Bad credit
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Road Master
Joined: Mar 2008
Posts: 1,130
Likes: 0
From: FLORIDA
Bad credit
Does anyone have experience buying a motorcycle with bad credit and are there lenders out there who have experience in doing such? I'm coming off a Ch 7 due to loss of a major source of income (military reserves) and a health issue that created a situation where all of a sudden I was not allowed to drill anymore and am being medically retired.
I know there are automotive lenders(because I receive solicitations all the time for these), but unsure about motorcycle lenders.
Any help?
I know there are automotive lenders(because I receive solicitations all the time for these), but unsure about motorcycle lenders.
Any help?
Stellar HDF Member
Joined: Nov 2010
Posts: 3,118
Likes: 1,146
From: Directly above the center of the Earth
Renegade H-D in Louisiana let me buy from them (the 6 year thing). I had bad credit, but now that I have only one year left, and never missed a payment, my credit is way up (mid 700's). The payments are a little higher because of the bad credit, but it's worth it, IMHO. They're a little far from you, but they're not exactly next door neighbors to me here in TN either, heh.
Outstanding HDF Member
Joined: Nov 2012
Posts: 2,644
Likes: 397
From: Nonya, BS
As far as I know, if you have 10% down, a source of income and a heartbeat, harley will finance you. I'm sure the rate will be in excess of 15%, but if that's what you want to do, go for it.
That being said, as an attorney who handles bankruptcy, why is your credit bad? When did you file? I've had clients that filed ch 7 and followed my post discharge rebuild methods (pm if interested) and were able to have a 650+ score within 12 months post discharge.
That being said, as an attorney who handles bankruptcy, why is your credit bad? When did you file? I've had clients that filed ch 7 and followed my post discharge rebuild methods (pm if interested) and were able to have a 650+ score within 12 months post discharge.
Road Master
Joined: Apr 2014
Posts: 831
Likes: 10
From: Kentucky
Well I've been there, but because I payed cash for everything the past 8 years my credit went to zero because I never used credit. When I went to get a loan I was met by a brick wall. I offered a 13,000 dollar car up for collateral for a 6k loan and was turned down. I finally got fed up and payed cash for my bike. I had no debts or bad marks on my credit history and own 5 acres and a house and couldn't get a 6gran loan. Always thought not borrowing money was a good thing but apparently it is frowned upon.
Road Master
Joined: Apr 2014
Posts: 1,024
Likes: 200
From: usa
even as I typed this I then read that gatorlaw posted! I wont delete my post...he really knows best....I would take him up on his pm offer because that's what you need.
Im sure someone will come along with more info. I can only speak from some limited personal experience. Im hardly an expert...
I can just say that many traditional lenders feel that cycles are a luxury and therefore not a necessity.
You may have to shop around or give up a giant downpayment and deal w/ a higher interest rate.
Years ago I had problems w/ Honda and was just about able to squeak by w/ a small loan for a small bike.
Eaglemark is by far more forgiving but
I have had them quote me rates at high as 9 percent and as low as 3 percent over the years w/ no downpayment. I had no issues getting large loans from Eaglemark then going to a credit union and getting a loan for 1.75 percent.
never hurts to ask...tell them your situation...
what are you looking at by the way?
Im sure someone will come along with more info. I can only speak from some limited personal experience. Im hardly an expert...
I can just say that many traditional lenders feel that cycles are a luxury and therefore not a necessity.
You may have to shop around or give up a giant downpayment and deal w/ a higher interest rate.
Years ago I had problems w/ Honda and was just about able to squeak by w/ a small loan for a small bike.
Eaglemark is by far more forgiving but
I have had them quote me rates at high as 9 percent and as low as 3 percent over the years w/ no downpayment. I had no issues getting large loans from Eaglemark then going to a credit union and getting a loan for 1.75 percent.
never hurts to ask...tell them your situation...
what are you looking at by the way?
Last edited by GeneseeGap; Oct 13, 2014 at 01:19 PM.
Thread Starter
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Road Master
Joined: Mar 2008
Posts: 1,130
Likes: 0
From: FLORIDA
Well, I'm looking at Dynas (Street Bob/Fat Bob) or possibly a way to get another Night Train. I had a sweet one I traded for a car when the ex decided to run off and her and the boss were in the same riding group I was joining. Felt it would just **** me off to stay a rider (an emotionally bad decision I know) and traded for a sports car.
My dream bike would be one of the Road Glides, but with my credit there's just no way. Well, no way I want a $500 per month bike payment.
My dream bike would be one of the Road Glides, but with my credit there's just no way. Well, no way I want a $500 per month bike payment.
Tourer
Joined: Mar 2014
Posts: 326
Likes: 6
From: Idaho
Well I've been there, but because I payed cash for everything the past 8 years my credit went to zero because I never used credit. When I went to get a loan I was met by a brick wall. I offered a 13,000 dollar car up for collateral for a 6k loan and was turned down. I finally got fed up and payed cash for my bike. I had no debts or bad marks on my credit history and own 5 acres and a house and couldn't get a 6gran loan. Always thought not borrowing money was a good thing but apparently it is frowned upon.
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Outstanding HDF Member
Joined: Aug 2010
Posts: 3,498
Likes: 128
Well I've been there, but because I payed cash for everything the past 8 years my credit went to zero because I never used credit. When I went to get a loan I was met by a brick wall. I offered a 13,000 dollar car up for collateral for a 6k loan and was turned down. I finally got fed up and payed cash for my bike. I had no debts or bad marks on my credit history and own 5 acres and a house and couldn't get a 6gran loan. Always thought not borrowing money was a good thing but apparently it is frowned upon.
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Joe Kucinski
Outstanding HDF Member
Joined: Nov 2012
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From: Nonya, BS
Get a credit card. Buy something you can afford to pay cash for but use the CC. When the CC bill comes in, pay it in full. Do this on a regular basis with a couple cards and your credit score will soar. Many cards charge interest only on the unpaid balance, so you lose no money if you get one of those. Many items can be purchased 12 months zero interest. Do that and pay whatever you bought off before the interest kicks in. You will then have a healthy credit history and you can get a loan.
Intermediate
Joined: May 2014
Posts: 31
Likes: 0
From: Houston, Texas
Does anyone have experience buying a motorcycle with bad credit and are there lenders out there who have experience in doing such? I'm coming off a Ch 7 due to loss of a major source of income (military reserves) and a health issue that created a situation where all of a sudden I was not allowed to drill anymore and am being medically retired.
I know there are automotive lenders(because I receive solicitations all the time for these), but unsure about motorcycle lenders.
Any help?
I know there are automotive lenders(because I receive solicitations all the time for these), but unsure about motorcycle lenders.
Any help?
Sometimes its as simple as bad credit = high interest rate. When I was buying my bike, I over heard the dealer selling a bike at 20 plus % interest rate. The buyer must have had really bad credit. I got mine at 3-3/4 %.