too good of credit? (new bike)

Wolfman
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Wolfman
Edited Date/Time 1/27/2012 6:36pm
Dudes! I posted a Thd a few days ago showing a used Honda I was looking at. Well I ended up going to Honda of Tulsa Saturday and looking at new ktm's. After I got home I filled out a credit app online. So Sunday I find out the guy I sold my2006 450 Kawi was willing to sell it back. So I went to the credit union yesterday and got the money and went and bought the bike. Today I found out I also got approved for the ktm. I think I'm gonna buy it too!

When it rains it pours fellas.
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Deetsmx
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Deetsmx 10/12/2011 11:50am
10/12/2011 11:50am
Always a good idea to finance dirt bikes.
Hut
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Hut 10/12/2011 11:55am
10/12/2011 11:55am
What KTM are you considering? just curious
possibly next year I will be looking for a new bike (if I can get past a couple of these nagging injuries) I think I said the same thing last year though. Sad
OUMX117
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OUMX117 10/12/2011 11:57am
10/12/2011 11:57am
I'd get one or the other. And on whichever one you get put as much down as possible. Having 2 dirtbike payments would suck big time. Heck I can't stand having a car payment, so maybe it's just me?
FIREfish148
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FIREfish148 10/12/2011 12:16pm
10/12/2011 12:16pm
Deetsmx wrote:
Always a good idea to finance dirt bikes.
You're kiddin right? I'm on hold right now w/ alaska credit union to see how much I owe on my 2007 crf 450 that I bought when i was 19 with 17% interest... Geeze I was dumb. O well Apparently I only owe $1,111.11. NEVER gonna do that again. I thought it would be easy since I used to see my dad buy me bikes left n right. Little did I know about the bonus' he was getting from work...

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Wolfman
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Wolfman 10/12/2011 12:17pm
10/12/2011 12:17pm
OUMX117 wrote:
I'd get one or the other. And on whichever one you get put as much down as possible. Having 2 dirtbike payments would suck big time...
I'd get one or the other. And on whichever one you get put as much down as possible. Having 2 dirtbike payments would suck big time. Heck I can't stand having a car payment, so maybe it's just me?
Hey, have you ridden that OMC track yet?
Deetsmx
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Deetsmx 10/12/2011 12:19pm
10/12/2011 12:19pm
Deetsmx wrote:
Always a good idea to finance dirt bikes.
FIREfish148 wrote:
You're kiddin right? I'm on hold right now w/ alaska credit union to see how much I owe on my 2007 crf 450 that I bought...
You're kiddin right? I'm on hold right now w/ alaska credit union to see how much I owe on my 2007 crf 450 that I bought when i was 19 with 17% interest... Geeze I was dumb. O well Apparently I only owe $1,111.11. NEVER gonna do that again. I thought it would be easy since I used to see my dad buy me bikes left n right. Little did I know about the bonus' he was getting from work...
See, you could sell the bike and make a nice profit, it's at least worth $200 more than you owe on it.
Wolfman
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Wolfman 10/12/2011 12:21pm
10/12/2011 12:21pm
The used bike I got for 6.5% or something like that. The KTM is supposed to be 4.5%, but Imma have to see it to believe it. If the payment is over $200/mo then I will probably pass.
Wolfman
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Wolfman 10/12/2011 12:24pm
10/12/2011 12:24pm
Hut wrote:
What KTM are you considering? just curious possibly next year I will be looking for a new bike (if I can get past a couple of...
What KTM are you considering? just curious
possibly next year I will be looking for a new bike (if I can get past a couple of these nagging injuries) I think I said the same thing last year though. Sad
The 2012 450 sxf.
akmx17
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akmx17 10/12/2011 12:27pm
10/12/2011 12:27pm
Deetsmx wrote:
Always a good idea to finance dirt bikes.
FIREfish148 wrote:
You're kiddin right? I'm on hold right now w/ alaska credit union to see how much I owe on my 2007 crf 450 that I bought...
You're kiddin right? I'm on hold right now w/ alaska credit union to see how much I owe on my 2007 crf 450 that I bought when i was 19 with 17% interest... Geeze I was dumb. O well Apparently I only owe $1,111.11. NEVER gonna do that again. I thought it would be easy since I used to see my dad buy me bikes left n right. Little did I know about the bonus' he was getting from work...
Always a good idea to finance then turn around and sell come season end.
OUMX117
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OUMX117 10/12/2011 12:28pm
10/12/2011 12:28pm
OUMX117 wrote:
I'd get one or the other. And on whichever one you get put as much down as possible. Having 2 dirtbike payments would suck big time...
I'd get one or the other. And on whichever one you get put as much down as possible. Having 2 dirtbike payments would suck big time. Heck I can't stand having a car payment, so maybe it's just me?
Wolfman wrote:
Hey, have you ridden that OMC track yet?
Yep several times actually. I'll be out there tomorrow night as long as it's dry enough. We got a tremendous amount of rain last weekend 4+ inches and a little more last night too. I believe they are having their first night race under the lights on Saturday. The track layout is fun and the lap times are decently long (experts are in the 1:52-54 range).
mxb2
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mxb2 10/12/2011 12:28pm
10/12/2011 12:28pm
Not a bad idea , as long as its paid off in a year!
moto589
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moto589 10/12/2011 12:31pm
10/12/2011 12:31pm
Wolfman wrote:
The used bike I got for 6.5% or something like that. The KTM is supposed to be 4.5%, but Imma have to see it to believe...
The used bike I got for 6.5% or something like that. The KTM is supposed to be 4.5%, but Imma have to see it to believe it. If the payment is over $200/mo then I will probably pass.
Wow............I would highly advise you to just stick with the used bike and call it a day and save your money. If you filled out the credit application yesterday you should know the terms of your loan. With words like 'or something like that,' 'supposed to,' 'see it to believe it,' I'm not sure you are in a position to be taking out loans for a dirt bike.

