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Hey guys I am looking for some suggestions on dealers/shops that can assist me in financing a used bike. I'm looking for a 600rr. Reason I want to finance a used one is to avoid all the extra costs associated with a new one.

Any suggestions?
 

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contradiction incarnate
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get your financing through your bank and just cut a cheque for the bike
 

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Discussion Starter #3
slam said:
get your financing through your bank and just cut a cheque for the bike
oh woops, forgot to mention that my bank will not approve me for a loan cuz my credit is less than perfect. That's why I'm looking for other alternatives or assistance.
 
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if you are buying from a dealer there will be "extra costs", new or used. if you have problems with a bank loan, chances are you will have the same problems with a dealer/factory loan.
 

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contradiction incarnate
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get a relative to co-sign with you and get the bank loan.
get yourself as the primary payer of the loan.
this will get you the financing for the bike and help to fix your credit.
(just make sure to make all the payments in full and on time... also don't pay off the whole thing really fast... the longer you take to do it, the more it'll help your credit)
 

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doug said:
if you are buying from a dealer there will be "extra costs", new or used. if you have problems with a bank loan, chances are you will have the same problems with a dealer/factory loan.
hmmm, I know what you are saying but in my experience some dealers have been a little more lenient/accomodating in financing my purchases (cars anyway) despite my credit when banks have turned me down.

Oh and the "extra costs" i am referring to are just the freight/pdi/etc. associated with new vehicles. As well buying used generally shaves a few grand off the MSRP anyway so that's a big factor as well.
 
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Why don't you just get an '05 at a killer price. You will still be able to get their top financing rates because they usually do the year prior as well. You can get a 600RR for probably under 5% and they approve basically anyone from what I have seen. And just try and talk your way out of freight/pdi just depends who is selling the bike, and how much they want the sale.
 

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buy with visa card cash advance 0%.. in 12 months when the low rate runs out transfer it to a mastercard at 0%... you cant transfer between like cards (ie: royal visa/ cibc visa) but you can go between companies ie visa to m/c or m/c to amex. when the whole thing has gone too far, go to the bank and you can pull a debt consolidation loan, unsecured... should be able to pull down prime.. this will get you 2 years no interest and then the rest at prime. best used car rates are prime plus 1 and you'd have to put up the bike as security.

but hey... what do know... :D
 
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fish_antlers said:
buy with visa card cash advance 0%.. in 12 months when the low rate runs out transfer it to a mastercard at 0%... you cant transfer between like cards (ie: royal visa/ cibc visa) but you can go between companies ie visa to m/c or m/c to amex. when the whole thing has gone too far, go to the bank and you can pull a debt consolidation loan, unsecured... should be able to pull down prime.. this will get you 2 years no interest and then the rest at prime. best used car rates are prime plus 1 and you'd have to put up the bike as security.

but hey... what do know... :D
Sounds very... safe...:surrender
 

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if you get a loan on a car or bike worth less than 7 or 9 grand expect your rate to be ginarmous (ie over 12%). Also there will be a lean on your bike which is a whole new hastle.

What you got to do is ask for a line of credit, about 10k limit. Use that. Rate will be prime +2 to 3% and there will be no lean on the bike.

Or you could do a combo of this and creditcards.

Edit:
Did not see your credit is less than perfect. I know some people that will lend you the cash, but you have to leave your right ball as a deposit. :)
 

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fish_antlers said:
buy with visa card cash advance 0%.. in 12 months when the low rate runs out transfer it to a mastercard at 0%... you cant transfer between like cards (ie: royal visa/ cibc visa) but you can go between companies ie visa to m/c or m/c to amex. when the whole thing has gone too far, go to the bank and you can pull a debt consolidation loan, unsecured... should be able to pull down prime.. this will get you 2 years no interest and then the rest at prime. best used car rates are prime plus 1 and you'd have to put up the bike as security.

but hey... what do know... :D
Man thats nuts. That would have to completly destroy his credit rating. And considering its bad in the first place what credit card company would max him at like 10G. But you know if that worked, it would be genious.

Dealer financing is expensive though isnt it? A friend of mine went to ask about financing on a ninja 500 and they told him it would be around 13 percent if i recall properly. Im sure if you have a job you can negotiate that with a bank in the form of a line of credit, that way you only pay interest on what you spend and you can pay it back when you want without all the limitations.
 

