Which should I pay off first Motorcycle loan or Credit Card?
MATHMATICALLY< you would do better to pay down the one with the highest interest rate. But, getting out of debt, and it would appear you havequite a bit of it, is about MOMENTUM. It's called a debt snowball (can't take credit for that one, it's not mine); you line your debts up smallest to largest, then attack the smallest one with intensity. Pay the minimum payment on the rest until you get the smallest one paid off, then tkae that payment and roll it into the next largest. As you move through your debts, you have larger and larger amounts to put towards the bigger debts, which has teh effect of keeping you motivated AND somewhat negating the math arguement. When you have them all paid off, DON'T USE THEM ANYMORE!!!!! How nice would it be to get a large sum of money, like a tax refund, and NOT have to give it away immediately to someone else, but use it for WHATEVER YOU WANT, like, oh, I don't know, a vacation that you have wanted to take for years, but couldn't because you were worshipping at the altar of American Excess and MASTER card (no, that is NOT a typo)?? Pay cash, or don't get it. You survived this long without it, why do you think you hae to have it RIGHT NOW to go on living??
I have a 756 credit score but little credit history and looking at a motorcycle loan?
actually too many credit cards are a bad thing. The one card should be enough. Applying for credit will actually show up when you go to buy your motorcycle. If you've been applying for cards or credit elsewhere it will show up and that is a big negative. The more you can put down the better.
What is the credit score required to get a motorcycle loan?
Motorcycle loans are not seen the same as car loans. Car/truck loans are seen as "necessities", whereas motorcycle loans are seen as "recreational". So, lenders scrutinize them much more heavily than they would for a car/truck. The days of 19-year olds riding out on Hayabusas and paying $200 a month are gone. Insurance on a sportbike for a 20-year old is going to be murder. It will probably cost you as much monthly as the bike payment itself. Be prepared for that. Also, be prepared to carry full coverage on a bike with a lien against it. And nobody on here can give you an estimate on an insurance payment, as no two people will be quoted the same cost. You could be a 20-year old honor student with no prior traffic tickets or a 20-year old high-school dropout that just got out of prison... way too many variables involved. And there is no "magic" insurance company with the absolute lowest rates. I've been riding for over 20 years now. Make sure you take the MSF course, and whatever you do... make sure you start out on a smaller bike (250cc or so) and work your way up. You have no business on a 600cc CBR or GSX-R (or, heaven-forbid, a liter bike) at first.
If the financer of a vehicle requires you to have full coverage insurance but you cannot afford it, what is likely to happen?
The lender’s remedies for not carrying proper insurance will be spelled out in the loan agreement signed when the vehicle was purchased.Check your contract. You will find a clause that reads something like this:The remedies for not carrying proper insurance coverage available to the bank include:1. Forced Placement: The Bank will obtain Comprehensive and Collision insurance…At Your Expense: The bank will pass the cost on to you. If you refuse to pay it will be…Added to Your Loan: With interest.At Higher Cost: At a cost that is likely much more expensive than coverage you could obtain yourself.Protects Only the Bank: You will not be a party to the coverage. The insurance will only protect the interest of the bank.No Liability or Medical Coverage: The bank is only concerned about securing their collateral. They are not a party to liability or medical loss. If they procure coverage, there will be no consideration for liability or medical losses.In the event the insurance is not paid, or the additional loan amount as a result of forced placed insurance is not satisfied, the next step would include:2. Repossession:Seizure of the Collateral: When you signed the loan agreement, you offered the car as collateral (say, guarantee for payment of the loan). Not adhering to the agreement (the contract) will result in the capture of the asset for which it is assigned as collateral.The details of this question describe the purchase of a motorcycle. If the amount borrowed is not too high, you may be able to offer some other form of collateral to secure the loan - or - depending on your credit history, negotiate a loan without collateral.It is always in the auto loan consumer’s best interest to:Procure their own insurance and keep it in forceProactively negotiate with the lender.Letting the bank take action without attempting to work it out yourself will always lead to a less desirable result.