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How to get financing with bad credit?

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So, how do I get financed with not so good credit? Surely someone out there has some information.

I, like a lot of other people, have had a rough go financially for about a year or so. My credit has taken a bit of a beating. I am now in good financial shape, but my credit has not caught up to me. Do I have any avenues to finance a bike?

Any help is much appreciated.

Nate

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Nate, sorry to sound mean but if you used so much credit in the past that a bump in the road was a problem, there is a reason why people do not want to lend you any more. Good money after bad. I suggest saving to buy the next bike. Pay the rest of your bills on time. Save some to have a cushion to get through the tough times. My wife and I keep enough money available to cover all bills for two years. After time has past and what credit you have open now (mortgage, credit card, car loan) is paid on time with no problems, you'll find you are in a position to borrow anew though pay cash instead. It is so much cheaper.

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It doesn't sound mean at all. We are probably in a little different situation than most people with bad credit. We used all of our savings to pay for employees as the economy tanked. We did have about a year and a half of money saved up. At the end of the day we should have cut the guys loose sooner, but that is another topic.

Ultimately, I have always paid my bills on time so I'm kind of new to this whole bad credit thing so I was not quite sure of my options. Anyway, I think you are right in that I will just have to wait a few months and pay cash.

Nate

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Nate,

Sorry about your current situation. You can do a couple things:

1- save up enough for a down payment...it can't hurt to have 2k down on a 5k bike.

2- some dealers have agreements with third party lenders...better have some 10w40 because the apr will be high and it will HURT (let's just say I dind't have the 10w40)...

Hope this helps and I hope things get better!

Good luck!

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Even with good credit new bike loans are harder to get than they were 2 years ago. Last summer a dealership salesman (Suz, Yam, Kaw) told us that , at that time, 7 out of 10 new bike loan apps where he worked, were being denied.

As a rule, if you have a spot on your credit file, it will take 7 years for it to completely go away. Bankruptcies can take upwards of 10 years to dissappear.

Loan institutions are paranoid right now. Maybe in another couple of years it'll smooth out.

Maybe not.

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