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Discussion Starter #1
I have been trying to find financing options for about a month now(mostly waiting for my dad's yes or no on his co-sign for a loan) but have found nothing that will work.

Originally I went to OTD to see if I qualified for Honda's, then, 3.99% APR. I did and found out my FICO is 757 but I couldn't get the loan without a parental co-signer because I do not have a loan history only a perfect credit card history. My parents will not co-sign so Honda financing is not an option.

I then went to my credit union to see what I could get from them. I qualified for their best loan (7.95% over 36 months) and did not need a co-signer. The problem came when they asked for a confirmation of income. I work valet and therefore 50% or more of my income is in cash that I do not claim on taxes, therefore I cannot prove that I make that money. The only income I can confirm is the $1,200 I make from payroll every month, not enough for the bank. I told them that I have $6,000 in liquid and investment assets but they dont care. So the credit union is not an option.

I checked firstagain.com but noticed they require income verification.

I am running out of ideas for how I can finance this bike. I can easily afford it but so far I haven't found someone to approve a loan.

Does anyone on here know anything about financing, does loans or has any ideas or a similar story where they can give me good advice on what I can do?
 

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Every loan I have had has asked for income verification. I don't know what to tell you man, it will be hard for you to get a loan without proof of making money. How much are you trying to pull out?
 

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just save up your money homeslice. financing kills babies, anyway.

P.S. If it's your first bike, getting a shiny new 600RR is a great way to end up with a crashed, broken, and unrideable 600RR that you still have to make payments on.
 
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Shades has a point... if you haven't noticed, banks are collapsing left and right. we are days away from a total financial melt down on a national, and global scale.

if you can buy a bike outright, i'd put that into gold coins if i were you. if i didn't have debt, i'd be buying gold with every paycheck.
 
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threatening? They are bankrupt. each depends on the others' success. They're all too stubborn or afraid to make it publicly known.

this Web Comic sums it all up pretty well:

 

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Discussion Starter #7
I want to finance about $8000 but am willing to reduce it to $7000. I could easily afford the bike outright if I sold my 67' Mini, that is NOT going to happen. I could also liquidate my investments but I would be losing about $1400 so that to me is out of the question.

Do most lenders require about the same amount of income or does it vary a lot?
 

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My opinion: don't finance.
If you have money saved up buy a used bike outright and save yourself the headache and lots of money too.
 

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they look at your debt to income ratio the requirement for your income is relative. you probably won't get the special honda apr because that usually doesn't apply to their sportbikes. it's harder to get a loan for a motorcycle because it's "recreational". you'd have to have significant money down or get a co-signer. and whatever you do do NOT do their credit card option. you will NEVER pay that off.
 

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Dude DONT finance!!

I used to be in your position; busting ass to try to get approved for a loan. Im telling you, life is so much more beautiful if you just save up and pay cash for it. I hear its a B1TCH to pay off a motorcycle loan because of all the interest, especially if you go through the manufacturers.

Dont do it man. Just save up. Do you have a year-round riding season in LA? If not, why would you want to finance one right before the winter months approach. You could just save your ass off all winter and at the very beginning of next summer, have a nice, brand new bike, paid for outright
 

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Discussion Starter #13
Dude DONT finance!!

I used to be in your position; busting ass to try to get approved for a loan. Im telling you, life is so much more beautiful if you just save up and pay cash for it. I hear its a B1TCH to pay off a motorcycle loan because of all the interest, especially if you go through the manufacturers.

Dont do it man. Just save up. Do you have a year-round riding season in LA? If not, why would you want to finance one right before the winter months approach. You could just save your ass off all winter and at the very beginning of next summer, have a nice, brand new bike, paid for outright
I've bought 3 cars, a bike and even a scooter all cash, I've been buying things for cash my whole life. The reason I want to finance now is to build up my loan history so that I can buy a house or some other property in the future. A bike is relatively cheap and I can pay it off before the end of the 3 year loan and at the same time build my credit.

Since we have year round riding in L.A. it doesn't really matter if it's winter.
 
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your loan history isn't going to mean a god damn thing when the banks collapse. that's what we're telling you.
 

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My $0.02...

