Obtaining a loan.

[Lingerfelt 10+ year member]

Ahh, I'm unsure what my credit score is.

I haven't checked it, as it's my understanding running too many credit checks also looks bad on your report. Is this true?

Being as I'm unsure how many banks the dealership tried to run me through, and unsure of how many banks ran a report on me, I'm kinda afraid to run any more.

Being as I'm sure I've made every payment I've ever had in full and on time, the only thing I'd have to check my report for is to know my score personally and to make sure my identity hasn't been stolen. //content.invisioncic.com/y282845/emoticons/uhoh.gif.c07307dd22ee7e63e22fc8e9c614d1fd.gif

 

[Pl8er 5,000+ posts]

Ahh, I'm unsure what my credit score is.
I haven't checked it, as it's my understanding running too many credit checks also looks bad on your report. Is this true?

Being as I'm unsure how many banks the dealership tried to run me through, and unsure of how many banks ran a report on me, I'm kinda afraid to run any more.

Being as I'm sure I've made every payment I've ever had in full and on time, the only thing I'd have to check my report for is to know my score personally and to make sure my identity hasn't been stolen. //content.invisioncic.com/y282845/emoticons/uhoh.gif.c07307dd22ee7e63e22fc8e9c614d1fd.gif

It does not hurt you to get your report and print it out. Yes, a bank will run it again. But getting your score will give you an idication of where you are at. If your in the 400-500 range, I'd say forget it.

Running the report too many times may have been wrong for me to say. Applying for a loan too many times will hurt you if you get denied and you keep trying and trying. If you don't get it on the third attempt, you more than likely wont' get it on the 8th //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

 

[shynegrynd07 10+ year member]

i can't run a credit report.. i don't have a credit card..

 

[Lingerfelt 10+ year member]

It does not hurt you to get your report and print it out. Yes, a bank will run it again. But getting your score will give you an idication of where you are at. If your in the 400-500 range, I'd say forget it.
Running the report too many times may have been wrong for me to say. Applying for a loan too many times will hurt you if you get denied and you keep trying and trying. If you don't get it on the third attempt, you more than likely wont' get it on the 8th //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

I have the loan already, I was approved. On what try, I'm unsure.

My bank denied me.

I was approved by two banks through the dealership.

I'm unsure how many (if any) banks checked by the dealership denied me.

I suppose I'll go check my credit report then.

 

[dynamcpunk 10+ year member]

I'm not an expert but from what I heard is that credit checks don't hurt your credit. Think about it wheb you go to the dealership to buy a car or even to a mortgage company they run your credit through a few diffrent banks to see which loan will be best for you. When I went to toyota to get my car I had a check in hand from my bank and they said it was their policy to still run my credit so they could show me what toyota financing would give me.

 

[Pl8er 5,000+ posts]

I have the loan already, I was approved. On what try, I'm unsure.
My bank denied me.

I was approved by two banks through the dealership.

I'm unsure how many (if any) banks checked by the dealership denied me.

I suppose I'll go check my credit report then.

What APR did you get from the dealership? They really are well known for giving out the 20+% apr. It just isn't worth it to go for something with that much of an APR.

The only exception is if you REALLY are going to pay it off in 3-4 months. If you are going to do that, and have the cash then set your bank account to auto pay weekly to get past the APR.

 

[Scoobydoo 5,000+ posts]

if it were me....and some will say it is bad advice

get a no annual fee, 6-12month low APR(below 10%) credit card and buy the bike with that

make all the payments on time and maybe double up a few. by the time the introductory period is up you can get a new card with a new low APR and transfer the balance to that, some even offer 0% APR for balance transfers. most times the APR will only raise a few % as long as you dont screw up

no reason to get a fixed 12-15% loan from a bank if you can handle the credit card route

 

[Pl8er 5,000+ posts]

I'm not an expert but from what I heard is that credit checks don't hurt your credit. Think about it wheb you go to the dealership to buy a car or even to a mortgage company they run your credit through a few diffrent banks to see which loan will be best for you. When I went to toyota to get my car I had a check in hand from my bank and they said it was their policy to still run my credit so they could show me what toyota financing would give me.

Correct. I worded it wrong earlier (was multi-tasking). Running credit checks is fine, applying for multiple loans is bad.

 

[Lingerfelt 10+ year member]

What APR did you get from the dealership? They really are well known for giving out the 20+% apr. It just isn't worth it to go for something with that much of an APR.
The only exception is if you REALLY are going to pay it off in 3-4 months. If you are going to do that, and have the cash then set your bank account to auto pay weekly to get past the APR.

20+% I would've told them where they can shove it. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

I ended up with 11.2 I believe, it is 11.X.

 

[staypuff 10+ year member]

at $125 per week in earnings there is no bank in the world that will grant you a loan that i know of..... the formula they go by is your credit rating plus your debt to earnings ratio...... even with a bad credit rating a bank will grant you a loan if the item you are willing to purchase is equitable... or if you earn much more than you owe..... many banks like you to earn double the amount that you owe..... for a smaller loan like that they would like you to pay it in 24 months or less...... they also take into account the depreciation of the bike and insurance that you need to pay..... at $125 per week i'd be surprised if you could afford the insurance and gas along with the payment.... let alone double the amount.....

 

[Pl8er 5,000+ posts]

20+% I would've told them where they can shove it. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif
I ended up with 11.2 I believe, it is 11.X.

Not GREAT, but not horrible either (for your age income). Never miss a payment and pay whenever you can. People don't understand the whole paying extra payments thing.

Pay 10% extra and pay it twice a month rather than one payment. So if it is 200 dollars pay 110 every 2 weeks. It will reduce the loan much faster.

 

[Pl8er 5,000+ posts]

at $125 per week in earnings there is no bank in the world that will grant you a loan that i know of..... the formula they go by is your credit rating plus your debt to earnings ratio...... even with a bad credit rating a bank will grant you a loan if the item you are willing to purchase is equitable... or if you earn much more than you owe..... many banks like you to earn double the amount that you owe..... for a smaller loan like that they would like you to pay it in 24 months or less...... they also take into account the depreciation of the bike and insurance that you need to pay..... at $125 per week i'd be surprised if you could afford the insurance and gas along with the payment.... let alone double the amount.....

Depends on his other bills. 500 a month for a 200 dollar payment would be ok if he lives at home.

Edit: Now if you don't make at least 125 a week for the last month or month and a half, then it would be hard. They will want pay stubs.

 

[Lingerfelt 10+ year member]

Not GREAT, but not horrible either (for your age income). Never miss a payment and pay whenever you can. People don't understand the whole paying extra payments thing.
Pay 10% extra and pay it twice a month rather than one payment. So if it is 200 dollars pay 110 every 2 weeks. It will reduce the loan much faster.

Payment is around $150ish, I pay $200+ every month.

I was very happy with my 11.X, compared to my wonderful 25.7ish on my credit card. //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

 

[Pl8er 5,000+ posts]

Payment is around $150ish, I pay $200+ every month.
I was very happy with my 11.X, compared to my wonderful 25.7ish on my credit card. //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

*hi-five*

Sweet. I'm telling ya, break it in half and pay the same amount or a bit more twice a month. Watch it drop fast. Just set your debit card to auto pay.

 

[staypuff 10+ year member]

Depends on his other bills. 500 a month for a 200 dollar payment would be ok if he lives at home.

that's why i mentioned the insurance and that..... motorcycles are much more expensive than cars where i'm from.....

also the bank takes into account how long he's worked at his present job.... and most banks don't even consider one low hours part time job as even employment.... he needs to get another one.....