Financing without a job? You brave soul.
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Advise on buying a new bike
- Thread starter zx6r_98
- Start date
Iceman
Well-known member
They offer a special 4.9% for anyone with a deposit, with a good credit score they offer the 2.99%.
I financed a car 2 weeks ago, that's where my bravery ends lol. My 2 new bikes this year are both used, and both good enough. We'll see what the economy does by next spring, I'm not wealthy enough to play money games at all.
I definitely will not be picking up the t7 I have on order.
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Hopefully you can get that deposit back.
Iceman
Well-known member
Remains to be seen. I'd be happy if they just allowed me to spend it instore instead.
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Remains to be seen. I'd be happy if they just allowed me to spend it instore instead.
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I guess that's better than having it vanish.
bigpoppa
Well-known member
Iceman
Well-known member
Do what I did, get an older liter naked. The way I ride I'll never notice the power difference.Why you gotta tell me that stuff? Now im gonna spend 2020 day dreaming about an MT 10
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ScorpionT16
Well-known member
In hindsight, not smart, though I do have enough to pay it outright and may do that if the rate is high. I also don't have any other things on finance or lease, car and current bike are all paid for, i've always bought outright. I've never financed anything in life, so was going to do this to build credit and keep the money I did save for the bike on the side as emergency funds. I wasn't even going to buy it after losing my job, however, at these times I don't want the dealer to go bust, loose my deposit (and the fact the bike already got a price hike by $400). I would buy used, though there won't be any used T7s for atleast a year. even then, it may not come in the colour I want, the accessories I want, in the shape I want (ADV bikes can get abused), or even a decent price. I've noticed alot of sellers selling bikes less than a year or 2 old on kijiji asking just below MSRP, and then more to cover their accessories
ScorpionT16
Well-known member
Remains to be seen. I'd be happy if they just allowed me to spend it instore instead.
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What dealer did you order it from? Even in this economy, word is Yamaha only got around to shipping 150 units of the T7 to Canada, and dealers won't have floor models for walk-in sales for at least a year, so am sure they shouldn't have a hard time selling it
You bring up an interesting point. When buying the current house, we realized that my wife had no credit rating (she existed but had no number associated with her name). She was listed on the house and credit cards, but not as primary, her vehicles were not financed. She hadn't had anything in her name only for a long time (she was not the best at paying attention to sending payment on time). On the advice of the mortgage broker, we had her buy my car to get her credit rating cooking again. Stupid system but sometimes you can't avoid stupid, you just need to work with it.
blackcamaro
Well-known member
@ScorpionT16 I don’t like telling people what to do with their money but a couple thoughts on your situation.
Unfortunately without an income it’s unlikely you would get approved for financing. I haven’t worked with Yamaha directly but lenders want to see money coming in.
If you do end up financing I’d put around $5000 down. T7 is $12,400 plus say $500 in fees. With tax your around $14,500 out the door. I say $5000 to pay for the HST and take care of some depreciation. You want to be able to get out the loan quickly and easily if you have to. Should be safe with 5g’s down.
Another thing. You say you don’t want the dealer to go bust. As someone in the car business I like the thought but take care of yourself don’t worry about these guys. We’ve all made a decision to go into business for ourselves and it’s our responsibility to weather the storm. Don’t feel like you owe them or have some guilt you should go through with the deal just for their sake. I don’t expect people to go stiff dealers because of this but your unemployed, worry about yourself first.
If you do decide to go through with it be very clear to the dealer you can pay with cash but would look at financing. Ask them if they think it will be an automatic decline without income and don’t run an application in that case. Personally from what you said here if you called me on a car I wouldn’t run you, don’t need a decline on your history.
Unfortunately without an income it’s unlikely you would get approved for financing. I haven’t worked with Yamaha directly but lenders want to see money coming in.
If you do end up financing I’d put around $5000 down. T7 is $12,400 plus say $500 in fees. With tax your around $14,500 out the door. I say $5000 to pay for the HST and take care of some depreciation. You want to be able to get out the loan quickly and easily if you have to. Should be safe with 5g’s down.
