Vince asked in Business & FinanceCredit · 2 years ago

Financing a Ninja 400 sportsbike?

I have been curious as to if I would get approved if I tried financing one.

My current score is only 612, I have gone in and asked and they said it typical takes 600+ to get approved. But I don t want to run my credit just to get denied and ding it anymore.

The bike, if it be a 2018/19 is about $5100-$5400.

This would be with no money down. And if I had to put some down, how much would that be?

I know certain things come into consideration other than just the number, but all my accounts are in good standing.

I fear because I already have two waverunners financed through Yamaha with a 9.5k/13.5k balance (never been late) that I won t get approved for any limit but IDK what it all boils down to. (Just got a 300$ capital one card a week ago that dinged it a bit).

I used to have a 750, but went to jail and two credit cards I had went to collections pretty much but I paid them off as soon as I got out. Even though they are handled I feel like that would prevent me from getting approved as well.

I m only 22 if that accounts for anything, but I work 50 hour weeks at 15$/hr so I could prove viable income if that even mattered.

Thanks for any POSITIVE input or advice, take any negativity home with you (;

3 Answers

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  • 2 years ago

    If you have two other toys still being paid off...you shouldn't be buying the bike. I'd pay those off first, get together a down payment for this bike and then pull the trigger....

  • 2 years ago

    Nothing down + low score + significant debt for other toys = pretty much certain denial.

    Start setting aside whatever monthly payment you are thinking you can afford now and start building up a down payment. A year from now, the combination of the down payment you've built up, the reduced amount you have left on your other debt and time for your credit score to improve should get you there. Do not open any new credit accounts between now and then.

  • nt
    Lv 6
    2 years ago

    What makes you think you can finance a motorcycle with zero down?

    You might stand a chance with $2000 down.

    Or if you get your score back to 700+.

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