Trying to get a new bike

[skinegibbs]

Well I've been riding since I could walk and this past year I had to sell all of my stuff to move out here to southern california. Now that I'm legal I was looking into financing a new bike. Now my questions are

1.) Where is the best place to purchase a new dirtbike? (Preferably somewhere in Coachella valley..but will travel up to Orange County if needed..)

2.) What bike? I've pretty much got my mind set to an '06 YZ250F but open to any suggestions. I'm 6'2", looking to get back into racing.

3) Financing. I'm probably going to be putting somewhere around 1500-2000 down, what will they be primarily looking for and is there anything I can do to improve my chances. I don't have ANY credit yet and I'm run my own business as a computer technician but the income hasn't steadied yet. I'm looking into securing another job and I've heard that could help out considerably.


What I'm trying to accomplish overall is getting a bike and establishing credit. I'd really appreciate any help!

 

[Okiewan]

When you say that you no credit... does that mean you haven't borrowed before or you've pulled your file and theirs nothing on it?

 

[skinegibbs]

I just turned 18 about 2 weeks ago...never taken a loan out or anything

 

[Okiewan]

You will still have a credit file I'd think. Best place to start is looking there to make sure everything is good.

Besides that? Length of verifiable employment and income. Length at current address. You'll probably need to start building credit with purchases smaller than a bike. Sorry there isn't better news. Maybe a co-signer?

 

[skinegibbs]

Yeah everyone kept telling me I'd need a co-signer. I'm just going to get some lame job that has a steady income outside of my own business just so I can show income , but I'm leaning towards taking out a loan and getting my bike and establishing credit that way.

 

[CRguyStan]

A good place to start establishing credit and to land a bike is go on the web and apply for credit cards through major banks (ie Citi, Bank of America, Chase, Fleet, etc). A factor they look at is how often your credit report is pulled, as this is on your credit report, and they tend to look at this before giving you any. They tend to figure, this guy tried ten times last month and nobody gave him anything, why should we.
The trick is to apply to all companies the same business day, they will likely do the report the next day or two, and it seems to take as long for the checks to show up on your report.
Maybe you get approved for 3 $2000 cards, go use them to buy your bike, pay regular, and you have credit at that level. Then after say 6 months apply for a limit raise to pay off the other ones.
Another thing, the credit card companies rarely check employment history, and go by your good faith.
Just don't get stuck in debt from credit craze.
Stan