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

remember thats gonna show up as a debt on your debt to income ratio when your mortgage company does their credit review, the less you owe... the better:thumbup
 
well, the smartest thing to do is buy the house, then spend 6k on one slightly used. If you haven't bought a house yet, no offense, but you really don't know how much it will cost, what with weekly trips to home depot, property taxes...ect.

I know a new, shiny gsxr sounds great, but after a couple years it isn't as shiny, and if you've financed it for a long time it will be underwater and won't be looking like such a good decision.

not to MENTION what you'll be paying on insurance for it.....
 
wsmc831 said:
well, the smartest thing to do is buy the house, then spend 6k on one slightly used. If you haven't bought a house yet, no offense, but you really don't know how much it will cost, what with weekly trips to home depot, property taxes...ect.

I know a new, shiny gsxr sounds great, but after a couple years it isn't as shiny, and if you've financed it for a long time it will be underwater and won't be looking like such a good decision.

not to MENTION what you'll be paying on insurance for it.....
Click to expand...

Well the things is, if I can buy a house right now I would. But due to my credit I was not approved for the house. The loan agent told me that I need to raise my credit to be approved for the house... Reason I made a post about financing a bike so I can establish some kind of credit history.

Only debt I have is a school loan and nothing else. But me not having any type of credit history established the past 5 years is also hurting me. How can I raise or rebuild my credit if I dont have any type of credit history.
 
Ah, so buying a 2008 gsxr 750 is a sound financial decision?


c'mon now....

there are better ways building credit than going into debt on an asset that loses a large part of it's value the instant you ride it out of the dealership. If you can afford the bike, then finance it and pay it off in a year.


curious, how much is full coverage for that bike for someone your age?
 
wsmc831 said:
well, the smartest thing to do is buy the house, then spend 6k on one slightly used. If you haven't bought a house yet, no offense, but you really don't know how much it will cost, what with weekly trips to home depot, property taxes...ect.

I know a new, shiny gsxr sounds great, but after a couple years it isn't as shiny, and if you've financed it for a long time it will be underwater and won't be looking like such a good decision.

not to MENTION what you'll be paying on insurance for it.....
Click to expand...

so true.

my house is more of a money pit than the moto.

and my house is even in good repair.
 
I been wanting a 2008 GSXR 750... I just thought I can kill 2 birds with one stone. Get the bike that Ive been wanting and then finance it to help my credit. Im planning to finance it for 36mos and probably pay it off in 12-18mos. In my case, credit is more of an issue than cash. I also opened up a secured credit card to help me out a little bit. But kind of skeptical to apply for another credit card.

I owned a 2003 gsxr 750 and now riding a 2001 GSZR 750. Im paying about $310 every 6mos for a full coverage.
 
If you are serious about buying a house, the most significant financial investment you will probably ever make in your life, and the most expensive, then about the stupidest thing you can do is buy a nine thousand dollar motorcycle. Save your money dude, every penny of it. You are in for a big big surprise. It's called "homeowner insurance, property tax, maintenance, appliance repair, leaky roof, work slowdown, and broken leg." It will mean that for the next twenty years you are MARRIED to your mortgage, and if you don't understand that, you need to do some research abut what home ownership is really like. Did I forget flood insurance, school tax initiatives, and new carpets? You don't need a GSXR, you need to grasp that you probably can not afford a used GSXR for the next three years, until you have your affairs in order.

Do you have a year of expenses put away? Say $50k for emergencies? No? Then stop thinking about buying a motorcycle to "improve things and make it easier to buy a house" and start thinking about putting away $50k for the month when you break your ankle,can't work, the sewer backs up, the dryer breaks, and your kid needs braces.

Cause I guarantee you it can happen and far worse.

PS: Anyone who tells you that your plan to buy a moto on credit to make you rating better is a certified moron.
 
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Yes I am serious about buying a house. Reason I'm trying to find ways to raise my credit.. Like I said I was not approved for a house due to my current credit score... All I need to know would it help my credit and raise it, if I finance a bike? Thats all I need to know...

I paid off all my debts except for my school loan that I still owe about $6000 and currently paying it off monthly. My loan agent advised me not to pay it off in full amount because paying it off monthly is also helping me.

And to answer all your questions.. Yes I do have money in the bank saved. I already thought about all those emergency expenses, taxes, insurance and stuff. I won't put myself in this situation if I cant afford it... Like I said money is not really an issue... MY CREDIT IS THE ISSUE>
 
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I think Toe's selling the one that he won, and you can get that OTD from him for $10k. I think? Go ask him, and he might teach you a thing or two about posing. :teeth
 
miggz410 said:
Yes I am serious about buying a house. Reason I'm trying to find ways to raise my credit.. Like I said I was not approved for a house due to my current credit score... All I need to know would it help my credit and raise it, if I finance a bike? Thats all I need to know...

I paid off all my debts except for my school loan that I still owe about $6000 and currently paying it off monthly. My loan agent advised me not to pay it off in full amount because paying it off monthly is also helping me.

And to answer all your questions.. Yes I do have money in the bank saved. I already thought about all those emergency expenses, taxes, insurance and stuff. I won't put myself in this situation if I cant afford it... Like I said money is not really an issue... MY CREDIT IS THE ISSUE>
Click to expand...

Then spend $1000 with a good financial advisor, if you have the money, and find out GOOD ways to help your credit, rather than asking advice on a motorcycle forum. As far as I know, the credit report won't affect your rating for many months, so buying the GIXX is not going to help you buy a house. Getting good advice might, which you wont' find much of here.

Dont forget to add in the $1000 a year for insurance on the GXSR, if you buy on credit you will have to have full coverage.


