Financing questions..HELP!!!

AmyNTX · Post by **AmyNTX** » Fri May 16, 2008 6:57 am

Ok, I need some input...I am going to Moxies on Sat. to look at the buddy 125. My credit is horrible (long story had a bf for 10 yrs and 2 kids..+bad credit) I have a new hubby now..we bought a house last year, and he had some deaths in his family all at once and now has some bad credit issues...anyway....my question is how hard do you think it will be for me to get financed? If the total cost is $3500 OTD ...I can prove income with paycheck stubs that we make over $4000 a month..and have a couple thousand in the bank..(I don't have a bank account but he does) do you think me financing with him as CO-SiGNER WILL WORK? we dont have the $3500 cash...and really dont want to put anything down...think it is doable???? thanks..dont' want to get my hopes up for nothing...hubby said I can get one if we can finance:)

addictionriot · Post by **addictionriot** » Fri May 16, 2008 8:48 am

I have bad credit too due to my ex's sister stealing my identity (yay

)

I really dont think anyone would finance 1. for that small of amount and 2. because of your credit.

If you can wait I would suggest putting money down on it (if your dealer allows.) That's what I did. My buddy is basically on layaway. Any cash I have after my bills goes straight to them. That way I cant really back out unless I want to lose $3000.

You could also just keep saving it in the bank if you dont think you would spend it on something else.

IMHO I would put money down that way when it's paid off it's yours and you dont have to worry about paying it off later and paying finaces charges.

jfrost2 · Post by **jfrost2** » Fri May 16, 2008 1:15 pm

I cant give much advice for your credit problem, but 3500 out the door for a 125 seems a little high.

Dooglas · Post by **Dooglas** » Fri May 16, 2008 3:23 pm

A 125 is under $3000 out the door around here, but we are a no sales tax state.

jfrost2 · Post by **jfrost2** » Fri May 16, 2008 3:30 pm

A brand new 2008 125 should only cost 3000-3200 out the door unless you get them onsale or buy two bikes. I got mine for 2800 out the door on sale, but at normal pricing, tax and prep shouldnt add more than 200-300 dollars to the sticker price.

Post by **ericalm** » Fri May 16, 2008 4:02 pm

Funny, in my household the rule is just the opposite—don't buy anything that would require financing (other than house and car). If I asked my wife if I could get a scooter provided I could finance it, she'd ask if i was nuts (and I'd get the dreaded dagger eyes).

If your husband has bad credit as well, having him as a co-signer probably won't do you much good (though you can try and risk the embarrassment of rejection). You'd be asking the bank (or finance co.) to take a risk on two people in stead of one.

There are some alternate ways of financing—various loans, credit cards, etc. But chances are you'll be paying crazy interest and it's really not worth taking on that kind of extra burden.

Have you considered that there are a number of additional expenses that go along with ownership? Up front, there's the additional cost of gear; a decent helmet, riding jacket and golves can run you an extra $300 and up. Then there's the cost of insurance. Then maintenance.

The best way to go, as others have said, may be to put down a deposit (if the dealer will let you) and then start saving the money. Alternately, if you have $3000 worth of anything around the house, sell it to pay for the scoot. (Right now, I'm eyeing my record collection and thinking about a Lambretta for sale near me.)

For inspiration: http://scooterjar.blogspot.com/

illnoise · Post by **illnoise** » Fri May 16, 2008 4:33 pm

There are other financing threads on Modern Buddy with very good advice, do a search.