I'm 24 years old. Never rode a bike, many of my friends and family somehow convinced me that 600rr is for female only. I don't believe a word of what they're saying, I know there are lots of male riders on a 600RR, but I do understand where they're comming from because they're all speed junkies. Eventhough, I don't make important decisions based on ego, but I'd hate to ride in the rear with girls when my buddies go out on a midnight run.(3am 150mph and up all night) Call me crazy. I know I'll get lectured on this topic, but I really need help with financing problem.

Anyways, few months ago, I had 720 FICO rating with 4 years of credit history 5 revolving credit card accounts, no previous loans. I was never ever late on ANY type of credit payment. I considered 720 rating good enough to get a motorcycle financing for the 06 1000RR. 2000 down, 8000 loan. I was so wrong. I was turned down by Honda Financing first, turned down second time by Capital One. I check my credit rating again this month and it's now at a measly 690. I'm very frustrated. I make a solid 55k a year income after taxes. WHY am I being turned down? I really want to stay away from going to a Bad Credit Lender who I know will try to rape me. Any advice?

 

If what you say is true, there is a serious turd in the punch bowl. $55k/yr net, 720 beacon? HFC should be jumping up and down to finance you. How long on the job? If you make that kind of dough, go to your credit union for the loan.

Second topic. Never been on a bike? Forget 3am 150mph blasts and think about an MSF course and learn to ride! Take your $2000 down payment and buy a used bike, forget the CBR1000rr. Even a 600rr is a stupid first bike. A good rider on a 600 will smoke a lesser rider on a 1000 any day of the week. 600's are still capable of over 100hp and well over 150mph, definitely enough to keep up at the front of the pack with the "men".

 

I agree Honda is smoking crack not to ****** that deal up. You must have a serious blemish on your credit now. You should ask them what your score was when they ran your credit or go online and check it for yourself, should be free. Did they let you know what score you needed for that loan? If you still have that credit score, go through someone else. I'm sure you'll find a better deal than Honda.

Go with the 1000, you will regret it later. Don't get me wrong, the 600 is still a nice bike, but it's nice to have that extra little bit of power. Just remember you can kill yourself just as fast on a 600. Also learn to ride from the MSF course, you'll learn alot. If you crash there then you have problems and shouldn't think of buying new. Plus if you crash then you crash on thier bike.

 

hey Charles (where's Camilla ? j/k)

no but seriously 720 ought to be good enough for Honda Fin to approve you UNLESS you are carrying excessively high balances on your credit cards
next yr, the bankruptcy laws are changing and the minimum payment is going to double up and maim a lot of serial CC-users ... there is a high end estimate a rise of upto 20 percent in personal bankruptcy filings

IMO, loans should be availed of ONLY if you have better use of the money (by which i mean that we should borrow only what we can pay off in cash @ any given time)

i am in total agreement with TeeDub & Reponek regarding your choice of a motorcycle. Start small and grow as you ride ... mid-size bikes make over a 100 horses and liter-bikes produce a full 50 percent more ... both make more than 'some cars' which carry 4-5 people so the chances of either these 2 bikes slicing-dicing your azz are pretty darn high

not trying to put you down or dissuade you ... all of us here want to see you riding ... riding for a very long time in fact !

 

Heres a thought maybe honda has grow a conscious and decided that selling superbikes to people with no expereince is a tad dangerous?

Anyway it sounds like when you get your bike you'll be facing a lot of pressure from your mates to go fast, so the slower your bike the safer you will be. And by the way anyone who says a 600rr is a girls bike knows f*ck all about bikes

 

I don`t know why, but i do know that the more you get turned down i.e don`t keep applying right now, the lower your credit score goes. [:@]

 

If your friends think a 600rr is only for girls, find diffrent friends to ride with. Being a new rider in a group like that will only get you killed. And don't be a fool, start on something much smaller. Who cares what your friends think of your bike, their peer pressure is going to put you in a world of hurt.

 

And they are not going to pay your doctor bills. Get what you feel comfortable on and regardless if it's a 500,600, or a 1000 be careful. I seen too many guys with temp tags still on there bikes all twisted up trying to keep up with other people.

 

i found out what the problem was with being turned down for the $10,000 motorcycle loan. It's not that I had insufficient credit, but the address on my credit report was wrong. I just took the offer from Capital One Blank check for $10,000 I originally asked for. Thanks for all the helpful suggestion guys. Teedub's comment made me really look into what went wrong rather than give up my 1000RR.

 

I'm glad I was helpfull with the credit, but I wish you'd given more consideration to what I said about bikes. Take it very easy out there on that 150hp rocket.