Regarding keeping your monthly payment under $200, you should know this by now. You don't need credit approval to tell you your monthly payment. If you spend $7k w/ 0% for 36 months you owe $195 a month. At best you'll get 6.9% for 36 months from KTM.
Dirtysmile56
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Dirtysmile56 10/12/2011 12:35pm
10/12/2011 12:35pm
Come on guys he's buying them on credit, you don't really have to pay those things back anymore in America. Right?
mxb2
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mxb2 10/12/2011 12:37pm
10/12/2011 12:37pm
How many years max would you advise to finance w/o getting screwed to bad? LOL, my buddy wants to get one and restablish his credit.
stephon
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stephon 10/12/2011 12:38pm
10/12/2011 12:38pm
Wow, buying 2 bikes at once? I plan that the next bike I buy, like the last one, will be cash. I got sick of having debt and erased it from my life, especially for a money-pit like a dirt bike. At any rate, if you can afford it have fun and be safe!
Wolfman
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Wolfman 10/12/2011 12:50pm
10/12/2011 12:50pm
The last several we spayed cash for. Things aren't as good as the were, but still pretty damn good.

Moto589, fuck off dick. I have plenty of capital, no reason for you to fuckin over analyze everything.
mxb2
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mxb2 10/12/2011 12:54pm
10/12/2011 12:54pm
Wolfman wrote:
The last several we spayed cash for. Things aren't as good as the were, but still pretty damn good. Moto589, fuck off dick. I have plenty...
The last several we spayed cash for. Things aren't as good as the were, but still pretty damn good.

Moto589, fuck off dick. I have plenty of capital, no reason for you to fuckin over analyze everything.
Congrats dude, brush off the haters! Most haters are just jealous and want a new bike and bling but cannot get it.
Shawn142
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Shawn142 10/12/2011 1:02pm
10/12/2011 1:02pm
mxb2 wrote:
How many years max would you advise to finance w/o getting screwed to bad? LOL, my buddy wants to get one and restablish his credit.
No dealer will finance a luxury item like a bike to someone without pretty spotless credit. It's not exactly something you use to repair or establish credit. You can get a car with poor credit but at a terrible rate in excess of 15 to 20% interest.

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mxb2
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mxb2 10/12/2011 1:04pm
10/12/2011 1:04pm
mxb2 wrote:
How many years max would you advise to finance w/o getting screwed to bad? LOL, my buddy wants to get one and restablish his credit.
Shawn142 wrote:
No dealer will finance a luxury item like a bike to someone without pretty spotless credit. It's not exactly something you use to repair or establish...
No dealer will finance a luxury item like a bike to someone without pretty spotless credit. It's not exactly something you use to repair or establish credit. You can get a car with poor credit but at a terrible rate in excess of 15 to 20% interest.
Thanks i will relay the bad news LOL! He has a decent down payment though.
ga_pike
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ga_pike 10/12/2011 1:04pm
10/12/2011 1:04pm
Wolfman wrote:
The last several we spayed cash for. Things aren't as good as the were, but still pretty damn good. Moto589, fuck off dick. I have plenty...
The last several we spayed cash for. Things aren't as good as the were, but still pretty damn good.

Moto589, fuck off dick. I have plenty of capital, no reason for you to fuckin over analyze everything.
Um wow... that's a bit harsh isn't it? You posted and he offered up his thoughts. Now you want to tell him to F off and call him a dick? That's kind of a dick move in itself bro. If you wern't looking for responses, maybe you shouldn't have posted in the first place? Or perhaps it wass just a dick move to brag that you can buy 2 bikes right now and it makes you feel good about yourself. Either way, no need to go off on Moto589.
mx510
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mx510 10/12/2011 1:17pm
10/12/2011 1:17pm
Part of the reason that I bought my 09 Suzuki a while back was the AWESOME financing ( awesome being in terms of interest rate). I got from Suzuki .99% interest. I make 150 dollar a month payment and 6.50$ goes to interest per month. That being said, I still wish the thing was paid off.
FIREfish148
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FIREfish148 10/12/2011 1:23pm
10/12/2011 1:23pm
Yea wolf that was kinda dick of you man.

