Need finance advice

clarkey1986

hi there, i am looking to buy a new motorbike on finance and have some difficult choices to make,
i really want a honda cbr600rr,
i have recently moved home in january and have signed onto the electoral role at this address but it does not come into effect until april, as my creditexpert score is 676 (poor) was hoping that it would bring it up a bit as before i moved it was in the good range even though i was not on the electoral role at my previous address,and so was going to wait to apply until april to apply for the finance.
i have credit cards and pay chunks of the balance every month, not the whole amount but still large amounts.
now honda will be putting all prices up by 10% as from april the 1st and now im stuck as to the best way to do this,should i apply now and try and save myself some money or wait and take the hit? i dont want to apply and get declined as that will harm my score further?, any suggestions or help would be appreciated
thanks
Martin

~Brock~

From the sounds of it, you would probably get declined right now. Although the score given by experian is not to be taken as gospel, it is an indication of how you may be regarded by actual lenders.

Putting the loan to one side for a moment, would it not be possible to maybe source a nearly new example of the bike you want and then (hopefully) avoid the price rise?

clarkey1986

thanks for the response, the reason i wanted a new bike was that my friends have had real bad luck both with dealers and private sellers with buying used bikes, i am looking for ex demo's and pre registered at the moment as well but according to most websites the price hike will likely include used models as well damn credit crunch!

i have been told by a few people that i am more likely to get accepted with dealer/honda financing on the bike than with a personal loan, as the financing is secured against the bike, can anyone confirm this to be true? also with the crunch on at the moment where do u need to sit credit scoring wise to get accepted for these agreements?

iolanthe07

You might be best putting off your purchase and saving up for a year or two.