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So I was at the dealership yesterday and I was ready to pick up a brand new 08 r6.

I'm planning on financing about 2/3rds of the price. I applied for the yamaha financing, and got turned down. I tried again with my twin bro as a co-signer, turned down again.

Then we tried the shitty financing with some shitty ass bank with high rates (18-24%ish), and got turned down for that too! I couldn't believe it!

I'm 19 (Twin bro same age obviously) and basically they said I didn't have enough credit history which is understandable...i never really use my credit card that much.

My question is, can you guys think of anyway I can get this bike in my hands? I can't find a strong co-signer and my parents sure as hell aren't going to do it. I'm considering opening up a credit card with some promotional low APR rates perhaps, but I don't really wanna do that. Any suggestions? =(
 

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Since you don't have much of a credit history if you open a credit card your limits will be low. You should get a credit card anyways and start using it and pay it off every month because it will help your credit. In your situation I would really suck up to your parents and get them to co-sign. Looks like that is your only way. Otherwise build your credit up and try again later. But remember no credit is better then bad credit.
 

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Captain Save-A-Ho
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At least they didn't tell you you had no credit or bad credit, that would just be a lie then. Go to a credit union, open up an account with $1 and then apply for an auto or personal loan. That is your best bet. You can also go the credit card route. Most or all credit companies will give you 12mos no interest and free balance transfers. Since its your first you might get around $1000-2000 +/-.
 

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imo...stay away from the credit card! it doesn't have a set date and it can be all too easy to just pay the minimum and pay them for that bike for the rest of your life!

for me, i bought a used bike, and it is harder than hell to find a place that wants to finance a used bike, besides getting a personal loan with ridiculous rates like you mentioned.

what i did was called a few credit unions and found one that ended up giving me not too bad of an interest rate and a 4 year loan. i'm happy, credit union is happy, we all win. they are a little different than banks and you might have better luck with them. they are local too....so its not AS large of a corporation....they will want your business maybe slightly more...

good luck!
 

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hey i know what you're going through i have been turned down for many things with credit because i didn't have enough credit but my biggest advice is to tell you to not inquire on your credit more then 3 times a year or it hurts your credit. get a gas card. and pay it off every month because they report every month unlike credit card companys who report once every two to three months. credit cards aren't bad just don't max them out and if you're only going to pay the minimum amount due on them then make sure your running balance is less then half the max limit. if you do this your credit will build. i'm proof of it because i did what i just told you to do and i was able to finance a 2005 mustang when i was 19 with out a co-signer. i might add im' only 22 now. also short of a co-signer you're going to have to wait alittle while and build your credit up.
 

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Intermediate Knee Dragger
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Or just save a while longer and pay cash for the bike. If you save as much as you can for a few months you will probably have the cash available before you would be able to get financing. If you can't save that much you really can't afford the bike anyway. There's a lot more to owning and riding a bike than the minimum monthly payment.

It will take a long time to build up the kind of credit history you need to get a bike because they are considered a luxury. One more credit card won't help you that much. Even if you pay it off every month, your credit history simply does not go back far enough.

Anyone can get financed for a car because they are considered a necessity. Bikes are a completely different story.
 

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Or just save a while longer and pay cash for the bike. If you save as much as you can for a few months you will probably have the cash available before you would be able to get financing. If you can't save that much you really can't afford the bike anyway. There's a lot more to owning and riding a bike than the minimum monthly payment.

It will take a long time to build up the kind of credit history you need to get a bike because they are considered a luxury. One more credit card won't help you that much. Even if you pay it off every month, your credit history simply does not go back far enough.

Anyone can get financed for a car because they are considered a necessity. Bikes are a completely different story.
+1

I'm guessing this would be your first bike? I would suggest a used Ninja 250/500 or GS 500. Dropping or crashing your first bike that is financed and probably under insured is is going to create enormous financial distress. Find an inexpensive bike to learn on for a season or two.
 

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My R6 shoots tequila
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Buy a car! If all you have on your credit is a credit card and you have nothing derrogatory you will be in good shape! If you buy an inexpensive car from a decent dealership they will be able to get you financed. Car dealers are much more aggressive when it comes to financing than a bike dealership. After you make 6-8 payments on the car you will have enough credit to buy a bike. This method will take more time but you will be in good shape in the long run. Good luck.
 

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Dual 6's
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+1

I'm guessing this would be your first bike? I would suggest a used Ninja 250/500 or GS 500. Dropping or crashing your first bike that is financed and probably under insured is is going to create enormous financial distress. Find an inexpensive bike to learn on for a season or two.
IMO if you aren't an experienced rider yourself, you shouldn't be looking at an R6. I suggest a Ninja 250/500 or GS500.
Start smaller and you'll be riding years from now long after your poser friends have quit. Ninja 250/500 or GS500. Ninja 650 or SV650 is the biggest I would recommend. I highly suggest passing on a 600cc super sport for a first bike.


Wow, you really must not anyone to have r6's and want everyone on ninja 250/500 or SV650s

I would be soooooooooooo mad if i decided against my r6 and got a little kid ninja 250 with a top speed of 90...
 

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the new ninja 250's actually dont look that bad compared to the old bodies. If it was me getting my first bike I wouldnt mind riding a new ninja around.
 

