Financing Help, Questions

Mr.Luder · 08-02-2006, 04:14 PM

So I'm gonna go finance a bike soon and I wanted to get some opinions on here first. Anything helps!

First I wanna know, If I get my credit ran when I go get the bike, and I approve but decide not to get the bike...will that hurt my credit?

Second, How much should I pay out the door for a 06 Suzuki GS500F Out the door? They retail $5,149.

I am noob out financing and etc. Anyone with more knowledge please give ur inpu.t.

P.S. I am noob rider, so I want to start with the 500. >`

Mr. Jollypants · 08-02-2006, 04:17 PM

I always heard when you do a credit check it COULD hurt your credit..

Pay for the bike CASH.

renegadex96 · 08-02-2006, 04:21 PM

In Canada it works like this

Everytime that you do a credit check, it shows up on your credit file. Having too many checks in a short period of time could potentially affect your credit rating, especially if you're going after those store credit cards (Sears, Bay, Best Buy/Future Shop, etc....)

Applying for credit and not taking it in the end, shouldnt affect anything on your credit, except if it relates to too many credit checks.

Go get pre-approved, see how much they give you, and then go. If they don't approve you for what you need, at least you know how much you've got to work with, and you might be able to find something in that range, if not, then cancel the loan. As i'm writing that though, i'm just thinking, generally if you do apply for a vehicle loan of any sorts, you need to know what you're going to buy, and may need sales slips and that kind of thing, then they usually put a lien on the vehicle.....

Anyways, kinda got off track. All in all, if you haven't applied much lately, go for it, apply. If you've applied to a bunch of places, be a little more weary, perhaps review your credit file with your banking officer

And finally, keep in mind, this is using Canadian Legislation, US stuff might be/probably is different

Mr.Luder · 08-02-2006, 04:24 PM

^^^good info, well i haven't applied for anything for almost a year and the only thing i remember applying for and approved was a credit card. I only have 1 credit card. And about alittle over a year ago, I co-signed for my car.

renegadex96 · 08-02-2006, 04:33 PM

You'd probably be alright then. Be keep in mind, this is Canadian stuff....like i say they're more then likely the same, or very similar, but there are a bunch of differences that i know right off the top of my head between our credit ratings and yours. Ie canadian bankruptcy stays for only 7 years, whereas US stay on your file 25 i beleive.

I do know that most states allow you to get a free copy of your credit file from...uh...Equifax I beleive it is down there, so that might be something for you to check out too before you go applying. From what you're talling me though, credit check wise, i'd say your good.

Another thing to consider, is what they call you TDS (Total debt something...i forget). Essentially it's your debt ratio to your income. Basically, calculate all your monthly expenses vs that of your monthly income. How to word this next part....I wanna make sure i state it right. If you debt is something like 40% of your income, most places won't approve, because you'll barely be making ends meet (theorectially). At least that's how they do things in Canada, and for Canucks, specifically with RBC Royal Bank

LowNotSlow · 08-02-2006, 04:38 PM

don't buy a new bike for your first ride. Buy something used and cheap.

renegadex96 · 08-02-2006, 04:42 PM

If it's your first bike, more then likely it's going to be dumped at some point. better to learn on something used, then get the nice bike, like a nice CBR

ShinsenTuner · 08-02-2006, 07:38 PM

insurance is gonna rape you son.. lol

si-hatch86 · 08-02-2006, 08:11 PM

when you have ur credit checked it hurts if u dont pass the credit check, but if u pass then ur ok. and its good to learn on a used bike with less cc's

Mr.Luder · 08-03-2006, 03:10 AM

Quote:

Originally Posted by si-hatch86

when you have ur credit checked it hurts if u dont pass the credit check, but if u pass then ur ok. and its good to learn on a used bike with less cc's

well im learning on my friend's 250 and i'm enrolled in the class also..

yea, i'm probably gonna get a used 600

TheWingMang · 08-03-2006, 03:43 AM

What I was told in the accounting class I took last semester was that if you check your own credit rating, you lose I think one point. If a business (ala a bank) checks your credit, you lose 1/4 point. So regardless you lose some, just significantly more checking it yourself. But one point doesn't seem like enough to be a bother in the grand scheme of things, but I got a C in the class so I could be wrong. I was at least 2/3rds awake when we had that discussion.

