Bike Loan Question?
01-30-2007, 07:49 PM
#41
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Re: Bike Loan Question?
He only makes like $200 a week. He lives at home with his mom so he has no bills. He doesn't want to use his honda card because he dosen't want to go new. He wants a 01-03 F4i & we can't find one at a dealer anywhere by us! He has good credit. I also owe alot of money & I don't make very much now so I can't cosign. I'm gonna tell him to try that eloan! How much sould he say he makes to get a $6500 loan with that credit score? Will a 700 credit score be high enough for a loan?
Last edited by nyRocketkid; 01-30-2007 at 07:52 PM.
01-30-2007, 07:53 PM
#42
I Have Too Much Free Time
Join Date: Oct 2002
Location: Diddleboro , MA
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Re: Bike Loan Question?
if your friend has good credit & a bike shop can't get him financed because he has no job, that F&I guy should be FIRED! I do finance & sales - and if someone has a decent score - ****, i'll find em a job! No income verification on tier 1,2 & 3!
Tell ur boy to come down, i'll write the paper.
Tell ur boy to come down, i'll write the paper.
01-30-2007, 08:02 PM
#43
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Re: Bike Loan Question?
if your friend has good credit & a bike shop can't get him financed because he has no job, that F&I guy should be FIRED! I do finance & sales - and if someone has a decent score - ****, i'll find em a job! No income verification on tier 1,2 & 3!
Tell ur boy to come down, i'll write the paper.
Tell ur boy to come down, i'll write the paper.
01-30-2007, 08:10 PM
#45
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Re: Bike Loan Question?
Id tell him to get off his *** and get a j-o-b. If he aint got a couple bucks for a down payment, he cant afford a bike, much less the parts he will need to fix it. "Live within your means". Sounds like the type my hard earned tax dollars support. Moochin rides and "a couple bucks" here and there while he has a 10K bike sittin in the garage with bald tires and no gas. Ive had these "friends" in the past. Ditch them now before they owe you money and avoid you anyway. Im not sayin this is your boy but this se nario sounds familliar to me. Ive had plenty of dead beat friends that i got sick of carrying because I go to work everyday and they sit on there *** playin video games because they think there "too good" to take and entry level job, and "somethin will come around"
i agree, iv had the same "FRIENDS" as well. i thot he was posting to ask questions in regard to financing for himself not some slack *** moocher! if its for a "FRIEND" DONT DO IT!
01-30-2007, 08:15 PM
#46
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Re: Bike Loan Question?
i've done a ton of research on repairing credit. the main thing to remember is credit repair lawyers or agencies are the biggest fraud. i learned that the hard way (long story). they won't help u in any way, unless ur filing for bankruptcy. otherwise, do NOT hire them. u have to do it urself over time. anyway, my credit is great now. credit cards aren't really the way to go. they add interest at a very fast rate in comparison to a loan and minimum payments make it so u can't pay them off quickly. in fact, minimum payments on some credit cards are so low, it could easily take WELL over 10 years to pay them off. the more credit cards u have open the worse ur off, too, even if they dont have balances. its best to just get one or two with reasonable rates like 1,500 or less. it's also bad to constantly apply for credit so dont apply for them even if they offer u a discount on ur purchase at a store. i'd say take out small loans, one at a time. ur interest may be pretty high but since they are small, it won't be a huge amount you'll have to come out of pocket. after u pay one off, finance another loan for a little bit more like a used car or a personal loan. maybe the first loan will be $1,500, then 3,000, then 5k, and so on. pay them off in a good amount of time and never have a late payment. and even if a payment is a day or two late, it won't go on ur credit that easily unless its common; plus u'll be payin a ton of late fees, which isnt worth it, so just pay on time. anyway, thats me. later fellas. i'm off to my part time gig... god, workin two jobs is startin to take it's toll...
thanx
01-30-2007, 09:12 PM
#47
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Re: Bike Loan Question?
A few months I wans't paying attention to how much was spending on my credit card and I overdrew 2 months in a row because of intrest, how bad does that drop your credit score? It was only like $15 over each time & I payed the fee's right after I found out. And I have never missed or been late on 1 payment since my first credit card 3 years ago! And those were the only times I've ever overdrew! So how bad do you guys think that affected my credit score?
01-31-2007, 12:09 AM
#48
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Re: Bike Loan Question?
applying for a lot of credit messes u up, this includes a bunch of loans at a bunch of banks within a certain period of time. thats why u should just do one or two small loans that u can handle, pay them off, then do it again. if u space out applying for loans it helps u, but too much at once messes u up.
01-31-2007, 12:24 AM
#49
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Re: Bike Loan Question?
