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Hi,
Has anyone had any luck getting a small money or cash loan for a used moto with just ok credit? I was looking to finance about $4k and you cant buy a new bike for that.

I was looking into a few different websites like motorcyclelending.com or prosper.com or something of that nature to see if I could qualify. Has anyone have any luck with any of these?

I own a fullsize pickup and want to get into a 600cc to commute with but funds (mainly due to gas prices :mad:) are pretty tapped.
 
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It's definitely possible. Just be prepared to pay a ridiculously high interest rate. The husband and I looked into financing a used bike several years ago (and we both had excellent credit), the best we could get for an interest rate was 14%. We wound up just scraping up the money and paying cash.

Good luck :)
 

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Not sure if you're eligible but I'd look into credit unions. I didn't want to dig into savings for my first bike -- almost did but then found a local credit union which could dole out a 5% interest rate on a used bike. If you buy used through a dealership do not go through their financing company -- like Rebel said, you'll be looking at an interest rate of 15%+ these days. The dealership I got mine from offered me a 25% interest rate -- I laughed thinking they were kidding. I mean, that's worse than any credit card out there!

The only downside to the credit union is you often need to qualify: be a student, be a teacher at a public school, be a government employee, in the military, etc. Different credit unions have different requirements, so it's worth looking into.

Edit: Also, call me old fashioned but I'd steer clear of any of the online lending places. I've got no justification for it but it makes me a lot more comfortable to look someone in the eye and shake their hand before signing a stack of a paperwork that says they own my first born if I don't pay. :D
 

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Credit Union membership (at least locally) is easy to qualify for. When I first got in it was thru an employer, now as long as you prove residency in the county you can join. Gonnaride: I did the same, my only vehicle is an F250 diesel 4X4, (not counting my off road toys and horses). For this truck milage is pretty good at around 15 avg. mpg. Just got a Vulcan 500. My first tank while still learning and commuting is 54 mpg. At this rate, what I spent on fuel for the truck, I can fill the bike and make the payment. Insurance wasn't too bad, about 400 a year. Could probably beat it but went thru the agent that covers my other stuff. was cheaper than the Gieco quote I got tho...
 

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i also suggest checking your local credit unions. we got started with them on a boat loan many years ago. to become a member back then we had to open a $10 savings account. We now have several loans with them. i recently bought a new truck and got under 5%. when i bought my bike a few weeks ago i called them and got the go ahead over the phone. I was going to private parties for aused bike so i stopped in before i went looking and they gave me the 4800 i asked for in cash, as a signature loan then changed it to a motorcycle loan once i brought them a copy of the title. Rates on the used bike were a bit higher 7.5%
 

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My wife works for a bank and with the economy right now they are not even financing used bikes and on new bikes the interest is crazy high.
 

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My bike is a 2006 Honda Shadow Spirit 750. I purchased it used for less than $5,000. I financed everything but tax, title, etc. New bike would have been 3.99%. This was via Honda Finance.

Your credit rating will certainly influence your rate, but25% sounds very high. What area you live in can impact credit as well. I am in central Ohio.
 

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We were able to get financing for a used bike at 7.24% last month from our bank (USAA) but we do have excellent credit (scores in the 780s) and we have a long history with our bank. So, it's not impossible.

~~Veronica
 
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My bike is a 2006 Honda Shadow Spirit 750. I purchased it used for less than $5,000. I financed everything but tax, title, etc. New bike would have been 3.99%. This was via Honda Finance.

Your credit rating will certainly influence your rate, but25% sounds very high. What area you live in can impact credit as well. I am in central Ohio.
That's great! Did you buy new? I know it's easier with new bikes, they tend to offer better rates and incentive deals.

At the time we tried to buy a used bike, we just couldn't catch a deal. It was explained to us as "Well, this is a loan for a "luxury" item," i.e., something we didn't need and therefore there was a high likelihood that we would default on this loan before, say our mortgage, car payments, etc. And we shopped around, we just couldn't do better than 14%. Maybe it was just our area and the state of loans at the time. Who knows?
 

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Your credit rating will certainly influence your rate, but25% sounds very high. What area you live in can impact credit as well. I am in central Ohio.
Well, the dealership told me that the company they use for financing used bikes is the same as the one they use for people with bad credit. Hence the crap interest rate.

This was on the outskirts of the DC metro area so your right, location probably is a factor too. Either way, I agree 25% was outrageous -- I didn't take the deal.
 

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Discussion Starter #13
online lenders

Ok. So I went to my local Honda dealer today. They had a nice selection of bikes BUT they left absolutely NO room for bargaining... AND they were asking beyond all of the money for the used bikes. The whole time I was there they wanted to steer me towards the new bikes. :mad:

I would rather have the flexibility to buy from a dealer OR a private party.