Mr. Jollypants · 08-03-2006, 03:59 AM

I thought you got 1 FREE credit report from the government a year/

renegadex96 · 08-03-2006, 10:42 AM

Quote:

Originally Posted by Error404

I thought you got 1 FREE credit report from the government a year/

It think it depends on your State

Mr.Luder · 08-03-2006, 03:24 PM

I'm in California

08-02-2006, 04:14 PM	#1
Mr.Luder SSM EP3 Join Date: Feb 2004 Location: NorCaL Age: 26 Posts: 2,182 Reputation level: 10	Financing Help, Questions So I'm gonna go finance a bike soon and I wanted to get some opinions on here first. Anything helps! First I wanna know, If I get my credit ran when I go get the bike, and I approve but decide not to get the bike...will that hurt my credit? Second, How much should I pay out the door for a 06 Suzuki GS500F Out the door? They retail $5,149. I am noob out financing and etc. Anyone with more knowledge please give ur inpu.t. P.S. I am noob rider, so I want to start with the 500. >` __________________

08-02-2006, 04:24 PM	#4
Mr.Luder SSM EP3 Join Date: Feb 2004 Location: NorCaL Age: 26 Posts: 2,182 Reputation level: 10	^^^good info, well i haven't applied for anything for almost a year and the only thing i remember applying for and approved was a credit card. I only have 1 credit card. And about alittle over a year ago, I co-signed for my car. __________________

08-02-2006, 04:38 PM	#6
LowNotSlow Aqua Teen Christmas Force Join Date: Nov 2004 Location: North East Age: 30 Posts: 4,547 Reputation level: 10	don't buy a new bike for your first ride. Buy something used and cheap. __________________ . Function>Form

08-02-2006, 07:38 PM	#8
ShinsenTuner CC's Youngest OG Join Date: Aug 2004 Location: Massachusetts Age: 22 Posts: 3,980 Reputation level: 10	insurance is gonna rape you son.. lol __________________ TrackStars.

08-03-2006, 03:43 AM	#11
TheWingMang Good news everyone! Join Date: Aug 2005 Location: Good ol' PA Age: 26 Posts: 558 Reputation level: 10	What I was told in the accounting class I took last semester was that if you check your own credit rating, you lose I think one point. If a business (ala a bank) checks your credit, you lose 1/4 point. So regardless you lose some, just significantly more checking it yourself. But one point doesn't seem like enough to be a bother in the grand scheme of things, but I got a C in the class so I could be wrong. I was at least 2/3rds awake when we had that discussion. __________________ SPR

Please SEARCH Before Posting a New Thread. ->
Ready to Post a New Thread/Question? ->

08-02-2006, 04:21 PM	#3
renegadex96 Captain Obvious Join Date: May 2006 Location: New Brunswick Age: 34 Posts: 380 Reputation level: 10	In Canada it works like this Everytime that you do a credit check, it shows up on your credit file. Having too many checks in a short period of time could potentially affect your credit rating, especially if you're going after those store credit cards (Sears, Bay, Best Buy/Future Shop, etc....) Applying for credit and not taking it in the end, shouldnt affect anything on your credit, except if it relates to too many credit checks. Go get pre-approved, see how much they give you, and then go. If they don't approve you for what you need, at least you know how much you've got to work with, and you might be able to find something in that range, if not, then cancel the loan. As i'm writing that though, i'm just thinking, generally if you do apply for a vehicle loan of any sorts, you need to know what you're going to buy, and may need sales slips and that kind of thing, then they usually put a lien on the vehicle..... Anyways, kinda got off track. All in all, if you haven't applied much lately, go for it, apply. If you've applied to a bunch of places, be a little more weary, perhaps review your credit file with your banking officer And finally, keep in mind, this is using Canadian Legislation, US stuff might be/probably is different

08-02-2006, 04:33 PM	#5
renegadex96 Captain Obvious Join Date: May 2006 Location: New Brunswick Age: 34 Posts: 380 Reputation level: 10	You'd probably be alright then. Be keep in mind, this is Canadian stuff....like i say they're more then likely the same, or very similar, but there are a bunch of differences that i know right off the top of my head between our credit ratings and yours. Ie canadian bankruptcy stays for only 7 years, whereas US stay on your file 25 i beleive. I do know that most states allow you to get a free copy of your credit file from...uh...Equifax I beleive it is down there, so that might be something for you to check out too before you go applying. From what you're talling me though, credit check wise, i'd say your good. Another thing to consider, is what they call you TDS (Total debt something...i forget). Essentially it's your debt ratio to your income. Basically, calculate all your monthly expenses vs that of your monthly income. How to word this next part....I wanna make sure i state it right. If you debt is something like 40% of your income, most places won't approve, because you'll barely be making ends meet (theorectially). At least that's how they do things in Canada, and for Canucks, specifically with RBC Royal Bank

08-02-2006, 04:42 PM	#7
renegadex96 Captain Obvious Join Date: May 2006 Location: New Brunswick Age: 34 Posts: 380 Reputation level: 10	If it's your first bike, more then likely it's going to be dumped at some point. better to learn on something used, then get the nice bike, like a nice CBR

08-03-2006, 03:24 PM	#14
Mr.Luder SSM EP3 Join Date: Feb 2004 Location: NorCaL Age: 26 Posts: 2,182 Reputation level: 10	I'm in California __________________

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Financing...	Nafunu	Tech Archive (No Posting)	23	03-27-2006 02:32 PM
Financing Available? Anyone know?	civicguy19	Where and Where not to Buy from Online	1	12-03-2003 11:10 PM

Financing Help, Questions

Off Topic