buying on credit By wizardaeon (Read 1,486 times)

[wizardaeon]

anybody know of any scooter dealers that will finance people with bad credit?

[mheinemeyer]

No, but you can do a google search for bad credit financing. I know this because 10 years ago I had a bacterial infection around my heart that required alot of medical treatment that bankrupted me. Expect to pay higher interest rates. It can be done though.

[Alleyoop]

Whatever your trying to buy try a layaway plan, that will also help your credit worthiness for future purchases.
Alleyoop

[mthomas]

If you are going to do a layaway plan, you will have to do it at K-mart, Wal-mart quit layaways a few years back.:}

[Alleyoop]

A B&M dealer might do a layaway plan, it is in their in their favor, they get the money coming in and if you don't pay it off whenin the speicified time they keep what you payed so far plus the still have the scoot to sell at price Some will do it but you have to ask.
Lefty

[madcollie]

Besides what Alley said (which I agree with), yes I do know of one.

www.outletpowersports.com/

Right now not much in stock but they do sell scooters. Had 2 Zumas for around $1500. You'll just have to keep checking on them. They have 2 locations, east and west coast.

Good luck

M/C

[♔Big Guy♔]

Call your local dealers and see if any of them have a, "Buy here, pay here" plan. Not all of them have it because it requires a separate license as a mortgage company, and in some states, it can be really expensive. We do it at our shop and basically, what you have to do is put up at least 150% collateral. The title to the scooter is 100%. So basically, how it works is, let's say you buy a $3000 scooter. We make you put down TT&L. So you would be financing $3000. The scooter is worth $3000 and adding another 50%, you have to have $4500 in collateral. So you would still need to meet another $1500 in security, like a title for a car or boat or RV, or basically anything worth $1500.

Using this same scenario, we charge 33% interest and do an EFT from your bank for $100/week as payment. Once 20 payments are made, we release the security for the additional 50%.

This is a pretty common set up and there are a lot of dealers that will do it. The nick name for it is either Buy here pay here, or tote the note. The good thing is, we don't check your credit and we do report to all three credit bureaus.

Hope this helps...


-Rich

[phaze]

save for it it's only 1500.

[wolfhound]

Good credit is 'a good thing'. However, saving is a better thing. I have paid
cash for all 6 of my rides (down to 5 now that the Tank is gone) and it is
not hard to do. Just budget a donation to a savings account and also to
an under the bed account each month. Save your change and your $1.00
bills also for the latter account and you will be surprised at how fast you can
build your discretionary funds. And when you buy it it is yours, not the lenders.!!!
I know that bank savings accounts offer nada interest but I have found that it
makes it a little harder to draw from and gives you time to think about it.

[mcalli]

me too. I bought both of my scoots for cash. I like knowing that I own it outright. no lender, no interest. It really is surprising how quickly you can sock it away if you really want something. Open a bank account(or savings) account that you will expressly use to save for your scoot. Every payday, pay yourself first (before you pay any bills) right into your bike account. Somehow, there is always enough money to pay the bills. Doing it this way, you have to cut down on your frivolous spending. You'll spend less for junk you usually blow your money on because you won't have the cash to pay for it. Just don't touch the bike account for any reason. Any extra cash you get during the year (income tax, bonus at work, etc) put in the account. You would be surprised how quickly it will amass.

[wolfhound]

Exactly!!

[89newbie]

Greenearth scooters. low prices, layaway plan. Dont know how good the bikes are but another guy on another site loves his.