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post #1 of 10 Old 12-03-2008, 11:06 PM Thread Starter
Join Date: Dec 2008
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Howdy, I'm purchasing a Wee Strom used, and I don't have enough to pay flat. The dealership is having a hard time finding financing for me (although it was easy when I was going to buy a new one!) so I'm stuck for the moment. Has anyone had a similar experience? Does anyone have advice on where to proceed from here? And don't say "just save up like normal" !
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post #2 of 10 Old 12-03-2008, 11:18 PM
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Try a local credit union.

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post #3 of 10 Old 12-04-2008, 08:40 AM
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Try Capitol One auto finance. The intrest rate is bit high for used bikes and cars but was the same as the rest of the banks for new

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post #4 of 10 Old 12-04-2008, 07:43 PM
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Line of Credit?


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post #5 of 10 Old 12-04-2008, 07:44 PM
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How about a regular good ole bank????

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post #6 of 10 Old 12-07-2008, 11:06 PM
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Don't buy until you can afford to pay cash.
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post #7 of 10 Old 12-22-2008, 05:00 PM
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Originally Posted by ARrider View Post
Don't buy until you can afford to pay cash.
Agreed. Unless the bike will be your only form of transportation then pay cash. A bike is a toy; financing a toy does not make sense.
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post #8 of 10 Old 12-23-2008, 01:12 AM
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A lot of banks/financers don't like to put up money for a used bike, or will only cover up to the market value of the bike. Doesn't help when buying used usually means buying a farkled bike, so the cost is higher than market value.

USAA was like that. I ended up getting an 09 WABS instead of a used model just because the ~6% rate was too good to pass up.

Just got to hunt for those rates like Rainier Tom did.

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post #9 of 10 Old 12-23-2008, 01:18 AM
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+1 on going to a credit union. It's true they won't finance more than the NADA value, but it sounds like you can cover whatever they don't.

I guess ARider and Hank is Here didn't actually read your post... :rolleyes:

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post #10 of 10 Old 12-30-2008, 07:35 PM
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Are you SURE you can afford to pay off the loan? My daughter bought a used car on a new credit card, that offered zero interest for the first year (don't know if you can find such a deal now). Of course, they were banking (ar, ar) on the probability that she couldn't or wouldn't pay it off. She, of course, did, essentially getting a zero-interest-rate loan. But if she'd failed, she'd have owed ALL the interest, which woulda been a chunk of change. If you've got any equity in real estate, home-equity loans are available, and may be tax deductible. But you are betting your home that you'll pay off the loan, so, again, not unless you are SURE. Personally, I agree with those who say to save, then spend. At least that's how I do it. That way, I can sleep at night, not worrying when economic crunches hit (like now).
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