ok heres the the thing i dont have good credit, got screwed over with girlfriend with bills. wondering if anyone knows of any bank that will take a chance on people an give a loan to someone with a bad credit score?? i didnt want to go this far and post this on internet but i cant see getting out of something that i love so much. i got 2 sleds in mind and the place might not have them much longer one is a crossfire r 1000 and a crossfire 800. they are both new and i can get them for 19000.00 $ all help is needed thanks
credit problems need help with loan
- Thread starter zr900efi
- Start date
booondocker
New member
I am guessing that the best source is the company that sells the sleds suggest. Usually they are very liberal but charge the heck out of you in interest.
You might want to work on building your credit rating back up again...tho it probably won't get you where you want to go, in time to buy those sleds.
No doubt it will take years to save enough to buy those very expensive units.
Finally the last thing is go to your local big dealer used car lot and ask who they would recommend as they often have a sweetheart deal with some flybynite company that gets 50% interest.
Or you could save some bucks and buy used and wait til you can really afford those things.
You might want to work on building your credit rating back up again...tho it probably won't get you where you want to go, in time to buy those sleds.
No doubt it will take years to save enough to buy those very expensive units.
Finally the last thing is go to your local big dealer used car lot and ask who they would recommend as they often have a sweetheart deal with some flybynite company that gets 50% interest.
Or you could save some bucks and buy used and wait til you can really afford those things.
Uhh, yeah. Sorry to be offensive, but your thought process is a little off. First off, why two sleds? You're a credit risk, and then you want to buy two sleds. How many can you ride at once? That type of thinking leads me to believe your "girlfriend" wasn't the only reason you have poor credit. Be realistic with your purchase, and someone might lend you some money.
hemi_newman
Active member
imo toys should be bought with cash only.Dont have the cash?work harder.
mjkaliszak
New member
I agree with booondocker, the dealership that is selling them may be your best avenue.
But when you say your credit is bad , there is a series of calculations that go into your number or credit score. Do you know your score ? 2 important factors are for lack of better words fixed debt & revolving debt and then there is your debt to income ratio or percentage. There are 3 main credit agencies that formulate " your score ", you will have a specific number of businesses reporting " good " on time payments or " bad " payments which are late, beyond the 15 or 30 grace period or " WORSE YET " a default judgement against you. THEN To get a loan you have to be able to show that you have the means to repay the loan. Before you get all fired up about buying or loosing the opportunity to buy the sleds you can go on-line and get your credit report for free, then sign up for their fee to get access to your scores. The best way is to sign up , then cancell in the 9 day grace period and they only will charge you $1. ( for your scores ). Review where you are at. You may have to eat some " Humble Pie ". Money is tough to come buy nowadays. My wife & I just did a 3.5 % re-fi ( because we could ) some folks are upside down in their houses and they can't. Never the less since we made prudent moves with money we got the lending agencies at our door. There is a time & place for everything. Rember " CASH IS KING ".
You might have to start over and rebuild your credit, it is a slow process, but knowing how the credit agencies work and how scores are calculated will help.
But when you say your credit is bad , there is a series of calculations that go into your number or credit score. Do you know your score ? 2 important factors are for lack of better words fixed debt & revolving debt and then there is your debt to income ratio or percentage. There are 3 main credit agencies that formulate " your score ", you will have a specific number of businesses reporting " good " on time payments or " bad " payments which are late, beyond the 15 or 30 grace period or " WORSE YET " a default judgement against you. THEN To get a loan you have to be able to show that you have the means to repay the loan. Before you get all fired up about buying or loosing the opportunity to buy the sleds you can go on-line and get your credit report for free, then sign up for their fee to get access to your scores. The best way is to sign up , then cancell in the 9 day grace period and they only will charge you $1. ( for your scores ). Review where you are at. You may have to eat some " Humble Pie ". Money is tough to come buy nowadays. My wife & I just did a 3.5 % re-fi ( because we could ) some folks are upside down in their houses and they can't. Never the less since we made prudent moves with money we got the lending agencies at our door. There is a time & place for everything. Rember " CASH IS KING ".
You might have to start over and rebuild your credit, it is a slow process, but knowing how the credit agencies work and how scores are calculated will help.
I remember in 2008 when Yamaha offerd no payments until June for Apex sleds. 2 separate times I was in the same Yamaha dealership 2 guys 1 each time told me they bought the 2008 Apex LTX GT on the floor & they were just standing & waiting. I finally figured out they both were denied credit from Yamaha & the dealership probably went this 3-4 times a day. Cash is King no cash don't buy toys you are just digging yourself a hole you can't get out of. My 2 cents.
G
G
Guest
Don't quite understand why you think you need two new sleds that are nearly identical. At this time the dealers are asking the most they will be asking all season. Now is not the time to get a good deal. With your credit issues perhaps a new sled should be put on the back burner for awhile. Save yourself an ugly payment and look for one used sled for $5000. They will make new sleds again next year and you can get one then when you get things straightened around. Just my 2 cents.
saber1
Active member
HAVE TO AGREE WITH GRUB DIDNT START BUYING NEW SLEDS UNTIL I WAS 40YRS OLD WITH A STABLE JOB AND GOOD CREDIT NOT THAT I HAD BAD CREDIT THEN BUT I WAS BRINGING UP A FAMILY WITH YOUNG KIDS YOU HAVE TO PRIORITIZE.EVERYONE WANTS NEW SLEDS BUT REMEMBER THE HOUSING MARKET PEOPLE BOUGHT HOMES THEY LATER REALIZED THEY COULD NOT AFFORD. SORRY TO SOUND JUDGMENTAL BUT THINK THIS THING THREW THATS A LOT OF CASH.BUT IF YOU CAN AFFORD A $19000 LOAN AT SAY 15%
go for it.
go for it.
michaeladams
New member
it took me years to rebuild my credit rating.started small,now i could get in way over my head if wanted to.you just have to be ready to pay high interest rates for your first few loans.a credit card is a good start.they will only give you a 300 dollar limit but the way you handle that weighs big.keep your head up and you'll be alright.be patient and look for a low end sled unless youcan wait a couple years
When I first got married I had NO credit history, had never taken out a loan on anything and paid cash for just about everything. Financial planners suggested I take out a reasonable car loan in order to build a payment history/credit history. I did that and two years later we had no issues getting approved for our first home mortgage.
There's just no way you're going to get a big loan at a reasonable interest rate until you build up your score and it will take you a couple of years.
If you can afford the $425 a month payment, start putting that into a savings account. A year from now you'll have $4250 to put down on a leftover 2010-2011 sled and can qualify for a small loan ($4000). Pay that loan off over the next year @ $400/month and in two years you'll have an almost new sled to keep or trade in and have started a good credit history.
Patience......
There's just no way you're going to get a big loan at a reasonable interest rate until you build up your score and it will take you a couple of years.
If you can afford the $425 a month payment, start putting that into a savings account. A year from now you'll have $4250 to put down on a leftover 2010-2011 sled and can qualify for a small loan ($4000). Pay that loan off over the next year @ $400/month and in two years you'll have an almost new sled to keep or trade in and have started a good credit history.
Patience......
skeeter2010
Member
We just bought my wife a new car and the payment is around $400 and it just ticks me off every month I pay it. We use it daily, I could not imagine paying for it the 9 months a year it is not in use. Many many many people make more money than me if $400 a month or $4800 a year will not hurt go for it.
gogebic_sledder
Member
#1 rule Don't finance toys
polarisrider1
New member
Excellent advice!!