Oh, great. Thanks. Ill check that out tomorrow.
So besides the credit report I got the info on the loan I was approved for:

• Loan Amount: $5000
• Origination Fee: 7.00%
• Interest Rate: 11.90%
• APR: Non-Deferred: 13.07%
• Loan Term: 20 years but I plan to pay it in 3 years or less.

What do you guys think? I believe that in 3 years it would total about $6000 / $160-Monthly (not sure)

Thanks for your support and suggestions!

 

with little or no credit, 11.9% isnt all that bad. pay as much as possible asap to kill some of that interest. i would go for it.

 

Well I work by this rule...If I can't afford it, I don't buy it. I wouldn't put myself into debt for pleasure. That's my opinion, but many work in reverse. Do what is best for you and weigh your options. Good Lcuk in your decision.

 

Yea pitsvtec, you are absolutely right. I figured, I could afford a $4000 bike right now. I would take the $5000 loan and save the left over in the bank. With that left over plus what I had already saved I would be able to pay off the bike if I had to. Of course if I did that right away it would leave me dry in the bank, this is my reason for the loan. Thanks for the advice!
Any other opinions on the loan specs I posted above? Thanks!

 

Do you plan on buying used?

 

Yes, I plan on buying used. 2000-2002 CBR600 (or something around there)

This is nice: http://adcache.cycletrader.com/5/2/4/81760324.htm

 

I'm not a big fan of red, but it is nice. Good Luck...

 

looks good!

 

The 11.9% is good if you truly have NO or poor credit.....the 7 points!!!! wow that is high. once you get your credit we'll know better...I haven't charged someone 7 points since I managed a finance company.

 

must be nice to be a finance wiz... what are you talking about 7 points?