Financing a new motor cycle for first time

Question

i tried to get aproved for a kawasaki ninja 500 today but they say i need a co signer .... i have no credit history......where can i get a good loan at or what dealership should i go to im just looking for the cheapest bike i can get somthing under 5000 . im in fort worth texas where should i go to get a bike?

Answer 1

These temptations are never ending pal.  Today it's the Ninja 500, tomorow it will be something else.

Never buy a bike on credit.  If you can afford only something smaller, OK.  We all love to buy new but sometimes a secondhand can also be a good thing.  There are other expenses which can follow during the year so have a buffer zone so that you have some cash in hand.  Don't spend all you have on the bike.

Answer 2

Honestly financing your first bike does not seem like a great idea to me. I would find a used one in the paper or online somewhere. You will get a much better deal. Plus you are bound to drop your first bike eventually so you might as well get a cheaper bike where it doesn't matter as much if you put a couple dings on it. You can find a Ninja 500 thats a couple years old pretty easy for around 2 or 3 thousand. Even with no credit you should be able to find a bank to give you a non secured loan for that amount. Meaning they just give you the loan with no colateral required... in other words you get the title imidiately. All in all you may want to just put what you would be putting towards paying off a loan to a savings acount for a little while and just pay cash for it. However you figure out how you want to do it. Be careful and watch out for all the people who don't see us motorcyclists. Good luck.