How hard is it to get financed for a sportbike as an eighteen year old with no credit? I have a job and a parent who is willing to co-sign for me. Her credit, however, is not the best, and she has a bankruptcy on record.

Will this completely discourage a bank from giving me a loan, or will it just jack up my interest rate?

And please, no "you're making a stupid choice being so young". I've had an earful of opinions in the last year on buying a bike, and it'd be good to not hear more criticism. Thanks :]

 

No telling what they will say untill they run the credit.

But if approved, it might have a interest rate out the wazoo.

 

it's not hard at all...

that is, if you're comfortable with a 17.99% Interest rate.

$11793.10 for a $9995 motorcycle...! lol! i bought two bike for that price!

 

Yeah, in reality they will finance anyone. When I bought my bike, I walked into the store, with essentially no credit, other than a very low limit credit card that I buy gas and food and whatnot with and pay off each month. I was 19 years old (20 now). The bike was $6695 (seemed like a decent deal for a '03 600rr with exactly 2000 miles on the clock considering it was at a dealer and included helmet/gloves/jacket) and I really wanted it but was sure I couldn't get approved for it, and the lady was like well let see what I can do. Comes back out 20 minutes later and is like are you riding it home today? I was like WTF? No co-signer or anything, but interest rate obviously a bit steep at 15.9%. Doesn't really bother me though because it helps me build credit and I make double or triple payments each month anyways.

So basically, all I'm saying is, you never know until you try.

 

fine. buy a bike... just not a supersport.

also, if you finance through a bank or CU, full insurance will be required. being 17, insurance will be outrageous.

 

That's why I'm not planning on going through a bank. I'm going to have basic insurance, but not enough to where it'll be $500/month.

I'm actually a co-holder of a Honda card, so I should be gaining some credit from dirtbike payments.

 

iam 21 in about the same situation.i want a 07 600rr. whats ur insurance payment? u gotta have a motorcycle license? what u payin a month? i know thats kinda personal info iam just wonderin what id be getin myself into. if its too personal dont worry bout it. those honda cards help though? i was thinking bout applying 4 one.

 

Buy used, and make darn sure you can afford both the payments and the insurrance.
If you're putting thebike as collateral you will have to have at least comprehensive on it. (theft/vandalism coverage)

But if you get a variable rate no collateral personal loan you'll be paying out the tailpipe with your interest rate.

explore your options and then make your decision.

BTW try both with and without the co sign... her bancrupcy might end up hurting you even more than your lack of credit.

 

Forget the interest rate....Insurance rates will be INSANE!

And for the record, I don't even think a majority 16 and 17-year-olds are responsible enough to drive cars...I'll let you make your own conclusions about how I feel about an 18-year-old on a supersport....no offense bro

 

If your gona buy a brand new bike get it. I'm going to laugh when you drop it because you will. Put some texture on your 11grand bike and 300+ full coverage monthly insurance payments that will be required.