motorcycle loan?

Question

I want to get a bike and by the time I will get it I'll have about 5 or 6 mos. of credit history and I will have income. My question is how hard will it be for me to get a loan at all (about $5000)? Also, I have 2 years of work experience (I'm 18), but not all at the same job. I'm not sure if that affects it or not.

Also, I'm a real estate agent so I'm not sure how lenders look at that whether its steady income or not. Thanks in advance.

Answer 1

It will be hard for you because your credit history is short and your score probably isn't to high right now. Grab a co-signer and maybe they can help you get it. you can also try something like 123motorcycle-loan.com, I don't know if that is the correct website name but my uncle got a loan through them. I know it would be hard but save as much as you can for a bike because financing a bike will get you a $9000 bike that only worth $6000 in a year or two and they will rape you on interest , trust me I'm in that situation now -2006 GSX-R 600

Answer 2

Very low bikes are considered luxury items and it is harder to get loans on them plus the loans have a much higher interest rate most lenders want 12mo of good credit without a co-signer or some kind of large co-laterial They may not like your work history 50/50 on that . you may have to give them your taxes bank statements who knows mainly because of your age The best time is now for deals because you can get deals on last years models and some of the dealers can get you a decent interest rate but remember your insurance (Full coverage required by the lender) is going to be really high due to your age good luck

Answer 3

A lot will depend on the down payment.
You're talking about a secured loan, so they'll want
a large enough down to more than cover first year
depreciation, (high).
Collision, theft Insurance will also be required.