Just to let you know my credit score is 691 and they wanted to ram a nice 19.9% finance rate directly up my rear end. :eek: ...no thanks.

At this point for motorcyclelending I would really like to obtain a cash in hand loan, similar to something that the local credit unions have to offer. My local credit union didn't want to finance me because they want to know the details about the bike first even though I'm still in the shopping process. They were able to give me a pre-approval at 12% +/- :cool:

OR... an online financing option through motorcyclelending.com or prosper.com Could someone tell me if they have had any luck with these types of sites? :confused:
 

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Ok. So I went to my local Honda dealer today. They had a nice selection of bikes BUT they left absolutely NO room for bargaining... AND they were asking beyond all of the money for the used bikes. The whole time I was there they wanted to steer me towards the new bikes. :mad:

I would rather have the flexibility to buy from a dealer OR a private party.


Just to let you know my credit score is 691 and they wanted to ram a nice 19.9% finance rate directly up my rear end. :eek: ...no thanks.

At this point for motorcyclelending I would really like to obtain a cash in hand loan, similar to something that the local credit unions have to offer. My local credit union didn't want to finance me because they want to know the details about the bike first even though I'm still in the shopping process. They were able to give me a pre-approval at 12% +/- :cool:

OR... an online financing option through motorcyclelending.com or prosper.com Could someone tell me if they have had any luck with these types of sites? :confused:

my credit union did the same. i took $4800 in hand on a signature loan at 12%, drove 150 miles and looked at 3 bikes from private parties, bought 1 for 4000 and used the rest of the money for tax, helmet, jacket ..etc. brought them a copy of the title the next day and they converted it to a secured loan. check if your credit union will do the same.
 

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Hi,
Has anyone had any luck getting a small money or cash loan for a used moto with just ok credit? I was looking to finance about $4k and you cant buy a new bike for that.

I was looking into a few different websites like motorcyclelending.com or prosper.com or something of that nature to see if I could qualify. Has anyone have any luck with any of these?

I own a fullsize pickup and want to get into a 600cc to commute with but funds (mainly due to gas prices :mad:) are pretty tapped.
It may not be what you want to do....but can you just buy a cheaper bike?

Local place buys cheap, old bikes and refurbs them for resale.

They currently have a 750cc Yamaha vintage 1979 standard Jap cruiser. Has 12K miles on it. They repainted the bike (good job too), new tires, all fresh fluids, new cables, new seat, new battery....fully functional bike. All polished and ready to go. They want $1200 for it. I gave $900 for a 1980 Kawasaki KZ1000 last year.

You can save 3 or so months worth of payments and just OWN something.
 

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I just went through the same thing when purchasing my bike. I figured with the economy it might be hard to get a used bike loan. I was looking at buying one on ebay and saw they had financing for motorcycles which it says as low as 9.99 percent. I assumed that would be about as cheap as I could get anywhere. However after I filled out the credit app, with excellent credit I was sent to citifinancial and their great low rate was 19.99% and I could have over twice what I wanted. I laughed at them and told them how ridiculous they were. I then called a couple of local credit unions. and both were around 6.5% and all you have to have is a savings account with them with $25.00. I bought a new truck a few years back and they gave me 4% on it. All my future loans will be with them as long as they remain competitive.
 

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Also, the credit union stated that most banks don't consider motorcycles vehicles which is why the interest rates are higher. The credit unions consider them a vehicle.
 

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Yeah, I can't help at all on the credit stuff but IMO you'd be better off with a cheaper, and more efficient bike. You said you wanted a bike for commuting due to gas prices... well, most 600cc bikes aren't great on gas (I'll mention before Hogrider does that the FZ6 is an exception, the FZ6 gets 50-60mpg). You'd be better off with a 500 or a 650 with a twin-cylinder engine. Insurance will be cheaper too.
 

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Yeah, I can't help at all on the credit stuff but IMO you'd be better off with a cheaper, and more efficient bike. You said you wanted a bike for commuting due to gas prices... well, most 600cc bikes aren't great on gas (I'll mention before Hogrider does that the FZ6 is an exception, the FZ6 gets 50-60mpg). You'd be better off with a 500 or a 650 with a twin-cylinder engine. Insurance will be cheaper too.
Yeah it will and in the stock configuration anyway. If you can find one they are going for $4,000 to 5,000 used. Around town the FZ6 will pull 45-48mpg. Right you are on the insurance side as the FZ6 is considered a supersport and the insurance companies will charge accordingly.

As with any financing it pays to shop around as the lender is there to make money and the current used rates are in the ouch category. I like cash and ride as it is much easier on the wallet or purse as the case may be....
 
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