A few months I wans't paying attention to how much was spending on my credit card and I overdrew 2 months in a row because of intrest, how bad does that drop your credit score? It was only like $15 over each time & I payed the fee's right after I found out. And I have never missed or been late on 1 payment since my first credit card 3 years ago! And those were the only times I've ever overdrew! So how bad do you guys think that affected my credit score?
01-31-2007, 01:53 AM
#50
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Re: Bike Loan Question?
It is ok to have lines of credit out there, if you have more lines of credit, the banks look at it as more money you have available, it will make your score higher too having a higher revolvong balance available
01-31-2007, 10:26 AM
#52
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Re: Bike Loan Question?
depends on the line of credit. credit cards aren't good ones. any financial article will tell u that. bank revolving loans or such do help, but in moderation. u don't want to have a ton of revolving loans open, and there's only so much credit u need. if ur applying for more and more and more, the banks will start to wonder why ur looking to take out so many loans. basically, the more u have to borrow from, the more likely ur able to get into high debt; banks dont like that. and what makes ur score higher isnt having untouched lines of credit open, it's actually borrowing and paying back in a timely manner.
Last edited by Trachito; 01-31-2007 at 10:28 AM.
01-31-2007, 10:27 AM
#53
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Re: Bike Loan Question?
yeah, i should have majored in accounting or sumthin instead of engineering, but then i'd prolly be making a lot less money.
buying a house is what taught me all this. i wanted as low an APR as possible so i payed off a bunch of useless credit cards and closed them. oh yeah, thats another thing that doesn't look good, opening then closing credit card accounts. whatever u open, plan to keep it for a while.
buying a house is what taught me all this. i wanted as low an APR as possible so i payed off a bunch of useless credit cards and closed them. oh yeah, thats another thing that doesn't look good, opening then closing credit card accounts. whatever u open, plan to keep it for a while.
Last edited by Trachito; 01-31-2007 at 10:31 AM.
01-31-2007, 10:49 AM
#54
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Re: Bike Loan Question?
yeah, i should have majored in accounting or sumthin instead of engineering, but then i'd prolly be making a lot less money.
buying a house is what taught me all this. i wanted as low an APR as possible so i payed off a bunch of useless credit cards and closed them. oh yeah, thats another thing that doesn't look good, opening then closing credit card accounts. whatever u open, plan to keep it for a while.
buying a house is what taught me all this. i wanted as low an APR as possible so i payed off a bunch of useless credit cards and closed them. oh yeah, thats another thing that doesn't look good, opening then closing credit card accounts. whatever u open, plan to keep it for a while.
hey i sent u the link to my prosper.com account. here it is:
https://www.prosper.com/public/group..._name=burial87
01-31-2007, 11:15 AM
#55
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Re: Bike Loan Question?
YES VERY TRUE JACKSON HEWETT, I heard someone say you dont want any open lines of credit but it does not hurt to have some, I have been getting people approved to buy bikes for little over a year now, One thing that is a misconception is peoples credit scores i have gotten 520's get approved and 620's not, So alot of the times the score doesnt mean whether or not your good enough to get approved
Last edited by ERDMANN; 01-31-2007 at 11:18 AM.
01-31-2007, 11:34 AM
#56
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Re: Bike Loan Question?
YES VERY TRUE JACKSON HEWETT, I heard someone say you dont want any open lines of credit but it does not hurt to have some, I have been getting people approved to buy bikes for little over a year now, One thing that is a misconception is peoples credit scores i have gotten 520's get approved and 620's not, So alot of the times the score doesnt mean whether or not your good enough to get approved
01-31-2007, 12:55 PM
#57
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Re: Bike Loan Question?
The average CMA makes about $108,000 in Canada, and the average CA makes a lot more, lol.
01-31-2007, 12:58 PM
#58
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Re: Bike Loan Question?
01-31-2007, 02:27 PM
#60
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Re: Bike Loan Question?
Looks like homeboys friend is so ****** lazy he wont even get on a computer and ask himself. Carrin this dude around on your back all the time has got to get tiring. trust me lose the dead weight now. Sounds like he needs to move out of his moms house before he gets a bike. Get a legit job and pay taxes like the rest of us. the rest of us that support bums and illegal immagrants, dead beats, people that work 3 months and collect unemployment the rest of the year. drains on society like we fu(king owe these LOSERS something. I havent been without a job for more than 2wks since I was 15, Ill be 30 feb 10. Made my own money my whole life (momy and dady didnt pay for college either) Now I own 5 houses. My point being nobody owes your friend anything not u or his mom who I now feel bad for. I hope he never gets a bike cause he shouldnt keep burdening mom or friends for something he cant afford and dont need.