Another thing. You say you don’t want the dealer to go bust. As someone in the car business I like the thought but take care of yourself don’t worry about these guys. We’ve all made a decision to go into business for ourselves and it’s our responsibility to weather the storm. Don’t feel like you owe them or have some guilt you should go through with the deal just for their sake. I don’t expect people to go stiff dealers because of this but your unemployed, worry about yourself first.
If you do decide to go through with it be very clear to the dealer you can pay with cash but would look at financing. Ask them if they think it will be an automatic decline without income and don’t run an application in that case. Personally from what you said here if you called me on a car I wouldn’t run you, don’t need a decline on your history.
ScorpionT16
Well-known member
Interesting, that's what I was told and wasn't sure how true it rang (was told by the Yamaha finance manager, so took it with a grain of salt and a sales pitch, I did come how and search it and it made sense in a weird backwards way). I hope they give a good rate, only thing i'll have to try and avoid is all the accersories they will suggest to throw in because the monthly payment will be easier to bite than a lumpsum lol.
On that note, when I was at the dealer, there was a guy buying a ducati I believe and I overheard him talking about how he owes $xx amount on his last two bikes, and just throw the balance on the new one, another guy walked in and similar situation. I had a chat with the finance manager on how people can go into debt over $20k, and then forward the balance to a new bike during trade in, adding even more to what they owe, plus the interest they've paid in the years. I found it crazy, he said it's very common and people just see the monthly payment and are happy to have a nice ride. Insane if you ask me for something used only a handful of months in Ontario
bigpoppa
Well-known member
where was this?
ScorpionT16
Well-known member
Very good points, and correct with the final price too! I was going to put $7-10k down for it and pay it off in 6-8 months anyway setting aside the monthly in advance.
Its true I shouldn't worry about them, I worry more about the economy as a whole, the more people stop spending, the more standstill things remain. I've been working part time with my employer pumping out proposals, and no one is signing or putting money down in fear of their 2020 margins, even if the jobs are for 2021, the longer this goes, the longer we all stay jobless. Also, with the T7, I was going to get a few accessories from Dual Sport Plus in Barrie, and they get business out of it, then the companies that made the goods (Outback mototeck, Endursitan etc...) so it trickles. I'm not very money savy so always love good honest advice. My own flawed theory is to save as much when earning, and spend when not to boost the economy where possible, although this is non-sense and just my own justification for buying unnecessary things to cope ?
Thanks for the part to make clear with the dealer, I did not know that, will be clear about it!
ScorpionT16
Well-known member
VOS motors
As for the wanting to make the job of the sales people easier. What a mess. I had purchased the car (she was at work and not available, car was a demo so very time sensitive and couldnt wait). In order for her to be responsible for financing, she had to be on the sales documents. Dealership was moaning about me losing deposit on my purchase and having her purchase it, this was within 5 hours of signing paperwork. They came around and we drew up new paperwork with her as the purchaser and me cobuyer using my credit score(as she didnt have any) and payments coming from her account.
Personally I would just explain to VOS that you are currently out of work but would like to complete a purchase down the road. If they balk at returning your deposit tell them to keep it as future store credit for accessories or another deposit. I know a few guys there (GM, sales). If you have a hard time PM me.
I think staying liquid is a better plan until you're punching a clock again.
I think staying liquid is a better plan until you're punching a clock again.
Buy new, if you can, specially a SS. Those type of bikes tend to be abused and you don't want to be stuck with the ware and tare caused by the previous owner. Since I got my license in 2005, my wife and I have purchased 13 bikes, 7 of them being new bikes, no regrets.
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ScorpionT16
Well-known member
All makes sense, and the rational thing to do. However alongside loosing my job and girlfriend in the span of a few weeks, and the idea that this has been a bike i've been saving for 3 years, as my dream bike with a goal destination in mind, its time for an irrational decision in life ? I figure the rational ones went south, so like George Constanza, I'll declare this the summer of ScoprionT16 and do the opposite in life ?
PS. Keep in mind, no job and no girl = ample amount of bike time
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