Ok, parents are leaving to Idaho on saturday and i got my eyes on some bullet bikes.. Well I know i will need to take out a loan to get enough money for one, but what's the best loan option to take.. isnt it like a personal loan or something? because it's the lowest APR.. i cant remember how it works..

And if anyone gots some low APR loan sites, would be nice =)

 

well personal loans will almost always be higher apr because most are categorized as "unsecured". get a recreational vehicle loan - which is what most financial institutions put motorcycles under. it'll be lower apr because the bike itself will be collateral on the loan.

 

cbro4 is right, but you also need to know that motorcycle loans are generally higher intrest, than say a car loan, because if people are going to miss a payment they choose to lose toys before things like house, and car. So don't expect a car loan rate. Between 6-12 is pretty standard...whereas on my two cars i have a 4.5, and 4.2% rate. My parents have perfect credit and they still had like a 9% rate. if you happen to be in the military or a USAA member they run pretty good rates usually, as does navy federal.

 

yeah well i'm on my own now.. parents wont joint or co-sign with me (sh*t, if they were approving me to have another bike - i wouldnt need a bank loan, just go to them.. ) I think i will have to go to my Bank because i'm in a pickle. I'm so called unemployed (which actually i just get payed, well you know) then i some one collection report on my credit, so not a good start - but hoping US bank will look around it and see that i do have income and I could pay off my collection (just couldnt fight it, I WAS HEALING.. it's the medical bills from the last accident.. $1,600 for 3 x-rays.. and i didnt even get one 8 by 9)

also no im not in the military - if i was, i heard you can bring one vehicle from anywhere in the world and have customs be free..

 

Heya V..i dont wanna burst your bubble.But im thinkin they arent gonna look past the collection or the fact that your unemployed.I have a credit score of 658 and all bills paid on time...ie credit cards and car loan...and im still havin a hard time getting a 3k loan from my credit union.Ive been at the same job for 6 years now and pull down a nice chunk of change...but something about not having enuff credit...so best of luck....and remember that black is the fastest color....LOL

 

yeah, well i know my hopes arent high - but still will try haha

 

yeah look around at credit unions and stuff cause i got my bike loan for 5.4..which is hella good

 

so are you going to have income? you said you were "unemployed".

most banks will look past a collection if a) it's been paid in full and b) if your d/a (debt to asset) ratio is within their limits ie. no more than 38-40%. BUT without income flow i would not approve this loan... UNLESS of course mom/dad co-borrows. however, you could provide your most recent paystubs and it will look like you're still employed. i'm not condoning this but it's commonly done. most places don't even bother to verify if you're still employed with the company on your paystub as long as you bring in your most current stubs. credit score, although a factor, is not the only thing i (or other bankers) look at.

 

cbr04 is right. without income the chances are slim. i do financing at an auto dealership and my wife works at a bank so we're around credit 24/7. if you were to work in the gray area you may want to go through the dealer.

 

just remember if you go loan and use the bike as col... you gotta get full coverage on that baby too... no ifs ands or buts about it. The bank has to protect its ***...


good luck bro