Ever finance a USED bike? How'd ya do it?

LuckyStar64

LuckyStar64

PR Addict
Like the title says-- how do you finance a used bike from a private seller? Ya, I DO have the cash, but I need my cash for other things, and I like to finance something every now and again just to keep my FICO score strong. I have perfect credit, but not really any income. Is this possible? --L*64
 
Yes, a little harder getting approved from a private seller then a dealer. But a used dirt bike is hard in general, especially for a decent interest rate. I have very good credit, not quite excelent but very good none the less and had cash in my pocket at a dealer for used bike I wanted and there finance company didn't want to because it was used and not a large loan amount and the other was going to be a very high interest rate. I just paid the cash but wanted something just to pay on to help improve my credit history but ended up being a hassle and a huge waste of money.
 
I have found it to be very simple. I go through our local credit union. I call my finance guy and tell him what I'm interested in and if I can I give the vin.. most lenders go off of Nada.. if its at or below Nada, and you have a decent credit score and history, its no problem if you debt to income isn't outa whack.. they cut a check in the sellers name (some people are Leary of that but I give all the info to contact the back to reassure I'm not out to screw them), you hand them the check and take the bike and title.. if the seller has it financed I get a bill of sale stating I will get the title as soon as their bank releases it.. not hard at all..
 
Meister said:
I have found it to be very simple. I go through our local credit union. I call my finance guy and tell him what I'm interested in and if I can I give the vin.. most lenders go off of Nada.. if its at or below Nada, and you have a decent credit score and history, its no problem if you debt to income isn't outa whack.. they cut a check in the sellers name (some people are Leary of that but I give all the info to contact the back to reassure I'm not out to screw them), you hand them the check and take the bike and title.. if the seller has it financed I get a bill of sale stating I will get the title as soon as their bank releases it.. not hard at all..
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I've heard a credit union is alot easier to get used financing through but you have to be a member. I've never personally delt with one though so I don't know the details and stipulations on membership or financing fees and interest.
 
we have used our credit union. our credit union has pretty good deals on personal loans sometimes. we have also used a vehicle as collateral for a personal loan for a really good rate.
 
shaker7 said:
we have used our credit union. our credit union has pretty good deals on personal loans sometimes. we have also used a vehicle as collateral for a personal loan for a really good rate.
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I bet you got a good rate with collateral on it, would be more of a secure loan that way I figure.
 
Credit union. Both times Ive used mine they sent me the check before Ive even filled out paper work. Plus got a killer rate with not good credit.
 
Its nothing special to become part of a creditunion.. just open a savings and your good to go..
 
I will say I just transfered everything from first merit to my credit union. Its been very pleasant working with them compared to a regular bank..
 
I keep 3 or 4 good credit cards active. They always send me checks. I just deposit one of those into my checking and a day later I have $5,000 cash to go buy a bike or van. This usually costs around 3% transaction fee. That means I just financed a bike and got to keep the title too. My Citi is my best card at 9.5% with a 20,000 credit line. Then the other three cards send me a 0% for 15 months offers every month that I keep handy to transfer the 9.5% if I want a few months to play around with.

We just started playing around with a home equity line of credit at 5%. It looks pretty easy to finance toys too plus the interest is tax deductible.
 
Really? I thought you had to be a fireman or a policeman to be in the credit union. I'll have to check it out. It can'y be as easy as opening a checking account and applying could it? ---L*64
 
LuckyStar64 said:
Really? I thought you had to be a fireman or a policeman to be in the credit union. I'll have to check it out. It can'y be as easy as opening a checking account and applying could it? ---L*64
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There are public ones, I'm a member of one specifcaly for federal law enforcement and I think the private ones may have better rates. I haven't used them yet, just became a member not to long ago so I couldnt tell ya for sure.
 
day181 said:
I keep 3 or 4 good credit cards active. They always send me checks. I just deposit one of those into my checking and a day later I have $5,000 cash to go buy a bike or van. This usually costs around 3% transaction fee. That means I just financed a bike and got to keep the title too. My Citi is my best card at 9.5% with a 20,000 credit line. Then the other three cards send me a 0% for 15 months offers every month that I keep handy to transfer the 9.5% if I want a few months to play around with.

We just started playing around with a home equity line of credit at 5%. It looks pretty easy to finance toys too plus the interest is tax deductible.
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I've never thought of that, those interest rates and terms are better then probally alot of financing terms would be for a used bike.
 
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