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motorcycle loan

Discussion in 'Motorcycles' started by Hambone155, Jan 15, 2010.

  1. Jan 15, 2010 at 11:28 AM
    #1
    Hambone155

    Hambone155 [OP] Well-Known Member

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    getting a loan for a new bike. in nebraska we got crappy laws....cant get a loan untill your 19. witch im fine with but is there anyway i can get my loan switched from me as the cosigner on a loan of my parents to me being the main on the loan and my parents being to cosigner??
     
  2. Jan 15, 2010 at 1:58 PM
    #2
    Brunes

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    My guess is not until you are 19. Then you'll need to shop rates and renegotiate/refinance the loan most likely.
    And at that point you may or may not need a cosigner.
     
  3. Jan 15, 2010 at 2:03 PM
    #3
    raskal311

    raskal311 Well-Known Member

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    Yeah you would have to refi the loan.
     
  4. Jan 15, 2010 at 2:04 PM
    #4
    bigburrito

    bigburrito Local Man

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    when do you turn 19? maybe wait till then? you wont even be able to ride it for another couple months anyways with it being winter right now.

    what kind of bike you getting?
     
  5. Jan 15, 2010 at 2:04 PM
    #5
    luni

    luni Resident Gun-toting Hippie

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    Honestly I wouldn't sweat it. My parents cosigned for me on my 07 taco when I was 19 with no credit history. 2 years later when I had to get my 2009 I qualified for 2.9%APR with no cosigner. I've had no problem financing furniture, a wedding ring, a house, and now probably a bike once the W2 comes in and I pay off a couple things.

    Point being, think of the cosign as a formality while you stand up on your own two feet. It's a normal part of building credit.
     
  6. Jan 15, 2010 at 2:05 PM
    #6
    xodeuce

    xodeuce mmmmmmbourbon.

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    Refi on a depreciating asset probably is going to suck. I'd wait until I had the money and could buy outright.
     
  7. Jan 15, 2010 at 2:07 PM
    #7
    TexasIslandBoy

    TexasIslandBoy THE RED DRAGON!!

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    i did that with my harley two years ago when i was 19 never missed a payment never was late and paid it off in 2 years so i have no clue where that puts me with credit
     
  8. Jan 15, 2010 at 2:08 PM
    #8
    Brunes

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    Funny thing about this is...HE cosigned the loan with his parents- That's an odd way of going about it.
    Usually the cosigning is used to help someone with little to no credit get a loan they might not otherwise be able to.

    You parents probably could have gotten them loan themselves and just had you pay it off. With a good payment history for the next year you should be all set to refi and get it in your name-which is probably a good idea because I don't think cosigning helps your credit rating at all...but it can hurt it.
     
  9. Jan 15, 2010 at 2:11 PM
    #9
    Brunes

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    Not always true. It depends alot on what APR he got now and what APR he gets in the future...On a bike- He is probably going to have a hard time coming out on top....but he will still have an account in his name.

    www.annualcreditreport.com

    That is the actaully free way to get your credit report once a year per credit bureau (Read....Get one-Wait 4 months-Get the next-Wait 4 more-Get the third-Repeat). You have to pay if you want to knwo your credit score- but you can read all the info on your credit report to ensure it's accuracy and take a guess at what you might be capable of as faras credit goes.
     
  10. Jan 15, 2010 at 2:11 PM
    #10
    luni

    luni Resident Gun-toting Hippie

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    Just re-read it. Yea it's so ass backwards I couldn't get it straight the first time. Sounds like OP is stuck financing with the Bank of Dad until he has another b-day.
     
  11. Jan 15, 2010 at 2:12 PM
    #11
    luni

    luni Resident Gun-toting Hippie

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    On that note, whenever you finance a major purchase (vehicle, house, rental, etc.) they'll usually run a credit check on you, pulling up your FICA score in the process. Good way to keep tabs on where you're at.
     
  12. Jan 15, 2010 at 2:14 PM
    #12
    TexasIslandBoy

    TexasIslandBoy THE RED DRAGON!!

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    ahh thanks man i dont really use my credit much i like to pay cash and not have to worry about it every month
     
  13. Jan 15, 2010 at 2:15 PM
    #13
    Brunes

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    In some places- Apparently it's illegal for car/rec vehicle dealers to tell you the score in FL. I knew the sales person I was working with and he still gave me a hard time about asking.
     
  14. Jan 15, 2010 at 2:16 PM
    #14
    xodeuce

    xodeuce mmmmmmbourbon.

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    This is going to sound like I'm being a total asshole, but I'm gonna say it anyway after having financed a motorcycle straight out of college and paid it off in 3 years.

    Why do you need a motorcycle badly enough to warrant financing, refinancing to get in your name, then paying for, then owning?

    a) It's an easy way for you to build good credit. Fair enough, that's what I told myself when I bought mine. I also got screwed on the interest rate. I would have been far better off using a credit card and religiously paying it off on time every month and then buying the bike down the road when I had built my own solid credit.

    b) You really want a bike right now. I understand that too, I told myself I was capable of making enough money that I could afford the monthly, and by God I'd earned it. I'd think about it a little while if I were you. Writing that check every month for 3 years got a little old. I shoulda listened to everyone that said to buy an inexpensive used bike and pay cash.

    In the end you're fully capable of making up your own mind and being responsible with your finances. This is just some practical experience that I've come by over the past 5 years.
     
  15. Jan 15, 2010 at 2:23 PM
    #15
    luni

    luni Resident Gun-toting Hippie

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    +1

    Trying not to go over $2k for my first bike. Looking for a used street legal DRZ 400 some where on the east coast. I know I'm going to drop it and abuse it and pull its hair and call it dirty names, everything I don't want to do to my truck. Not as fun doing that and making monthly payments. Dropping a new bike is prolly the fastest way you could lose your money.
     
  16. Jan 18, 2010 at 8:38 PM
    #16
    Hambone155

    Hambone155 [OP] Well-Known Member

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    bmw s1000rr i can get it for about 9k so ..... 193hp gotta pin it to win it.
     
  17. Jan 19, 2010 at 6:43 AM
    #17
    bigburrito

    bigburrito Local Man

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    if this is your first bike i would highly recommend something smaller to get some more experience. 193 hp will bite you hard if you arent prepared.
     
  18. Jan 19, 2010 at 10:11 AM
    #18
    TexasIslandBoy

    TexasIslandBoy THE RED DRAGON!!

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    you would be dumb to get a 1st bike with that power i have ridden over 60 types of motorcycles working at a harley davidson shop and i see people crash bikes before they get off the lot get a beater bike for a year then step up a few cc's or ci's
     
  19. Jan 19, 2010 at 10:21 AM
    #19
    Afwrestler1986

    Afwrestler1986 Well-Known Member

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  20. Jan 19, 2010 at 10:43 AM
    #20
    StZu

    StZu Where the White Women At?

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    Holy hell dude! Get a used bike because at the least you will drop it. Dont say it cant happen to you because it will. Also have you priced insurance on that machine? I had a 636 and that cost me almost 1000.00 every year to insure and I was 25. Get a ninja 250 for about 2-3 grand and call it a day. If I were to buy another bike I would get a new 250, they look pretty sick! Also you can take it to the track and wear it out, those things are bulletproof! Also, please wear your gear. and take the MSF course. I took a tumble down a highway going 75 and if it wasnt for my gear I would have been alot worse off than 3 broken ribs, 2 seperated shoulders, a broken wrist, and 47 staples.
    Remember you can drive as safe as anyone but there is always that asshole that doesnt tie down their load and it hits you in the face.
    Just my .02
     
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