Financing?

J

JordanTW

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I'm about to become a rider... But unfortunately my credit is shot (turns out my "friends" were not my friends). I have a quick question for you guys...

I want to be able to finance a motorcycle, with bad credit, maybe inhouse financing? I don't want to put a huge clump of money for a down deposit either. Seeing as I will be a new rider, and insurance is gonna screw me in the ***.... Do you guys know of any Motorsport dealerships in the GTA preferably Brampton (willing to travel if the price is right) that does this kind of stuff?

Let me know!

Thanks
 
Don't follow your poor choice of friends with more poor choices.

Research the cost to get into riding. Bike, course, gear, insurance, etc.

Establish a budget.

Save and work towards it. Pay yourself as you would a bank or finance company.

That will demonstrate if you can actually maintain monthly payments.

Then reward your hard work with buying the stuff you made a budget for.

Enjoy the fruits of your labour.
 
JordanTW said:
I'm about to become a rider... But unfortunately my credit is shot (turns out my "friends" were not my friends). I have a quick question for you guys...

I want to be able to finance a motorcycle, with bad credit, maybe inhouse financing? I don't want to put a huge clump of money for a down deposit either. Seeing as I will be a new rider, and insurance is gonna screw me in the ***.... Do you guys know of any Motorsport dealerships in the GTA preferably Brampton (willing to travel if the price is right) that does this kind of stuff?

Let me know!

Thanks
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Do you know your credit score? Trying to find motorcycle financing with a poor credit score can be disastrous.

In your situation financing through a dealership is a terrible idea. Motorcycles are considered a luxury item.


IMO.... Build your credit back up correctly and save up to purchase a bike.
 
...or buy used.
 
Motorcycles are classified as toys when it comes to financing . Resulting in 10% or even higher apr. You will never find anything that even comes close to a car finance rate. Best thing for a new rider is to get a used bike. Preferably old, most people will drop their bike, a used bike won't lose as much value
 
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Financing a toy is a poor financial decision. Save your money. When you have enough to buy a decent used bike, gear, insurance, and have enough set aside for general maintenance through the season, then buy. Financing should be for things you NEED that you can't afford to buy outright. No matter how much you WANT a motorcycle, it is still not a NEED. And this is coming from a guy who has never gone without a bike since he was 16 yrs old.
 
There's a member selling a gs500 for $1800. Bam. Done.
 
You are getting good advice here. Find something $2000 or less and then have some money for gear. Ideally you will do the M1 exit course as well to set yourself up for safe riding. That gs 500 is a classic starter bike. A used cbr 125 or 250 would also be good.
 
Might as well throw in my 2 cents....save your money and then buy.
Get a used cheap reliable bike. Don't worry about cosmetics as long as it's mechanically sound. Chances are if you don't destroy the bike you will be able to sell it for what you paid or with very little loss to the next new rider to learn on.
 
Also, if I ever open a motorcycle dealership, please disregard all advice in this thread.
 
Joe Bass said:
Also, if I ever open a motorcycle dealership, please disregard all advice in this thread.
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Hahahah +1

I can see it now "Why yes... Financing a motorcycle IS a great way to establish your credit.... At a very low interest rate of 19.99% .... great deal ... take it now"
 
two wheel motorsport in guelph is offering 1.99% for 48 months on ninja 300 and 650's

its a banner on this website
 
Financing is the sole reason brick and mortar motorcycle dealers exist. Even if there iss any truth to the claimed 1.99% interest abkdt41 mentioned, you're still going to have your *** handed to you by any insurance company as a first time rider on a brand new bike - buying on credit means having a healthy PL, PD coverage and collision at a minimum.

I've been out of the street bike game for a number of years. Took the rider training course (M1 exit) last fall as refresher, 40 years old, 1987 Honda CBX250, purchase price was well under $2k including new lid, gear, safety and up to date maintenance (by the numbers the WeeBX will spank the portly Ninja 300 w ABS), Insurance is 12 easy payments of $28 / year. $1M PL/PD and theft, State Farm (who doesn't care that I have recently taken the m1 course).
 
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JordanTW said:
I'm about to become a rider...I want to be able to finance a motorcycle, with bad credit, maybe inhouse financing? ...Seeing as I will be a new rider, and insurance is gonna screw me in the ***...
Click to expand...

Buy used. Do not finance. If you cannot afford it, save up and buy an older smaller bike, and build up from there. ^^^ Have you heard this before?

Financing a new bike with bad credit, if you can do it, will be much more expensive. A new rider will have high insurance rates, especially if you are young. On top of that a new bike will require comprehensive, theft and fire insurance. This is a triad of three expensive options, none of which are in your favour. Worst case: you finance a nice bike, pay a high premium, as a new rider you make a small mistake and trash your bike, but still have to pay off the loan, and you have no bike to ride.

Buy used: Buy what you can afford. A small used bike is not ?expensive. Drop it and it's not a big deal, as you're just adding to scratches that are already present. Learn to fix your bike. With an older bike you can drop comprehensive, theft and fire insurance coverage, thereby reducing your insurance costs. Insurance will still be high. As you gain experience and your insurance premiums are reduced, save and plan for your next bike. This is your first bike, not your last bike. Would you learn to fly an airplane in a Lear jet or a Cessna?
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