hell never get financed at a dealer period. i had a 731 credit rating, income of 2k a month, nothing negative on my credit and since my mom put me on her credit card years ago and didnt tell me, my oldest account is 10 years old. i went to put a grand down and got turned down everytime. the only one who accepted me was yamaha with their second look program and that crazy nonsese was at 23% apr...HELL NO. i kept hearing that its easier to buy a house than a bike, and well.....i got approved for a house (i actually close on it today). your big milestones in credit is either a house, or a car loan. but the downside to that is your income to debt ratio then, if you owe a ton and dont make much your ratio will be too high for them to accept you.

 

Don't ever finance a toy. Buy used and buy with cash. You're welcome.

 

Wow, I never had any of the issues you all are having. I'm well over 700, good monthly income, put like half down on my 1KRR and got 0.9 interest through Honda.

Sucks to be you guys

 

Well said man. I have PIF, title in hand immediately for all my bikes over the years.

 

Everyone's situation is different. There is nothing wrong with financing.

 

The only reason I am for financing anything is to build credit. Everything I own/have owned has been paid for cash up front. Which has saved me a bundle but now I'm in the boat where I have ZERO credit which is just about as good as having bad credit. Wish me luck getting a house loan here in the next couple months lol

 

Good luck!

Seriously, though, if the _only_ reason for wanting to finance is to build credit, a motorcycle contract is normally not a smart move. Comparatively speaking, the interest is high, and the thing depreciates _so_ fast that you're always upside down no matter what. If you really want to build credit, and you really want to do it on a bike, put 90 - 95% down, and carry the contract on that last 5% for a year or two at most, then pay it off.

 

If you can afford the payment there is nothing wrong with financing as an option.

I just financed my new RR to build up more long term credit history.
Granted I could walk down to my credit union tomorrow (Navy fed) and pay the bike off if I wanted but financing a bike is a good less expensive (than say a car) way to build up your credit history.

 

that's 24grand a year... of course you didn't get approved.