I am 20 years old with a job, making 300 a week.. I hear qualifying for a motorcycle is pretty easy. All i have is a job and a bank account. Will i qualify.
2007-03-21 06:23:23 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Motorcycles
Just depends on what your expenses currently are. If you are living with your parents and not paying anything or living on your own and paying $500 a month in rent and utilities. If you have the income available, you would be able to buy a bike. I'd first check out any credit unions in your area that you might be eligible for. They would offer the easiest to qualify for. Two things to remember. You'll look better on any application you make, if you attach a certificate for completing a MSF (Motorcycle Safety Foundation) course. They are available almost everywhere. and only take one weekend to complete. Insurance, regardless of the company sells motorcycle insurance based on the cc's. The bigger the bike, and bigger the engine, the more dollars it will take to get insured. This is a requirement for any financing. Good luck...and safe riding.
2007-03-21 06:31:07 · answer #1 · answered by auditor4u2007 5 · 0⤊ 3⤋
It is actually more difficult to qualify for a loan on a motorcycle than on a car. Many banks will not accept the motorcycle itself as collateral so the banks instead want to see a high credit score and low monthly expenses. It might also help if you can save up some money to put down, the amount you will need will depend on the amount that you plan to spend for the bike, but 10% is a good figure to shoot for. In other words, if you want a $7000 bike, go with at least $700 to put down up front. That will help convince a financing company that you are making a serious investment in the bike.
2007-03-21 13:43:25 · answer #2 · answered by skh1972 3 · 0⤊ 0⤋
Save up a grand and buy a used 400 to 600cc bike. There are plenty out there at that price. Do not finance a bike in your situation. Your insurance will be ridiculous. Just get liability on a bike paid for with cash.
2007-03-22 16:13:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the more u can plunk down on the down payment, the cheaper the rate and monthly payment. banks dont put a bike very high on the list of 'gotta have this'. i went to a couple metric shops and both of them didnt have anything better than 10.5% on the interest. metric bikes might be cheaper on price, but it seems they definately make up for it in the interest rates the banks want to stick u with.
i got my sportster for 3.99% interest rate. but i also put 3k down on it and it was an 05 model fairly late in the season. hd finances their own bikes so u dont have to beg ur bank for 1 and get stiffed with a exorbant rate.
2007-03-21 16:39:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Been there----done that!!! If you have no credit,evpect to pay half of retail cost,some dealers can do better than others, like 20% or so...do yourself a favor..buy like a 80000.00--9000.00 dollar harley sportster,it's an ivestment,they don't depreciate with age,which means if if you want to sell or trade you won't lose money on the deal....RIDE SAFE AND KEEP YOUR FACE IN THE WIND!!!!!!!!!!!!!!!!!
2007-03-21 14:19:10 · answer #5 · answered by in1234r 2 · 0⤊ 0⤋
You can almost always find a loan but the more of a risk you are the more interest your going to end up paying.
For ideas on where to look for a loan check out http://www.motorcyclegiftshop.com/motorcycle_loans.html
2007-03-21 15:53:01 · answer #6 · answered by lepninja 5 · 0⤊ 0⤋
No.
And you heard wrong. Qualifying for a bike is actually pretty difficult.
2007-03-22 05:42:19 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes...but not for a high priced bike ...you should be able to get something in the 6 to 7 thousand dollar range
2007-03-21 13:29:53 · answer #8 · answered by Robert P 6 · 0⤊ 1⤋