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I agree on waiting... unless you can get your parents to help. But even then i wouldnt start off with a new bike. Find a used r6 (if thats what you want). JUST TAKE THE MOTORCYCLE SAFETY CLASS!!!! And wear your gear!

I started off with an R6, and i did fine for over a year till i wrecked. No matter what you ride, your eventually going to wreck... Its just more likely when your starting off... go used. You wont feel as bad WHEN you down it.


As far as the credit... Its not something you can build in a day. Your talking years. What i did was:

1. Credit card - paid off every month
2. Got small personal loans (1-2k) for 2-3 years w/ my credit union, but paid it off in 6 months. (make sure there is no early payoff fees)
3. Got a car loan w/ credit union with small payment (215 a month) but made double payments.
4. Also, make sure there arent any discrepencies on your Credit, i had one from the hospital saying i never paid my bill... even though insurance covered it... it dropped my credit over 80 points. Took MONTHS to fix.

Its a long, slow process... but like most people have started... you just dont have much credit. Which is alot better then poor credit. So keep working at it, you'll get there!
 

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Ore wa Gandamu da
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heh sorry :sing ... but im sure you itchin for more out of your bike already..

I think what you really mean to ask is, is my ego outgrowing my helmet size and I need a bigger bike to keep it in check? Well the answer is no.

Unlike you, I realize a bike has alot more to offer than it's engine size.

If that R6 is your first bike, good for you. Hardly the wisest choice but hopefully you'll be OK.
 

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I eat gixxer's
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When I was 18; I got a credit card, $250 limit (now it's $7500). I've used it for EVERYTHING. Only used cash maybe 10 times since I was 18... I pay it off every month... I'm now 22, 817 FICO... got 0%/60mon loan on my truck and got financing for the bike easy... Err, forgot to mention Newegg credit card sheet... built like 5-6 computers since then too, lol.

So do what these guys say and get a credit card and use it like crazy, just make sure you pay it off. It's just the bank has to see you've used loaned money and paid it back with minimal late payments.
 

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Dual 6's
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getting off topic...

but, yes it is my first bike, been riding about a month and ive no where near maxed it out on performance for a second.. ive prolly only ridden it to maybe 50% of its potential... Now ive never ridden any other bike so i can only say this from reading the specs of the ninja 250, because i was considering getting one as a 'starter bike' and im sure i would of maxed it out already.... i'm by no means a person who always has to take things to their limits, im pretty cautious and ive maybe had my bike at 100 once or twice on the highway when everyone else was doin 85+ so it really wasnt dangerous... im just glad that if i ever want more, my bike already has it




and back to the topic.... +1 on using credit card and paying it off. I got a sweet deal on one when i graduated high school, has a 5% rate, but i have never taken advantage of that since I have paid it off fully each month... been doing it for about 4 solid years and i put EVERYTHING i buy on it, its really convinent too...have prolly put over 20k on it.

I dont have anything else in my name, my car was in my parents name cause I got it when i was 19 and had little credit. I checked my score not too long ago and it was around 720 [23 now]
 

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Dual 6's
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also... not sure how true this is... but when I was getting interviewed with the department of defense they went over my credit report.

One time a few years ago, this college area eatery had a promotion that if you apply for this credit card, you get 2 free subs. Something like that, and it ended up being 2 credit cards, 5,500 each. I got approved [credit card companies trying to get college students in debt for the rest of their lives, like 20% rates], but i never activitated them nor used them.
In my credit report it had both credit lines with a 0$ balance. The guy said they helped out my credit rating because part of the rating is based off of the credit line u have available and the amount your using... so $0/$11,000 was a nice boost to my credit. Thats what the guy told me. Not telling you to apply for every credit card on earth, the point is what helps credit is having a lot of money available to you, but not using it. Maxed out credit cards will NOT help.
 

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r6less
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but, yes it is my first bike, been riding about a month and ive no where near maxed it out on performance for a second.. ive prolly only ridden it to maybe 50% of its potential... Now ive never ridden any other bike so i can only say this from reading the specs of the ninja 250, because i was considering getting one as a 'starter bike' and im sure i would of maxed it out already.... i'm by no means a person who always has to take things to their limits, im pretty cautious and ive maybe had my bike at 100 once or twice on the highway when everyone else was doin 85+ so it really wasnt dangerous... im just glad that if i ever want more, my bike already has it

Any monkey can twist the throttle and go fast...after a month of riding you have not aquired the skill to get to 50% out of even a 250 on the track or in the curves(where a bike is supposed to shine)



Lots of good advice in here, get your credit in check and buy a bike when you can easily afford it either financed or paid cash
 

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My R6 has returned!!
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Any monkey can twist the throttle and go fast...after a month of riding you have not aquired the skill to get to 50% out of even a 250 on the track or in the curves(where a bike is supposed to shine)



Lots of good advice in here, get your credit in check and buy a bike when you can easily afford it either financed or paid cash
I wish we could just all get along - I mean he's being humble in saying that he knows he's not riding his bike to full potential - what more could be asked for???? Don't get the point of some of the bashing that goes on here, after all - we're here because we have something in common, no? Brothers (and sisters) at arms, so to speak.

I think best way is to save up the cash to buy a used bike -- while you take a couple of years to build a good credit history :)
 
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