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On the market for 2008 GSXR 750.. Financing advise! Need help!

M

miggz410

Im a Delinquent (Founder)
Joined
Apr 12, 2006
Location
The Bay!!!
Moto(s)
01 GSXR 750
In the market for 2008 GSXR 750.. Financing advise! Need help!

I'm in the market to buy a brand new 2008 GSXR 750 and I'm looking to finance it... Here's my situation, my credit is not bad, but also is not that good. The reason I want to finance is because I'm planning to buy a house in 6 months and I need to raise my credit. I would assume by financing a bike that it would raise my credit faster and would establish a better credit for the next 6 months. Also, I already opened up a secured credit card to help the cause. I've always dealt with things with cash for the past 5 years. I paid off all my debt and already talked to a loan agent. They told me that I need to raise my credit about 40-50 pts If I want good enough rates to purchase a home.

Let's get back to business... A brand new 2008 750 MSRP is listed at $10,599. Is there room to negotiate that price? I'm looking to sell my current bike and used that money as a down payment... I'm thinking about financing it for 36 months for lower monthly payments but I'm planning to pay off the bike in a year. I never bought a new bike before and only dealt with used bike purchase in all my years of riding.

So I'm wondering how much you owner paid for your 2008 GSXR 750? Also what kind of payment are you paying if you're financing? how much you think I can get one OTD? And if there's Any good dealers out there who can hook me up?

I've searched around and I didn't really find anything useful that can help my situation. So I decided to make a thread to help myself. So any help will be great.
 
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i put a 2007 gix6 on 60 month finance with no pre-payment penalty. Minimum per month is $170.

It depends more on OTD price and finance terms than comparing specific bike models.
 
Buying a bike now will not help your credit score. You're won't see the full FICO benefit of an installment loan until at least 12 months after origination. In fact, depending on the makeup of your credit report, you may see an initial drop when an installment loan begins reporting, followed by a gradual rise and overall increase in score over time. YMMV.

That being said, don't buy a bike on "The Suzuki Card", or any type of card. Those are credit cards, and it will report as a $10,000 limit with a $10,000 balance. Since utilization is 30% of your FICO score, a maxed out card like this can severely impact your credit score. I'm talking an instant 40-50 point drop, especially if you don't have very much other available credit.

My advice is to wait until you buy your house, then see where your finances are and try getting a loan with a credit union. Second choice would be to opt for traditional financing through a captive lender.

Without knowing the content of your credit file, it's hard to advise you on how to raise your score 40-50 points over the next six months...but financing a motorcycle (or anything else, for that matter) is certainly not the way to do it.
 
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mikhail said:
Buying a bike now will not help your credit score. You're won't see the full FICO benefit of an installment loan until at least 12 months after origination. In fact, depending on the makeup of your credit report, you may see an initial drop when an installment loan begins reporting, followed by a gradual rise and overall increase in score over time. YMMV.

That being said, don't buy a bike on "The Suzuki Card", or any type of card. Those are credit cards, and it will report as a $10,000 limit with a $10,000 balance. Since utilization is 30% of your FICO score, a maxed out card like this can severely impact your credit score. I'm talking an instant 40-50 point drop, especially if you don't have very much other available credit.

My advice is to wait until you buy your house, then see where your finances are and try getting a loan with a credit union. Second choice would be to opt for traditional financing through a captive lender.

Without knowing the content of your credit file, it's hard to advise you on how to raise your score 40-50 points over the next six months...but financing a motorcycle (or anything else, for that matter) is certainly not the way to do it.
Click to expand...

Thanks for the reply... I didn't know that financing a bike could hurt me...

Well my credit score is 590. The loan agent told me that I need to be at 620 to qualify for FHA. So thinking I need to raise my score to 630-640 just to be safe. I paid off all my debts. Only one that is still active is my school loan that I'm currently paying every month.
 
Do you have any collections or lates showing on your report that could possibly be removed?
 
That is bad. A collection marked as PAID is just as bad as an unpaid one. Have you tried getting the tradelines removed?
 
miggz410 said:
11,000 OTD for a 2008 GSXR 750? Wow where is this at? Does he know someone or has a hook up from the dealer he bought it from?
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He did buy it at the same place he bought his previous bike, so that KINDA helped. Fairfield Cycle Center. Shushhh! :teeth
 
mikhail said:
That is bad. A collection marked as PAID is just as bad as an unpaid one. Have you tried getting the tradelines removed?
Click to expand...

Yea I was young and stupid once and its catching up to me... Now I need to fix it to provide a future home for my family... What do you mean by tradelines removed?

If you're talking about the collections they said it wont come for about 3 or 7 years.
 
I'm not judging you on what you did or didn't do in your past...how do you think I know so much about credit? I fucked mine up badly when I was younger and went through a long process of rehabilitating it. Now I'm sort of a credit warrior.

Negative tradelines such as collections stay on your credit report for seven years from the Date of First Delinquency. That means the date you first went delinquent with the original account, plus seven years. Collection agencies will try to extend this date and even fabricate DOFD's to make the tradelines stay on your credit report longer as a punitive measure. The first step is to research on your own when the DOFD's were for each of the paid collections on your reports. It may be time for them to come off.

There are other ways in which they could be removed early. That's a place to start, though.
 
or you could pick up a new 07 that dealers are wanting to get rid off. i picked mine up for 9150 otd up at roseville cycle center
 
mikhail said:
I'm not judging you on what you did or didn't do in your past...how do you think I know so much about credit? I fucked mine up badly when I was younger and went through a long process of rehabilitating it. Now I'm sort of a credit warrior.

Negative tradelines such as collections stay on your credit report for seven years from the Date of First Delinquency. That means the date you first went delinquent with the original account, plus seven years. Collection agencies will try to extend this date and even fabricate DOFD's to make the tradelines stay on your credit report longer as a punitive measure. The first step is to research on your own when the DOFD's were for each of the paid collections on your reports. It may be time for them to come off.

There are other ways in which they could be removed early. That's a place to start, though.
Click to expand...

Im not saying that you were judging me. Im just trying to share my experience and hoping to get some answers. You've been really helpful. I thought you was a loan agent or work for a credit report company of some sort.
 
kmurphy said:
or you could pick up a new 07 that dealers are wanting to get rid off. i picked mine up for 9150 otd up at roseville cycle center
Click to expand...

Thanks for the idea... But I really want the 08 cause of the black and orange color scheme.
 
I think you're in the market for a GSXR, not on the market.. sorry just had to correct that..
 
Sorry I just had to point it out, but no worries, I know I definitely make grammatical mistakes also, good luck finding a GSXR..
 
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