Save up and pay cash. Don't finance anything for buying a house later. Find a home lender that will manually underwrite your loan. I don't borrow money for anything, don't use credit cards, and have no revolving credit, but got the best rate available on a 15 year fixed rate on my house, (I'll pay it off in the next 7 years and be done with borrowing money completely).

The economy will recover. It always does, but, if we were to have a complete financial collapse, gold wouldn't be worth crap. The only things that will be worth anything will be guns, ammo, and food. I keep a good stock of all three.
 

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Just wait a few more months, with the collapse of our economy and the astronomical unemployment rates, you'll be able to pick up a slightly used CBR for pennies on the dollar!
 

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Politically Incorrect
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Save up and pay cash. Don't finance anything for buying a house later. Find a home lender that will manually underwrite your loan. I don't borrow money for anything, don't use credit cards, and have no revolving credit, but got the best rate available on a 15 year fixed rate on my house, (I'll pay it off in the next 7 years and be done with borrowing money completely).

The economy will recover. It always does, but, if we were to have a complete financial collapse, gold wouldn't be worth crap. The only things that will be worth anything will be guns, ammo, and food. I keep a good stock of all three.
congrats on your house buy in tennessee... but california is a little bit different... in order to buy a house you basically need to sell your kidney... even with the economy crash house prices will still beat the national average here in LA... your 100k dollar house is worth about 500k here in california... and here you actually need the credit history to buy the house because you are looking at a "jumbo" loan... for those people that dont understand loans a jumbo loan is over $300k or somewhere thereabouts and they do not just give those out ( at least not anymore because of the credit crunch)... the more credit history you have the better ( but also keep under that debt to income ratio the banks adore)

gas prices are also on the rise... not that tpapp cares because he has a scooter but here in LA everything is spread out everywhere... its not like most places in the country where things are super local... i can finish off a 16 gallon tank in my camry in a day driving around "town"... lifestyle is completely different here in the city of angels... so a bike is not a bad idea if you are in his situation

hey dude i live in LA too... i understand whats up... you need to finance... because 1 you want the bike for lifestyle reasons (coolness factor in LA) and two you need to build some credit... unfortunately banks are uber stingy as of lately so you have 2 options... 1 put a major down on the bike obliterating your savings and 2 open a secured line of credit with the credit union... meaning you use your money as collateral for your loan... not exactly the best choices in the world but hey at least your money stays with you and isnt dumped into the bike completely...
 

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they look at your debt to income ratio the requirement for your income is relative. you probably won't get the special honda apr because that usually doesn't apply to their sportbikes. it's harder to get a loan for a motorcycle because it's "recreational". you'd have to have significant money down or get a co-signer. and whatever you do do NOT do their credit card option. you will NEVER pay that off.

yeah the credit card option is insane....they tried to get me into that crap until i asked what the APR is on it and the said its "a mere 10.9% which is very low"....i laughed and told them id go through my bank, and got it at 3.99......like everyone else said tho, ud be better off to save up and buy used or wait until u have enough money to get a new bike paid in full if u really want a new one that bad
 

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Slugger,

You can't eat gold, baby.

I can't forget my grandmother telling me how she had to spend one gold coin (1/4 ounce of pure gold) for a single damn egg to feed my then-baby father after the Nazis overran her country.

Ballistic wampum is where it's at- ammunition. That, and launchers for same.
 

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congrats on your house buy in tennessee... but california is a little bit different... in order to buy a house you basically need to sell your kidney... even with the economy crash house prices will still beat the national average here in LA... your 100k dollar house is worth about 500k here in california... and here you actually need the credit history to buy the house because you are looking at a "jumbo" loan... for those people that dont understand loans a jumbo loan is over $300k or somewhere thereabouts and they do not just give those out ( at least not anymore because of the credit crunch)... the more credit history you have the better ( but also keep under that debt to income ratio the banks adore)
You can find a lender that will do a jumbo loan and manually underwrite it. Anyone worth a crap looks at more than just the FICO. My dog could write loans based on FICO. Go to a better lender. Just to fill you in, 100K doesn't buy crap in my neighborhood either. Save the cash you would spend on a new vehicle, buy used and throw the rest at your down payment.
 
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