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? Why would it destroy your credit rating? It would IMPROVE your credit rating. Credit ratings are based on revolving debt and regular payments. The fastest and easiest way to build credit is to get a bunch of credit cards and use them, payu them regularly. Why would you want to get a loan at 13% when there are tons of cards that have between zero-6% initial offerings for new customers? What I outlined is not only safe, but it's a proven way to build a credit history.

No idea why people are suggesting lines of credit.. you usually cnt get one without owning a property, and if you own a property you wouldnt be here asking how to finance a used bike.

The key would be is continually make your minimum payments or just above. Ensure that your transfer your balance tot he next card in time so you dont pay any interest, and then of course the no brainer is getting a debt consolidation loan to nuke the card balances after a year or so.

Like I said, you wont get better than prime +1 on a used vehicle... prolly prime +2 if its older... on a debt consolodation loan to nuke the card's balance you should be able to pull down prime or prime -1 .... unsecured.


Of course it works. If it didnt work I wouldnt share it with ya'll...

"OPM".... "other people's money" ...dat's da key to getting da shit.

Now... as a caveat if yer totally new at this and dont have aclue, I'd go online and use some payment calculators to estimate your monthly payments...

here's a good one: http://www.hsbc.ca/public/canada/personal/calculators/en/loanpayment_popup.html

The meathod I am describing IS NOT a way to get a bike and not pay... you still have to pay.. you'll just pay far less interest... make sure you dont screw yourself and get in over your head, because when you pull down a loan for the bike you will end up paying monthly. Oh.. and insure the shit out of the bike.. make sure your insurance declared value meets or exceeds what you owe on the debt... worst thing would be to have no bike and still owe. that would suck.
 

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if he has a bad credit rating, he aint getting a card, especially 0% one. And just for personal info, who gives 0% cards for 12 months. I usually get 2% for 6 months ....
 

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get them in the mail all the time.. and ya. even withbad credit a CC company would be more than happy to give some guy a card... that's how they work .. getting people stuck in debt... and even if you only get 2%.. that's tons better than 7.5% at prime plus 1 or the sucker's rate of 13% from the bank for a used car loan. read and learn... you dont have to take my advice or even believe me... like I said.. OPM... other people's money.
 

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contradiction incarnate
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fish_antlers said:
get them in the mail all the time.. and ya. even withbad credit a CC company would be more than happy to give some guy a card... that's how they work .. getting people stuck in debt... and even if you only get 2%.. that's tons better than 7.5% at prime plus 1 or the sucker's rate of 13% from the bank for a used car loan. read and learn... you dont have to take my advice or even believe me... like I said.. OPM... other people's money.
your method is viable.
the person doing it would just have to be responsible enough to really keep on top of things.

oh, and you don't necessarily need property or even security to get a line of credit.
an unsecured line of credit for well over what most japanese bikes cost is very attainable.

the shortcomings in credit rating was why I was suggesting getting a good co-signer.
 

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Yeah im doing some deep research into this right now, there are a few things you mentioned that arent true, but the credit card 0% apr transfer idea is looking like it could work. But im gonna go deep into this one to find out, it if works it would be genious.
Oh an lines of credit are not hard to get and you dont need property. Just a job pretty much to get a 10,000 line.
 

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Been there, Wrecked that!
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Shitty credit would suck. I called about a charge on my VISA the other night and once it was straight they told me I had been pre-approved for an extra $12,000 :eek: Thanks but no thanks.

As for a line of credit, we we're just approved, my wife and I and it only took 3 days. No property and we both still owe $25,000 between us in Student Loans, plus CC's, and a car loan.


I could almost buy that Ducati in the sky...
 

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damnit, i have a perfect credit and i still dont get this fucking 0% offers .. just 2-3%, must be a conspiracy
 

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you can get a personal line of credit, which won't be secured against anything, without owning any property, it just won't be very much.

you can also get a personal loan without securing it against anything.

however, it will be tough to get one of these without a good credit rating. basically, you will have to take out a loan that will be secured against the bike. this will put a lein on the bike until the loan has been paid out.

you can still sell the bike with a lein on it, but it takes a few more steps and an understanding buyer. basically, if you do sell, take the buyer to the bank with you, explain what you want to do, and they will do it.

the teller will take the check from the buyer, put it into your account, then use the funds to pay off the loan. if there is any money leftover, you will get it. but, if money is still owing on the loan, you will have to pay that off before the lein is removed from the bike.

no matter what, you are going to pay high interest, so this is what I propose. go get an RRSP loan for $1000. make the payments on time each month and pay the interest. it won't be much and it add ++ ratings to your credit rating.

save $3000 and then go buy a used bike for cash.
 
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