I'd advise you to get real about your expectations.
 
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miggz410 said:
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.
Click to expand...

IMHO you'd have to still be stupid to be buying a house in a falling market. The decline in housing prices has a long way to run... wait a year and the same places you're looking at now will be selling for $50K less. Two years from now maybe $100K less.

Why would you want to own something that you'll lose $1,000 a week on?
 
TTTom said:
IMHO you'd have to still be stupid to be buying a house in a falling market. The decline in housing prices has a long way to run... wait a year and the same places you're looking at now will be selling for $50K less. Two years from now maybe $100K less.

Why would you want to own something that you'll lose $1,000 a week on?
Click to expand...

So you are a market timer? And able to predict the bottom. You have a future in the industry. For a few thousand bucks, I will show you how to take that forecast, and with options and derivatives, make at least $500 million dollars in two years. Cash up front please.:rofl
 
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...

How would one get a paid collection removed off of their credit report? :cool
 
afm199 said:
If you are serious about buying a house, the most significant financial investment you will probably ever make in your life, and the most expensive, then about the stupidest thing you can do is buy a nine thousand dollar motorcycle. Save your money dude, every penny of it. You are in for a big big surprise. It's called "homeowner insurance, property tax, maintenance, appliance repair, leaky roof, work slowdown, and broken leg." It will mean that for the next twenty years you are MARRIED to your mortgage, and if you don't understand that, you need to do some research abut what home ownership is really like. Did I forget flood insurance, school tax initiatives, and new carpets? You don't need a GSXR, you need to grasp that you probably can not afford a used GSXR for the next three years, until you have your affairs in order.

Do you have a year of expenses put away? Say $50k for emergencies? No? Then stop thinking about buying a motorcycle to "improve things and make it easier to buy a house" and start thinking about putting away $50k for the month when you break your ankle,can't work, the sewer backs up, the dryer breaks, and your kid needs braces.

Cause I guarantee you it can happen and far worse.

PS: Anyone who tells you that your plan to buy a moto on credit to make you rating better is a certified moron.
Click to expand...

DAMN!!!!!! That is what I call "Straight Talk".

AFM199 is absolutely right!!! I bought my house when I was 22 y/o and I have spent the last 23 years being a miser.

I did not buy my 1st 'NEW' bike until I was 41 years old (a new leftover 2001 ZX9-R). That same year I bought my first new vehicle, a $15K p/u truck.

So, if you are serious about becoming a homeowner, you have to give up on the idea of having a ton of toys (unless you make major $$). That is the very reason so many people are losing their homes now, because they wanted their house AND all of the toys too.

Good luck.
 
TTTom said:
IMHO you'd have to still be stupid to be buying a house in a falling market. The decline in housing prices has a long way to run... wait a year and the same places you're looking at now will be selling for $50K less. Two years from now maybe $100K less.

Why would you want to own something that you'll lose $1,000 a week on?
Click to expand...

I would think now is a good time to get in the market since housing costs have dropped. Sure, you don't know how much further it will go down....but I'm sure it'll definitely come up eventually.
 
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lefty said:
DAMN!!!!!! That is what I call "Straight Talk".

AFM199 is absolutely right!!! I bought my house when I was 22 y/o and I have spent the last 23 years being a miser.

I did not buy my 1st 'NEW' bike until I was 41 years old (a new leftover 2001 ZX9-R). That same year I bought my first new vehicle, a $15K p/u truck.

So, if you are serious about becoming a homeowner, you have to give up on the idea of having a ton of toys (unless you make major $$). That is the very reason so many people are losing their homes now, because they wanted their house AND all of the toys too.

Good luck.
Click to expand...

Amen!!! My Brother. Same story here. One new car in my life, three years ago.


Some surprises my house had: Mucho termite repair the home inspector missed, including having to replace floor joists and posts. An illegal hall heater. horrible "remodel" work done by the previous owner. And ongoing work like a new fence for a large backyard, painting, plumbing repair, new electrical service, more painting, and will need a new roof in the next five years.

Sonny buck who wants the GSXR, you truly don't have any idea what is coming. When I asked if you had $50k in the bank I was SERIOUS, you get sick enough to get laid up for six months, what do you intend to do to make the mortgage payments?
 
Leasing your GSXR750

Based on what you've said, you should really look at leasing.

1) It helps your fico score MUCH sooner than financing (as previously stated correctly by some folks, retain installment loans do take some time to raise your fico but ultimately if you pay on time will raise it as much as a leased asset. Conversely, if you fail to make payments timely it will shred your credit and it is absolutely destroys your fico.

2) It shows up as a positive tradeline immediately

3) It's less than using a Suzuki Card

4) The "out" options are MUCH better, in case the mortgage lender requires disposal of the vehicle contingent to funding.

Of course, you want to negotiate the LOWEST cash price possible on the bike, which lowers your capital reduction substantially. Right now our best cash price is $10,578 including all fees.

Give me a call, I'll walk you through it

Joe

-DISCLAIMER- leasing is not for everyone or every situation- it's smart for some people, in some situations.
 
getting a new credit card won't really bring up your score.
you need something that shows that you've had credit for long a period.
ask a friend who has good credit for years if they can add you as a "co-borrower" on one of their credit cards they've had for years.
that might bring up your score a bit.
have those collection remarks REMOVED from your credit report.

and actually getting a vehicle will help a bit to increase your score as it's a varied type of loan credit other than credit cards.
My score went from 720-740 just for getting a car loan.
having a low amount of revolving credit will also increase your score.
paying more than the minimum on your credit card bills will also be a factor in raising your score.
just my $0.02
 
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