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Discussion Starter #1
I have a few grand saved up and want to buy a good used 748/916/996. I do not want to spend all of my savings so I would like to finance with as little down needed as possible based on my credit. I'm between 677-721 depending on who they pull for the credit inquiry and I make $50K a year. I also have no other outstanding loans, 4 credit cards in perfect standing I pay off every month, but I do not own a home and have never had an auto loan even though I am 29.

I don't think I'll qualify for dealer financing and if I did it would be a high interest rate and besides, most dealers aren't selling $5-6K 748/916/996's. I'm looking for something I can use private party in any state to get the best deal.

Thanks!
 

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Good luck...I had owned/financed 3 vehicles (all paid off 2yrs early) and had a 752 credit score (2-3 credit cards), worked as a Deputy Sheriff & made $38,000.00 a yr (back in 1996)....I got laughed @ by ALL 4 major MC dealerships for a $8k new motorcycle...
--In THIS economy your chances will B SLIM, as NO company wants to even RISK losing $$, even if you show NO EXAMPLES of failing to do so in the past...MC loans are VERY HARD to get unless you have near-PERFECT credit, own a home, etc....and believe it or not your age is NOT gonna help you...
(This are just my experiences, as I'm sure someone has gotten approved), but chances are not as good as they would be for getting a car loan...:cool:
 

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I've used my city credit union previously with good luck. I left civil service employment 25 years ago, but maintained my membership there. Do you have a credit union you could join? Seems like doing business with a credit union makes you feel like a trusted member, less anonymous.
 

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Credit Unions are still making Bike Loans if you already belong to one. The rates at mine are about 0.5% more then an auto loan. If you do not belong you might want join one for the future,
 

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Discussion Starter #5
I had joined the local credit union a couple years go build a relationship and to use them for my first home and credit card. Horrible experience and I was even flat lied to. I closed all of my accounts and will never go back.
 

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Credit Unions are still making Bike Loans if you already belong to one. The rates at mine are about 0.5% more then an auto loan. If you do not belong you might want join one for the future,
FWIW, my credit union (Charter Oak in CT) no longer has motorcycle loans. And, some of their personal loan rates are 3% higher than local banks. Another credit union I belong to is at least as bad.
 

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Even worse than what's been posted, used bike loans are quite alot worse. What banks used to do, (more than 10 years ago or more) is make a personal loan to you, at rates much higher, but they still wanted the title.

Pretty ugly all around right now. Unless you find a cash for clunkers deal.....
 

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Good luck...I had owned/financed 3 vehicles (all paid off 2yrs early) and had a 752 credit score (2-3 credit cards), worked as a Deputy Sheriff & made $38,000.00 a yr (back in 1996)....I got laughed @ by ALL 4 major MC dealerships for a $8k new motorcycle...
--In THIS economy your chances will B SLIM, as NO company wants to even RISK losing $$, even if you show NO EXAMPLES of failing to do so in the past...MC loans are VERY HARD to get unless you have near-PERFECT credit, own a home, etc....and believe it or not your age is NOT gonna help you...
(This are just my experiences, as I'm sure someone has gotten approved), but chances are not as good as they would be for getting a car loan...:cool:
Everyone is different. I'm in basically the same position as the OP, but two years younger. Credit score is >740. I bought a home last year, and my 2006 Miata was payed off in 2.5 years. Have two credit cards with zero balance.

I put $5k down on my 1098 and got 2.9% for 5 years. This is the third bike I've financed, and I've payed all off between 1 and 2 years. I've never had the slightest problem getting financing if I want it. One of them was even a private party purchase. Weird that you would get laughed out of a dealership, because with that credit score I find they're normally laughing at how easy the paperwork is so they can get you out the door before lunch.

I know people scoff at financing a toy, but I find that having accomplished some small, achievable goals on my credit history is helping me out more than it has hurt me through interest.
 

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Our local credit union is offering 4.99% for up to 7 years for any bike 2007 or newer, new or used. They have a good reputation with loans.
 

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USAA is also a way to go if you belong
 

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Discussion Starter #11
I'm not a USAA member :(

What about Capital One? I heard they will send me a blank check I can use at a dealership or private party? Problem is they are a minimum of $7K!
 

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I have a few grand saved up and want to buy a good used 748/916/996. I do not want to spend all of my savings so I would like to finance with as little down needed as possible based on my credit. I'm between 677-721 depending on who they pull for the credit inquiry and I make $50K a year. I also have no other outstanding loans, 4 credit cards in perfect standing I pay off every month, but I do not own a home and have never had an auto loan even though I am 29.

I don't think I'll qualify for dealer financing and if I did it would be a high interest rate and besides, most dealers aren't selling $5-6K 748/916/996's. I'm looking for something I can use private party in any state to get the best deal.

