House Financing With Bad Credit?
I am trying to get financing for SV650-S but it doesn't seems to be any
easy. I've tried peoplefirst.com but no luck (and it suposed to be the
easiest one). Did anyone everer get loan ($7K) from one of those "pawn
shops" ? I live in Fort Lauderdale, FL and down here is like thousands of
them with neon signs like "Cycle financing, fast cash............".
I know its all about my credit history, but I do not think my credit is bad.
I got my first credit card about 9 months ago secon one couple weeks ago
(Gold Visa from Bank Of America). I always pay my bills on time as well as
rent, phones.........
So what is the big deal with financing?? Anyone know about something like
peoplefirst but for "young credit" bikers? :) Or should I just walk in the
BikeShop and ask for some kind of "in House" financing? Is it usualy easier
than Banks?
The fact that you can't get easy credit should be a warning sign to you.
Sit down and think whether or not you REALLY can afford it. Banks may
be brutal when analysing credit risk, but they have a lot of experience
at it. Make sure that you indeed ARE the exception to the rule rather
than just thinking you are.
Having said that, for a 7K bike its probably cheaper and easier to just
open a line of credit. If you have something to secure it with it will
be easier, but an unsecured line of credit is still possible at a higher
rate. When you go in to apply, dress tastefully and speak politely.
Phone in advance for an appointment.
I was shopping for a car loan not so long ago, and an unsecured line of
credit was actually cheaper than a car loan. The interest rate wasn't
fixed, but it would have required a 4 percent rise in rates before they
evened out. I took the line of credit (all it needed was a one page
form and a couple of signatures). I didn't actually use it for the car,
but it has come in handy to have around for other emergencies from time
to time.