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Anyone have bad credit and get a biked financed?? Had trouble paying stuff before with a lesser job, Now I have a good job and make 4300 gross a month and still noone will finance. Only own a truck and rent a apartment. Does anyone have experience with getting a bike financed with bad credit? Eloans? Anything?

Im still getting word Monday from a credit union. But I dont think they will approve it either.

Experian 709 , Trans 550, and Equifax 509

Its going up but slowly. The alternative would save the money and buy a bike in 7 or 8 months cash.

If I get approved 900 LT will be the choice!
 

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Money down...always talks.
 

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you got to find out why those 2 scores are in the mid to low5's thats why they keep saying no to you .... but like silenthill said cash talks
 

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Bad credit loans

I got mine just before the banks went into lockdown with all there loans. I got mine from Merrick Bank out of Salt Lake City, Utah. Worked it through my dealer.
 

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With your credit score that low it will be hard to finance, I believe the minimum score is 680 but a motorcyle is a toy so I would guess your score would need to be 720+ and with a couple thousand down will help also
 

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Experian 709 , Trans 550, and Equifax 509
I use Credit Keeper for a credit reporting service and I like it however their info seems a bit dated, about 2-3 month behind on score, everything else seems up to par.

One think you need to know is that Trans Union is often the 1st agency to be checked and EVERY TIME you have a hard check your score drops, as much as 15 points a time. It goes up slower than that. What you need to do is find someone who only checks Experian, with a 709 you'll get financed.
 

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Well, I would normally not suggest this since the interest rate is so high, but I can tell you are at the end of your rope. This place will probably give you the money on the spot:

http://www.citifinancial.com

It is an 18% interest rate, BUT their payments are low and it will appear in your credit reports as an installment loan which will quickly raise your scores. Once you DO build your credit up, you can get a loan through a bank and pay this one off. I'm sure they have an office near you, or you can just do it through the Web site.

The reason I know is because they helped me years back when I was in your situation. Now all of my scores are around the 800's and I don't worry about credit. Hopefully you can find another way, but if not these people will most likely hook you up.
 

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Well, I would normally not suggest this since the interest rate is so high, but I can tell you are at the end of your rope. This place will probably give you the money on the spot:

http://www.citifinancial.com

It is an 18% interest rate, BUT their payments are low and it will appear in your credit reports as an installment loan which will quickly raise your scores. Once you DO build your credit up, you can get a loan through a bank and pay this one off. I'm sure they have an office near you, or you can just do it through the Web site.

The reason I know is because they helped me years back when I was in your situation. Now all of my scores are around the 800's and I don't worry about credit. Hopefully you can find another way, but if not these people will most likely hook you up.
My wife really wanted a replacement pellet stove. We needed it. Our 1st one was 13 years old and parts were getting scarce. She went to PNC Bank and got a loan. Because she had a few other loans out this went to a different branch of PNC and when she got the loan it was 17% APR. I didn't like that but loved the pellet stove. PNC sold the loan to Citifinacial. The interest did NOT change BUT they have constantly tried to get us to re-fi. Finally we were over a barrel with our water well. We were going to put up the title for our Ford Expedition which would make this a secure loan but it was separate from the 1st one. Thank God I could not find the title at that point. I finally asked them what the interest would be on this secured loan. 27%!!!! I said there was no friggen way I was ever going to sign a loan for 30% and she said, no it's 27%. I said, when the interest is that high there really is no difference between 27 and 30%.

My advice, if you have to go that route with Citifinacial, save your cash and buy it outright. Seriously. On the other hand, if you have to pay a semi high interest, mid to lower teens, and you keep making your payments, this will help your score. Again, if you have not signed up with a credit monitoring service, do it. Credit Keeper that I use gives you access to all 3 agencies. Free Credit Report DOT com does not.
 

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There's quite a disparity between scores. I filed bankruptcy back in the 90's from a divorce. First, I had a b!otch of a time finding a decent place to live, but perseverance prevailed. Next I bought a used pick-up and had to pay 23% interest on a 48 month loan. I always made sure to pay extra and paid it off in 31 months. The score improved. It took awhile, but by always paying a little extra on all credit debts my score is back up to a really decent rating.

There are places that will finance you if you look hard enough and are willing to pay the interest. If you go that route, try your best to pay about 10% over the required payment. The extra will go to the principle and come off the back end of the loan. Not only will you pay it off sooner, you'll get that score back up. I would also get copies of the reports and make sure that someone else's screw-ups aren't on it. That happened to me. Someone was listed as deliquent on a bill for a store that I didn't even have an account with. I got it cleared up. When I bought the Vulcan, they told me I could have any bike I wanted up to 35G's (this was 5 months ago)... Nope!!! Got just what I wanted... YOU CAN DO IT!!!
 

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So... please do tell, how much have they given you? If that works, I might even give it a try...:cool:
 

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When it comes to bikes they are looked upon as recreational vehicles and the banks rank those loans differently. Before I got my bike, I was looking at financing and it was weird, I could get a loan for a new $40,000 truck but couldn't get one for a used bike from a dealer because of the bad timing with the economy and the banks very cautious about giving loans. My credit score was in the 700's but it was classified as a recreational vehicle - higher risk of paying off I guess. So I ended up finding a better bike locally and paying it off within a month. The seller was a real nice guy and very patient.

Good luck in the financing dept.
Wayne
 

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What i did when i bought my 900 was looked at the interest rate for a car loan ver a rec loan and the auto % was way lower so i got a loan against my truck which is concidered a auto loan. Since i was financing went with the lesser of two evils. You can also try Reliable Credit they helped me out years ago when I had no credit
 

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What i did when i bought my 900 was looked at the interest rate for a car loan VS a rec loan and the auto % was way lower so i got a loan against my truck which is considered a auto loan. Since i was financing went with the lesser of two evils. You can also try Reliable Credit they helped me out years ago when I had no credit

My wife and I went through our CU and our interest rate is 5.09%, I thought that was pretty favorable
 
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