The other shitty part about buying a bike on time is that you have to have the b/s insurance that goes on top of it.
Wolfman
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Wolfman 10/12/2011 1:27pm
10/12/2011 1:27pm
Wolfman wrote:
The last several we spayed cash for. Things aren't as good as the were, but still pretty damn good. Moto589, fuck off dick. I have plenty...
The last several we spayed cash for. Things aren't as good as the were, but still pretty damn good.

Moto589, fuck off dick. I have plenty of capital, no reason for you to fuckin over analyze everything.
ga_pike wrote:
Um wow... that's a bit harsh isn't it? You posted and he offered up his thoughts. Now you want to tell him to F off and...
Um wow... that's a bit harsh isn't it? You posted and he offered up his thoughts. Now you want to tell him to F off and call him a dick? That's kind of a dick move in itself bro. If you wern't looking for responses, maybe you shouldn't have posted in the first place? Or perhaps it wass just a dick move to brag that you can buy 2 bikes right now and it makes you feel good about yourself. Either way, no need to go off on Moto589.
I did want feedback. Something like "use one for practice." or "you should turn the kx into a supermoto bike".

Not some jerk acting like he can't believe I got a loan, just because he doesn't like my dialect.

It is what it is tho.
mxb2
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mxb2 10/12/2011 1:34pm
10/12/2011 1:34pm
FIREfish148 wrote:
Yea wolf that was kinda dick of you man. The other shitty part about buying a bike on time is that you have to have the...
Yea wolf that was kinda dick of you man.

The other shitty part about buying a bike on time is that you have to have the b/s insurance that goes on top of it.
Insurance for the loan or bike insurance?
Shawn142
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Shawn142 10/12/2011 1:36pm
10/12/2011 1:36pm
mxb2 wrote:
Thanks i will relay the bad news LOL! He has a decent down payment though.
Even before the financial crunch when I worked at a dealer I saw kid after kid come in looking to start or repair his credit by buying a bike. Every one of them got turned away no matter what they brought to the table. His best bet would be to take the idea to his bank and get them to finance it at a higher interest rate. Unless you qualify for the special rates the dealers are offering they don't want you.
mxb2
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mxb2 10/12/2011 1:39pm
10/12/2011 1:39pm
mxb2 wrote:
Thanks i will relay the bad news LOL! He has a decent down payment though.
Shawn142 wrote:
Even before the financial crunch when I worked at a dealer I saw kid after kid come in looking to start or repair his credit by...
Even before the financial crunch when I worked at a dealer I saw kid after kid come in looking to start or repair his credit by buying a bike. Every one of them got turned away no matter what they brought to the table. His best bet would be to take the idea to his bank and get them to finance it at a higher interest rate. Unless you qualify for the special rates the dealers are offering they don't want you.
Thanks for the info Shawn142, He tried a bank, credit union, no luck , financing a toy is more of a gamble to them!
Wolfman
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Wolfman 10/12/2011 2:06pm
10/12/2011 2:06pm Edited Date/Time 10/12/2011 2:08pm
Yeah, douche title for the thread, I know. I was in a hurry.

Here is something I was hoping to get an Answer to.2006 is $80 a month, say the 2012 is $200 a month. but the 06 is gonna red more maintenance, tires ate shot, needs new plastic... The 2012 should be good to go, and actually cheaper per month for a certain amount of time. I wonder at what point the 2012 actually becomes more expensive to own.
Deetsmx
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Deetsmx 10/12/2011 2:08pm
10/12/2011 2:08pm
Wolfman wrote:
Yeah, douche title for the thread, I know. I was in a hurry. Here is something I was hoping to get an Answer to.2006 is $80...
Yeah, douche title for the thread, I know. I was in a hurry.

Here is something I was hoping to get an Answer to.2006 is $80 a month, say the 2012 is $200 a month. but the 06 is gonna red more maintenance, tires ate shot, needs new plastic... The 2012 should be good to go, and actually cheaper per month for a certain amount of time. I wonder at what point the 2012 actually becomes more expensive to own.
When you sell it
Wolfman
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Wolfman 10/12/2011 2:16pm
10/12/2011 2:16pm
Ha! Yup.
mxpunk
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mxpunk 10/12/2011 2:19pm
10/12/2011 2:19pm
financing a dirtbike is a really, really DUMB idea

this is why our country is in the shitter...people finance dumb shit they dont need.

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