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I have no credit history, so my wife is going to cosign for me. what kind of credit score would she need to be able to finance? and would the amount of down payment make a difference in getting the loan or not?
i have $1500 to put down.

ANY HELP IS APPRECIATED :)
Thanks.
 

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I have no credit history, so my wife is going to cosign for me. what kind of credit score would she need to be able to finance? and would the amount of down payment make a difference in getting the loan or not?
i have $1500 to put down.

ANY HELP IS APPRECIATED :)
Thanks.
Depends what country you are in. Here in Australia, if you have not defaulted on loans or credit card before and your wife has enough left over after rent, bills card payments etc. You will be right.

I put down 1300.00 up front and my repayments are $70 a fortnight and insurance through the dealer is $34 a month covers everything.

Probably doesn't help you if you live in the U.S. or somewhwere.
 

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I'm not sure if this will help but...

My understanding is that here in the U.S. motorcycle loans are considered an "unsecure" form of debt. Other types of unsecured debt are personal loans and credit card loans. Where as say a car loan is a secured debt.

What this means is that when you go and get a car loan the lender puts a lien on your car which gives them the right to reposess it if you fail to make your payments. If selling your car doesn't fully cover your loan the lender is entitled to get you to make up the difference. Because of this, car loans can be easier to get, and typically offer better interest rates than unsecure forms of debt.

With unsecured debts (motorcycle loans), lenders don't have rights to any collateral for the debt. If you fall behind on your payments, they don't have the right to take any of your assets. However, the lender may take other actions to get you to pay. For example, they will hire a debt collector to coax you to pay the debt. If that doesn't work, the lender may sue you and ask the court to garnish your wages, take an asset, or put a lien on another your assets until you've paid your debt. They'll also report the delinquent status to the credit bureaus so it can be reflected on your credit report.

Because unsecure debt is more risk for the lender the interest rates tend to be much higher than secure debt. The application process and acceptance process is similar to what you would get when applying for a credit card (which is to say if you don't think you could get a credit card with enough money on it to buy a Ninja 300 you may have some difficulties getting a loan for the bike)

The lowest interest rates I've seen for Motorcycles outside of official Honda or Kawasaki financing deals is rates starting at 5.49% APR through USAA bank, local credit unions were starting around 7.99% APR and nation wide banks like bank of america were starting around 12% APR. But that's all based on your credit, the worse your credit is the more you'll pay in APR.

As for some tips when negotiating:

1) The dealer is going to start talking about "monthly payments" if you mention you are going to finance. So don't mention the fact that you intend to finance until after you negotiate a full out the door price.

2) Walk in pre-approved with a motorcycle loan from a local bank, USAA or a credit union in your area. If you are pre-approved and already have a starting APR you can usually get the dealer to at the very least match that loan. If not just use the bank you walked in with to finance the bike.

3) Make sure what ever loan you get that there are no penalties for paying the loan off early.
 
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