: 20 year old looking to finance a v, any suggestions



yamablaster024
06-24-10, 09:42 PM
looking to finance another v, i had to sell mine last year when my dad lost his job last year to put food on the table and pay some house payments. My dad finally got back on his feet and while i pretty much spent all the money left from my V on school and what not im looking to get into another one. My credit is weak... around a 640. I do have almost 3 years of solid history with no missed payments but i also have an 09 r1 and 09 r6 financed in my name as well as a credit card maxxed out (only 2k)

As far as interest rates im not trying to go over 15% but I also realize i look like a risk to banks not only cause of the times but due to the fact that I have short credit history and I already have 2 vehicles in my name. Affording the car is not a problem, i make between 600-1100 a week on paper. Anyway I figured if anyone had any similar situations and any banks that deal with a high risk lender like myself. Thanks. Figured I would ask before I went and got denied and put negative inquiries onto my report.

repenttokyo
06-24-10, 10:11 PM
this might seem like a strange suggestion, but if you are already heavily in debt with bad credit why do you want to take on another loan instead of taking care of your current debts?

814V
06-24-10, 10:12 PM
looking to finance another v, i had to sell mine last year when my dad lost his job last year to put food on the table and pay some house payments. My dad finally got back on his feet and while i pretty much spent all the money left from my V on school and what not im looking to get into another one. My credit is weak... around a 640. I do have almost 3 years of solid history with no missed payments but i also have an 09 r1 and 09 r6 financed in my name as well as a credit card maxxed out (only 2k)

As far as interest rates im not trying to go over 15% but I also realize i look like a risk to banks not only cause of the times but due to the fact that I have short credit history and I already have 2 vehicles in my name. Affording the car is not a problem, i make between 600-1100 a week on paper. Anyway I figured if anyone had any similar situations and any banks that deal with a high risk lender like myself. Thanks. Figured I would ask before I went and got denied and put negative inquiries onto my report.

Try a credit union first. They are gonna be the most likely to offer you a loan. Are your Yamaha loan's through HSBC (Yamaha card)? If they are you must have decent credit because they are pretty tough on financing.

Zo6PwRd
06-25-10, 12:06 AM
why not sell one of the bikes and pay off that loan? why have two different bikes anyways?

Roidz24
06-25-10, 12:37 AM
Just curious...why do you have an r6 AND an r1?

814V
06-25-10, 01:32 AM
rule number one. you can never have to many motorcycles

perfect
06-25-10, 02:18 AM
I remember when you sold your V last year. Are you really sure that you want to get back into a V if you're not 100% financially stable?

CadiBlk
06-25-10, 10:22 AM
mmmmm america

Cobrahunter
06-25-10, 05:04 PM
sell the r1 and pay off the credit card and save your money and put it down on a nice v

were you the one selling the green V?

yamablaster024
06-25-10, 05:10 PM
HSBC yes

and il talk to my credit union thanks

yamablaster024
06-25-10, 05:10 PM
and yes green v

Aurora40
06-25-10, 07:28 PM
As far as interest rates im not trying to go over 15%
I don't mean to come off like a jerk or anything, but you really would be fine with paying 15% interest on a car loan for a car you don't need? A $15k loan over 3 years, that is almost $4,000 worth of interest you would pay. On a 5 year loan, it would be over $6,000. That is a lot of money to throw away.

You mentioned you can afford it, but wow, that is a lot of interest you'll have to "afford". And you'd be working 1-2 weeks a month to make the payment on a 3 year loan, and that's just with a V @ $15k. At 20, you have your whole life ahead of you, but you won't if you are saddled with bad financial decisions. My two cents, you can't afford the car. Sock your money away for 6 months or so, and then re-evaluate things. The cars will get cheaper, your credit may get better, and you'll have more money in the bank to put towards the purchase.

yamablaster024
06-25-10, 07:53 PM
I appreciate the input guys, I think I have decided to save up and just buy one outright later on. I bought my last z06 in cash and it was a very good feeling. However It is very hard for me to save my money the only way I can not blow it is to know i have a payment coming up. I started a savings account today though that deducts 10% of my money from my paycheck so we will see how that works out. Thanks for the constructive criticism it is appreciated.

CadzillaTN
06-25-10, 09:28 PM
pay cash for a cheap honda. pick a growing field and put those would be V payments against tuition for 4 or 5 years. when you land a job at 25 you wont have student loan payments, so you'll reward yourself with a much newer V... good luck

-T-
06-26-10, 12:36 AM
i'm not trying to hate on you or anything. But on paper with one week making an average of 4000 a month, and another check making 2400 a month, most lenders would be hesitant to lend to you anyways without STEADY income. Is the majority of it commission based? Pay on you maxed out card. bring the balance below 30%. The two bikes in your name shouldnt be a problem as long as your debt to income is fairly decent (under 35%). Your score will shoot up in the 700's after you bring down your maxed out credit card. Trust ME!

fnipunk
06-26-10, 06:34 PM
T is exactly correct. I am a Finance Manager and I have been putting loans together for in the Auto/RV Industries for over 13 yrs. The revolving debt is what is dragging your score down. If that same credit card had a limit of $10,000 it would be helping your score, not hurting it. Get it under 30% like -T- said, and your score will jump over 700 within 30-45 days depending on which of the 3 credit bureaus the bank is using to make the decision. Another thing that will help a lot is to get 1 payment ahead on each of your bike loans. That will actually help better than selling and paying one off.
If all else fails, a Dealership will have more pull getting you finance then you by yourself, and it will greatly depend on the Business Manager's relationship with his lenders.
Did you try the same bank that your previous V was financed with? Assuming that you payed them ontime all the time, they will be your most likely candidate.
Hope this helps!

repenttokyo
06-28-10, 12:08 PM
I appreciate the input guys, I think I have decided to save up and just buy one outright later on. I bought my last z06 in cash and it was a very good feeling. However It is very hard for me to save my money the only way I can not blow it is to know i have a payment coming up. I started a savings account today though that deducts 10% of my money from my paycheck so we will see how that works out. Thanks for the constructive criticism it is appreciated.

great, glad to hear it :)

yamablaster024
06-28-10, 03:58 PM
600 is a min but im usually working 60 hour weeks which is where the 1100 comes in. Thanks for the ideas guys i figured i would have someone chime in with experience

cleve
06-28-10, 04:29 PM
i have family in cleveland on the east side of town near maple heights. do you want to sell the r1?

cleve
06-28-10, 04:30 PM
i tried to send a pm but the forum gods said im too new here:thehand:

Mystical_Ice
06-29-10, 11:52 AM
I was 19 years old when I decided I wanted a V, and you know what I did? I didn't do things the American way (i.e. buy a $50,000 car at 19 years old, plunging myself into debt for the next 5 years). Instead, I kept driving the POS i had, and SAVED UP (it's a new term to a lot of people, who are used to wanting something, and getting it right away). It takes dedication and commitment, but when I did buy my V, at 21 years old, I paid for it in cash, and I NEVER looked back on that decision. Ever.

You can do what you want, but my suggestion: You may look 'cool' driving a V, and with 2 bikes, living at home, but it's not cool that you don't own any of them, and are in over your head in debt. I've always been a big fan of "don't buy what you can't afford". You're 19, don't be another statistic of someone having to claim bankrupcy by 25. Be smart.

AG'S-V
06-29-10, 12:00 PM
^ What he said :highfive: