Anonymous
Anonymous asked in Business & FinanceCredit · 1 decade ago

Wondering if my credit score is good enough for a motorcycle loan.?

After just checking my credit score according to equifax it is

680

I was wondering if that score was high enough to get a semi decent loan on a motorcycle. Oh and I'm 19

Update:

Well I took out around 14000 for school loans. Erm my mom did and I co signed it but I've been paying it back and I have nearly 4k paid back. I've been at my job for over three years now(but i took 7 months off for school) Also I've had no lines of credit. So my only debt is my school loans.

Update 2:

Thank you everyone for your help. My truck is great and will last me several more years. Only 60k miles on it and its a 2000, I got it from some old lady who never drove.

Also my student loans only around 200 a month but I've been putting in atleast 500 and I make around 2300 a month.

Are lenders more likely to give me a loan if say I put 3k down?

9 Answers

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  • 1 decade ago
    Favourite answer

    The score itself should be fine but they'll look at debt to income ratios, job time, and established trade lines as well. good luck... Be safe...

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  • durby
    Lv 4
    4 years ago

    Credit Score For Motorcycle Loan

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  • 1 decade ago

    Your credit score is actually a little above average (avg is 675). However, creditors like to see how you treat tradelines that you have. If you do not have any, it does not show them how you repay your debt (responsibility). Equifax is not the best one to check as most lenders use TransUnion, plus they are the most reliable. I have had customers check Equifax and have credit scores of 720 and when I pull it from TransUnion, it has only been 640 or so...try getting a small loan from your local bank and pay it off early (making at least double payments). This will also help you build a relationship with your bank and they may be more willing to take a risk on you. Just be careful with how much you pull your credit and don't worry too much!

    ***Rebuke for Mary B - My wife and I share this account. I am a Police Science/Criminal Justice Major. SHE is a Loan Officer for Citi. Not just is she experienced, she is the top producer in her Region, with the plaques and rewards to show for her excellent work and judgement, not to mention commendations for customer satisfaction. DON'T get it twisted!***

    Source(s): Loan officer (Citi) Major in Finance; Minor in Business (Upper Iowa University) Immediate experience with family & friends
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  • 1 decade ago

    Unfortunately, Wassime is extremely incorrect, probably because on one of their other answers in another forum he/she claimed to be a Political Science/Criminal Justice Major.

    680 is actually a pretty good score and you should be able to easily qualify for about 90% of the premium loan programs out there at excellent rates.

    The average credit score that you see in the papers, factors in everyone...especially the elderly that has extremely high credit scores and no longer use credit much..so it is "skewed" higher than what most lenders actually see in practice.

    Equifax is actually the most commonly used credit report of the 3, when lenders use only one report...which most of them don't use only one...most lenders use a tri-merge report to make lending decisions and they usually take the mid-score.

    However if you have $14,000 in student loans, do you also have a car? If your car is paid off...will it last until you pay off your motorcycle? It's something to keep in mind.

    I think you are actually on the verge of over-extending yourself...so be careful...it only takes a few months to destroy your credit and years to correct it.

    Keep in mind, that you can NEVER bankrupt a student loan.

    Source(s): see my profile.
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  • BILL
    Lv 7
    1 decade ago

    The average credit score in the U.S. is 670 and although that is low you probably will get the loan but with higher interest rates. They will also consider what you make compared to how much debt you currently have as well as a few other things. Also they will probably ask for a down payment ( 20% or so )

    Good Luck with your purchase and please wear a helmet.

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  • Judy
    Lv 7
    1 decade ago

    Probably - it's a little below average, but not bad. You can probably get a loan if your income and obligations are such that the lender will feel that you can pay back the loan - they look at more than just credit score.

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  • dool
    Lv 4
    4 years ago

    no longer truly, yet many sellers ARE merchandising to fairly lots all of us. decide for it and understand that the observe "no" does not harm undesirable once you're arranged to pay attention it and the observe "confident" is like waking up on Christmas morning. additionally, a pal instructed me that Harleys and Buells have been financed with loans greater consistent with vehicle loans and not in basic terms seen a frill, yet transportation as an vehicle is. the least complicated one to get "offered" via is Honda. Suzuki being next and Yamaha being greater durable. i do no longer understand approximately Kawasaki financing, yet 3 grand will exchange a techniques whilst it is composed of Honda for the reason which you have got lined the depreciation of the bike with what they call "earnest money" up front. this way in the event that they could repossess the bike they gained't take this form of whipping at public sale and you is truly no longer left with a extensive volume to be billed with whilst they close the contract. seem at Hondas before identifying to purchase a Buell.

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  • 4 years ago

    Was thinking to ask this question too

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  • silvia
    Lv 4
    4 years ago

    Was wondering the same question

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