Discussion Starter #1
Well I have 3 k saved up so far and I plan on having a bike within two months. I do have a credit card with capitalone but I dont have good credit...(got screwed over when i was 18 with someone stealing my bank info and using my bank account to write a bad check and the bank came after me..I am now 19 ). I dont want a brand new r6 ofcourse, and i dont want to pay anything over 5k. Are there any bike financing companies that will finance bad credit? I really dont want to dish out 5k all at once as I am still in College and have other bills to pay..
 

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GE money bank is pretty good.
 

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i have mediocre credit at best. and a car loan and a couple 10 thousand in student loans out and i put $3k down on a $7k bike and they approved me no problem. So i think $3k down on a $5k will be plenty. IF u can put 50%+ down on anything, credit wont matter at that point cause if u screw up they take the bike and your 50%. sell the bike and all they need at minimum is 50% of what the bikes worth and they will get it easy.
 

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Watch out, I'm riding!
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GE Money bank financed me, on a NEW bike, and my credit is less than what you'd call 'stellar'. They'd probably finance you without too much hassle. Especially with the amount you're looking to put down.
 

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Discussion Starter #5
awsome, how is their intrest rates?..I went to their website ut it seems as though you cant apply for it online?
 

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Well I have 3 k saved up so far and I plan on having a bike within two months. I do have a credit card with capitalone but I dont have good credit...(got screwed over when i was 18 with someone stealing my bank info and using my bank account to write a bad check and the bank came after me..I am now 19 ). I dont want a brand new r6 ofcourse, and i dont want to pay anything over 5k. Are there any bike financing companies that will finance bad credit? I really dont want to dish out 5k all at once as I am still in College and have other bills to pay..
Use some of that 3k and get a lawyer or someone to fix your credit. If your story is legit, thats credit fraud and you shouldn't be held accountable. I say if you are in college forget about a bike loan, buy a used bike at a good price. 3k ain't much after you factor in gear. Don't forget insurance and maintenance too. At 19 years old I would settle for a rat bike, you got plenty of time, when you graduate you will be ready mentally and financially for a much nicer bike.
 

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Dragging Knee
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Use some of that 3k and get a lawyer or someone to fix your credit. If your story is legit, thats credit fraud and you shouldn't be held accountable. I say if you are in college forget about a bike loan, buy a used bike at a good price. 3k ain't much after you factor in gear. Don't forget insurance and maintenance too. At 19 years old I would settle for a rat bike, you got plenty of time, when you graduate you will be ready mentally and financially for a much nicer bike.
+1

Also getting a loan for a bike is not like getting a loan for a car because a bike is considered a luxury item.
 

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2B R <> 2B
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+1

Also getting a loan for a bike is not like getting a loan for a car because a bike is considered a luxury item.

+ 2 ---- The bike will always be there - Fix your credit so you can have something greater in life starting right now.... Bikes will always be available somewhere..
 

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r6less
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I agree whole heartedly with what has been posted right above here...

Get that credit back in check ASAP. That will help you not only get a bike in a few years, but also buy a house, and anything else you want to do in life. The bike will last what 3-4 years on average if you dont wreck it before that, your credit has to last you the rest of your life.

I thank my dad every day for watching my finances like a hawk while i was younger. he taught me early on how important credit is and he is the sole reason i have my house today(at the age of 21). I had such good credit when i applied for hte mortgage they told me i didnt even need a downpayment on the house i was looking at. Which is nice, but i still put money down on it.

Look to the future my man, a little fun now could take away years of fun later in life.
 

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1 more thing - Dont trust those credit restore people because most of them are just after your money.. Go online and get a free credit report and call the companies and offer a good amount without it being all of it. They will accept it.. Believe me...
 

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2B R <> 2B
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dont they take it off your credit report in 7 years?
They are suppose to remove it from your credit report but what happens is they sale your acct to different collection agencies and it really never leaves... The name of the company might change when you look @ it but its the same old balance from the original company.... Thats how the system works...
 

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Got to mycreditkeeper.com and sign up there for like $10 a month they will monitor your credit and give you as many credit reports and scores as you want they also give you the tools to dispute anything that you don't believe should be on your credit. Also you need to file a claime on what happend with your bank because if it was fraud you don't want to be held accountable.
 

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Also the law allows you to pull your own credit once a year with no fee. Go here to get started. Also you are entitled to a copy of your credit report any time you are denied credit, but don't go purposely getting denied somewhere to get a copy.
 

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Discussion Starter #15
1 more thing - Dont trust those credit restore people because most of them are just after your money.. Go online and get a free credit report and call the companies and offer a good amount without it being all of it. They will accept it.. Believe me...
Thanks EVERYONE you guys have been extremely helpful but i have one mire question, once i pay off my debt how long would it take to get it bck in good standings?
 

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Thanks EVERYONE you guys have been extremely helpful but i have one mire question, once i pay off my debt how long would it take to get it bck in good standings?
Depends. You need credit to build up your credit. What I would do is get some revolving credit, such as a credit line at the bank or a credit card. The key here is to be responsible and pay it off asap. Don't spend money you don't have. Lets say you have $100 extra somewhere safe, don't spend $200 on the credit card. Instead spend just $50, so you can pay it off and have a little buffer just in case. Eventually you will want installment credit to get your score higher. Installment is something like a car loan or mortgage. I wouldn't worry about that now, just start showing banks you are responsible, one little dollar at a time.
 

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Discussion Starter #17
Depends. You need credit to build up your credit. What I would do is get some revolving credit, such as a credit line at the bank or a credit card. The key here is to be responsible and pay it off asap. Don't spend money you don't have. Lets say you have $100 extra somewhere safe, don't spend $200 on the credit card. Instead spend just $50, so you can pay it off and have a little buffer just in case. Eventually you will want installment credit to get your score higher. Installment is something like a car loan or mortgage. I wouldn't worry about that now, just start showing banks you are responsible, one little dollar at a time.
well i do have a capitolone credit card..
 

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r6less
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well i do have a capitolone credit card..
good start, put only as much on it as you can pay off every month. You should know how much that is from your budget....you do have a budget laid out right?

Everything i buy during the month goes on a credit card and i keep myself within budget adn at the end of the month i pay off the entire balance. This is a good idea for several reasons
1. builds credit
2. doesnt get you in debt
3. no finance charges(as your average monthly balance is 0)
4. if something happens and you need cash fast that particular month you can pay what you can on the credit card and use your cash for the other problem and then pay the rest of the credit from that month either over the next few months or preferably all next month.

It amazes me how many people dont have a budget what so ever...and even those that have them alot of them do not stick to it. make a budget, stick to it, and you will always have cash on hand and money in the bank.
 

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Discussion Starter #19
yep i do have a budget...I thought that if you dont have any finance charges then it dosent help out your credit..also my credit card limit is $300 so i really dont have to worry about not being able to pay off the balance..
 

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yep i do have a budget...I thought that if you dont have any finance charges then it dosent help out your credit..also my credit card limit is $300 so i really dont have to worry about not being able to pay off the balance..
Pay it off in full. The only thing that can show up on your credit report under the credit card account is 30, 60, 90 day lates, charge off, or paid as agreed. It doesn't say anything about finance charges on your credit report. Nobody will ever know if you carried a balance but you and your lender.
 
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