hey guys, i just wanted to know how i would finance a bike without a cosigner. my credit score is in the high 500s (im only 20). One option is saving up money but how much is good enough to put down without having a cosigner? Another option is raising my credit score but what is the FASTEST way to raise my credit score and what should my score be to be able to finance? Thanks

 

There is more to it than just your credit score. They look at how long you have been working, how much you make and what your income to debt ratio is. What I did was have my father sign for my first new car, then I got a credit card and kept charging things on it and paying them off. After about a year, I could get a loan on my own. Another option is a large down payment.I would fill out a loan app and see what they say. They are pretty desperate to make sales these days.

 

Try it and see what happens, you probably are going to pay a higher interest rate.

Paul in Colorado

 

If you have a couple of years on the job, clean credit(limited) and a large DP you MIGHT get considered, even then you will probably be charged with a high APR.

 

I think they will give a loan to anyone if you put 10% down. Your interest rate will probably be like 13% though..

When I got my loan last year they had a special 90 days no interest 120 days no payments offer and the salesman told me I was the first person out of 30+ applicants to qualify. Offers like that only screw ya in the long run anyway b/c of accrued interest.

 

Build your credit will help a lot. Search on line (ways to build credit).
If you get denied, that will be a bad point on your credit report.
You might also look at a used bike. There are tons of deals.
SAVE SAVE SAVE

 

At least a 650 in the credit score deparment.

With that being said.... save your money.. buy used and go metric until you can afford the bike of your dreams. Used VTX 1300 for 4K for example. Not a Harley but a pretty nice bike if you want to ride.

It would be irresponsible to pay retail high dollar with that type of history.

But to each his own.

R Todd

 

Credit score in the 500's would be looking at MUCH higher than 13%.

Simple answer .... don't. Figure out what you would have as a bike payment and put that aside every month. See if you CAN do it. Get a low limit credit card. Use it for gas only and pay it off every month. Don't let it carry a balance. You'll raise your credit and have a nice chunk of cash saved.

Don't forget insurance and what that rate would be. If you have a 200/month bike payment and a 150/month insurance payment ... you really have a 350/month bike payment.

 

Harley will finance people with a credit score as low as 550, but you'd be looking at about 22% interest without a good co-signer. And even then, they'll want to check out your income to debt ratio, how long you've been at your current job (wanting copies of your paystubs), and will want you to furnish references.

Quickest way to improve your credit score is to make at least 12 consecutive payments on a loan of over $10,000.

 

Build your credit and get a bike? Easy...buy a used Harley for 1/2 of a new one and finance one third of the amount it for 12 months so you have a really low payment. I did that with a car back in the early 1980's to boost my credit enough to buy a house. So, if you buy a $6,000 bike with $4k down you will get a loan on your balance. Then just don't get aloan past 12-18 months. Then you get the best of both worlds. BTW, you will never get some cheap interest rate when you are first starting out. BUt if you can't swing 1/2 down...then you need to save your cash.