nyRocketkid

A buddy of mine hasn't had a legit job in a few years. He has done work under the table at a local factory in town & has had credit cards & always payed the bills early & has never missed a payment. He got a honda card (which he lied about his income) bought a 50 on a honda card payed it off in a year, also never missed a payment. He has good credit, & doesn't owe any money and now he want's a loan for a used bike. The only problem is he does not have a legit job still. He only want's a loan for 6 grand tops is there any place he can get a loan through just based on his credit? Or is there any bank you guys know of that does not need pay stubs, or need to call the employer to get a loan? He also has no down payment. I really want to help him get a bike so we can ride this summer so I thought I would ask for your help. Any suggestions? He also can't afford full coverage on the bike eather, do all banks require that?

xluisx

Bike's loans are really hard to get for any reason I had ask my mother inlaw to co-sign on my loan when I got my bike!

Stunt.N.Stylz

My buddy loaned me his and i made payments to him,Bike loans are hard because they see it as a luxury

boostnm3

yeah bike loans are hard to get, if he doesnt have any money saved up the only way i see is to go take out a personal credit line from a bank. That way he can do what he wants with the money. But i think they still check your pay stubs

Velocity-

Didn't you say he has a honda card? Why doesn't he just use that?

Ridin Disorder

I think all banks require the same basic information (pay stubs, employer name/number, etc). If he has a Honda Card why doesn't he just buy a bike at the dealer..i'm sure he can get his limit raised if it isn't high enough seeing how he paid it off so quick.

I guess I'm lucky because I've never had an issue getting a bike loan...I've gotten 2 in the last 3 years with no co-signer and I'm only 23

nyRocketkid

He has a honda card but wants to learn how to stunt on it so he doesn't want to buy a new bike. He told me he would go new if he had to but would rather get a used. If it's used he wants a 01-03 F4i & we can't find a local dealer with anything used

Hazen

Bike loans are easy, but not if you don't have a "legal" job. They need to see reliable income to lend you money.

I always get "Personal" or "unseccured" loans from the bank - that way you get to hold onto the title incase you want to sell/trade. The interest is a little higher but if you pay it off quickly it doesn't make a huge difference. Still, pretty much any lender is gonna turn him down if he doesn't have constant documented income.

I'd try to get the limit raised on the Honda Card and then buy used from the dealer.

TNDragonrnr

If he has paid taxes his job is legit but I'm sure he hasn't since it is under the table. I don't think he will have any luck with anything. A personal loan is the only way you can get by without having full coverage insurance unless you buy a new one on a card.

og ryan lee

you cant get any type of loan from a bank without proof of income... and you cant get any type of vehicle loan without full coverage insurance.. used bike loans are hard to get because of depreciation, and if you do get one the interest rate is going to be around 10% or more

Burial87

i tried for a bike loan myself, its not easy (i didnt get it)

Hazen

Full coverage is another reason to get a personal or unsecured loan - then you don't need to have ANY insurance.

rchonda95

If He Has A Honda Card It Can Be Used On Any Thing Used Or New Its A Credit Card. My Buddy Just Bought A Used 929 From A Small Used Dealers And The Honda Card Was Fine.

villa76

they never asked me for pay stubs just tell them ur self employed and ****..... But yeah u must have good credit

OverRatedRiderz

man..why dont u co-sign for him on the used bike....if ur a good enough friend an u say he pays on time...then you do it for him...whats the big deal??

Velocity-

Spring is coming up soon and someone is going to trade in the bike he is looking for just be patient it will pop up eventually.

J-Sun

Sometimes they'll just take bank statements. I'm self employed and I've gotten car loans by just showing them like 3 - 6months of bank statements. As long as they see alot of money coming in and out you should be fine. I forget if I had to show them tax records from the previous year.

ERDMANN

I work in sales and finance, it easier to finance a new bike over used, used you will have a higher intrest rate, he most likely will need a co signer, if he is a high risk credit he will have to have pay stubs other wise they usually dont ask if the credit is ok, let me know if you got any more questions, i can always check his credit and let him know what he needs exactely, good luck, anything to help another rider get on a bike!!!!

Mr Incognito

Have fun with the intrest rate on a personal or unsecured loan....if your friend doesnt have the money to pay full coverage then he probably doesnt have the money to pay the intrest rate on one of those types of loans...When I was 18 and bought my first brand new bike with no co-signer, I got bent over the counter..They gave me the bike..along with 18% intrest for 6 years...Just tell him be careful and READ what hes signing...

BTW when I bought my stunt peice I rolled the first bike (the one with 18%) and the stunter into one loan and got 8% on it...But regaurdless im still upside down...

nyRocketkid

I have to many bills right now on credit cards, my 50 stuff like that. Otherwise I'de just cosign!