Thanks!
You would probably have better luck getting a new bike from a dealer. Financing on a used bike is hard. Mostly because there is little recourse for the finance company to recoup their money should you default. The cost of a repo plus selling it at auction in a soft used market just doesn't make sense for them. Additionally the default rate for used bikes is very, very, high. New riders, don't carry proper insurance- often wreck them, can't pay the repairs, stop making payments- because of Doctor/hospitol bills probably- and walk away. Bank has nothing, just a wrecked, used bike. Not saying you would do this but it plays out so many times no finance company will touch them. Unless, you want to pay 30% interest. That way, they get thier money back, most of it anyway, in the first year.

They are also going to want 40% or more as a down payment so they can at least get something if you happen to default. Even in good times it is hard financing used bikes. If your heart is set on a used one- try a personnal loan for $4 or $5k and kick in with your own money for the rest.

This why Ducati bikes are so unobtainable for many who want them. You either pay cash for a nice used one or go new from a dealer. And most younger people cannot justify to their young wives/GF why a $20k loan on a 1198s (that is MonoPosto:D) is a great idea!

Good luck in your quest.
 

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Discussion Starter #13
I guess I'll start looking at the 848 then lol.

Would I be alright with a used 848 or must even a bike that new be better off bought brand new due to financing?
 

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I guess I'll start looking at the 848 then lol.

Would I be alright with a used 848 or must even a bike that new be better off bought brand new due to financing?
The newer the better for financing. Look at terms for both and look at the numbers you get for each. My guess is it will be a close wash. Higher % rate on a used loan so a high payment. Lower rate on the new bike, but a higher priciple financed, so a high payment. Plus, you'll take that big initial depreciation in the first year on the new bike. Don't ignore your insurance and registration either. Get a quote before you buy.

Think hard on how much you put down. It can lower your rate and payment only somewhat. 5K down as opposed to 4K down on a $16k bike will only make a $25 or $30 difference in the payment. Read the terms carefully!

Also, read the late payment policy. Some will jack your rate from 5% to 25% if you miss a payment (30 day late) one time. Your payment could triple.
 

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I belong to Service Employees of San Luis Obispo County Federal Credit Union (Sesloc). And I don't even live in San Luis Obispo County, I live in Santa Barbara County. I joined these guys about 5 years ago, when my credit was pretty screwed up. Following their advise, I slowly paid off everything that I owed, no bankruptcy, I just paid it, and after about 3 years, I was caught up. They started out with a wimpy, low limit credit card, I kept it caught up and paid off, they kept raising the limit, they loaned me the money for a Silverado, a YZ450F, my Ducati, all with no money down, and just recently, my old lady bought a new GMC Sport Ute. It seems like they don't ever tell me no any more. I highly recommend these guys, or actually any Credit Union. I just recently closed out all 5 of our Bank of America checking, savings, credit cards and the rest of the stuff we had there because they are starting to get real chickensh_t with the fees, I'd say over $1000 over the past year.

So, some have had bad experiences with Credit Unions, I have nothing but good things to say about mine. I think they would probably loan me the money for a Streetfighter S if I really wanted to spend that much.

Regarding a used bike from a private seller, there was a S4R for sale for a pretty good price in LA, about 200 miles from here, they were going to loan me the cash, no money down, but they wanted the seller to personally hand them the title, and someone beat me to it. I was going to go pick him up, drive him up to my credit union, and then drive him back, but I missed out.
 

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You are not ready for it yet. Save all the money first, plus a cushion for the insurance.
 

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92gta, you need to get all your numbers above 721. find out what is in your history and get it fixed, the sooner the better because it takes months/years for those numbers the creep up.
I usually finance vehicles because I have a hard time trying to save up money, but when I get financing, I always pay what ever it is off very early(I hate making payments and paying interest).
My fico scores are in the low 800's. The difference in how I was treated(or should I say pampered) by my credit union loan officer for a recent personal loan vs. years ago when I had bad credit and trying to get financed for a crappy used car was Night and Day. ;)

Dan
 

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If you really need the coin there is always "Big Luigi" his rates are kinda high ,and you have to be on time or else..Hey just tring to help..
 

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FWIW, I am not having any problem financing guys/girls on used bikes with Ducati Financing(FRF). Used bikes are definitely not high on any lenders list, due to inherent issues with a pre-owned bike, and subsequently the value of a used bike if it blows up, etc.

We're financing used for as little as 9.75%(better than our credit unions here), but the kicker is the companies will only finance up to 100% of average retail. Still not bad considering.

That being said, I noticed a correlation in the people having issues as all coming from Cali. Not slamming Cali here, but I'm just wondering if you guys may be seeing something more geographical from the bankers? It seems your dealerships could use that option for used, and question the finance companies on everything if it is turned down.

On the swing side, you can into a new Duc as low as 6.75%(48months) right now, and with $5K down, see yourself into a new 848 for a very little monthly payment.

Look around with all dealerships for any used units(or '08 for that matter) and talk to them about financing through Ducati's financing.
 

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That being said, I noticed a correlation in the people having issues as all coming from Cali. Not slamming Cali here, but I'm just wondering if you guys may be seeing something more geographical from the bankers? It seems your dealerships could use that option for used, and question the finance companies on everything if it is turned down.
Ground zero for the housing market crash, a lot of people here in financial trouble.
 
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