financing-bad credit
Elite HDF Member
Joined: Apr 2010
Posts: 4,990
Likes: 9
From: Marina del Rey
hi
i want to know how i get financing with bad credit..i had to declare bankruptcy 2 yrs ago, no job for a year...i have now woked 2 yrs, going on 3rd on my present job...but financing seems impossible..i asked one dealer if i put a big down payment, he said it does not help....i own a honda shadow 750 ace, and thought i might try harley...i live in arizona, bike week now, and i seem out of place with my honda ace...and i love the sound of the harleys, espically in a group...nothng sounds better...anyhow..i found someone tha would..he has a 92 harley, fsxr,,,something like that...3400 downs, 280 for a month....for 24...that is insane,,,you pay double the blue book..but it would get ya a harley....high mileage,,68000
i want to know how i get financing with bad credit..i had to declare bankruptcy 2 yrs ago, no job for a year...i have now woked 2 yrs, going on 3rd on my present job...but financing seems impossible..i asked one dealer if i put a big down payment, he said it does not help....i own a honda shadow 750 ace, and thought i might try harley...i live in arizona, bike week now, and i seem out of place with my honda ace...and i love the sound of the harleys, espically in a group...nothng sounds better...anyhow..i found someone tha would..he has a 92 harley, fsxr,,,something like that...3400 downs, 280 for a month....for 24...that is insane,,,you pay double the blue book..but it would get ya a harley....high mileage,,68000
Sell the Honda and payoff the credit cards.
Stellar HDF Member
Joined: Oct 2008
Posts: 2,086
Likes: 154
From: Buffalo, NY
Some people can't be saved. As soon as they have a few extra bucks or some credit, it burns a hole in their pocket and they have to go spend it. You can't help them and they will always be in trouble financially
Cruiser
Joined: Oct 2012
Posts: 100
Likes: 0
From: Thornton, CO
To each his own... I personally feel it's financially irresponsible to have total monthly bills costing more than 50% of the household income and less than 6 months worth of bill money saved up while looking to spend on toys... but the OP's question seemed directed more at getting financed, not wether it was wise to do so.
Last edited by b3dd; Apr 8, 2013 at 11:37 AM.
Road Warrior
Joined: Jun 2012
Posts: 1,832
Likes: 67
From: Phoenix
Pay off the credit cards. That'll give you a lot of breathing room. Then, save up enough to buy a used bike with cash, but only offer 50 percent down. Every Harley dealer I went to was willing to negotiate with Harley's credit service for me when I went in with half down (note, I had good credit, but very little credit history). Dealers for any other brand I talked to didn't even consider it, but Harley did. Then, with the extra cash you have saved up, pay double the minimum payment each month. The interest rate will suck, but eating it will pad your credit. Just don't dig yourself another hole.
Seasoned HDF Member
Joined: Apr 2009
Posts: 44,908
Likes: 29,887
From: PNW
Typically I would agree and just answer the question. But, I'm not sure where to find a loan shark, or the motorcycle loan equivalent. And in this case, it would be like directing a crack addict to a dealer.
Extreme HDF Member
Joined: Jun 2011
Posts: 10,394
Likes: 1,868
From: California
Recent bankruptcy, willing to take on a new loan at a really bad rate just because you want a bike?
Dude you are looking to get right back in to the same situation.
You don't need a bike. Work, save your money until you have a few months of savings in case your job go **** up. You should have 6 months total living expenses taken care of if not forget the bike.
A bike is great but securing your financial future, taking care of your obligations is priority.
But I bet you go and get a bike and in a year you'll be losing sleep and miserable. this time your credit will be so bad no one except a low rent company will hire you. credit checks are more and more common place for employment.
Dude you are looking to get right back in to the same situation.
You don't need a bike. Work, save your money until you have a few months of savings in case your job go **** up. You should have 6 months total living expenses taken care of if not forget the bike.
A bike is great but securing your financial future, taking care of your obligations is priority.
But I bet you go and get a bike and in a year you'll be losing sleep and miserable. this time your credit will be so bad no one except a low rent company will hire you. credit checks are more and more common place for employment.
Advanced
Joined: Nov 2012
Posts: 60
Likes: 0
From: Temecula, CA
Forget all the financial lectures... If you liveyour life right, your very last check to the funeral home should bounce.
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Cruiser
Joined: Apr 2012
Posts: 210
Likes: 0
From: Ontario
I hear that same stupid line all the time. What a legacy to leave for your kids. My last cheque bounced? I hope you give your kids better advice than that.
Cruiser
Joined: Apr 2012
Posts: 210
Likes: 0
From: Ontario
This is precisely why lenders don't want to lend to prior bankruptcies. They know that the odds they repeat the exact same behaviour are exceptionally high.