if I have good solid credit, can I get it? 31 years old with solid credit. and the answer is, YES I can afford it. I figured $3,000 down and about $300 a month EASILY.
I have talked to many unemployed people that would love to have an extra $300 a month to help pay bills, etc. Are you retired or between jobs? Also, make sure you look at the insurance costs. Depending on the type of bike, it can get expensive quickly.
I'm retired so technically, we're in the same boat. I have a meager savings account and I never spend it as I'm in the "Black" every month. I took some of my savings, bought a CD and borrowed that money back from the credit union. I pay $139/month to ride a Harley! That cost represents the difference between what I make in the CD interest and what I pay on the loan. The bike doesn't even enter the picture so I own it free & clear. When I get done, the savings money is all intact and I slam it back in the savings account.
Been doing that since about 1970 on purchase of big items and have financed many motorcycles and several cars that way.
Concur, there's a difference between being "unemployed" and "retired." The former means a person is not employed but normally should want to be, the latter means they are not employed and don't want to be!
Being the OP is 31 years old, I suspect it is the former.
Personally, if it's the former, then there should be higher priorities at the moment. The only exception I can think of is if it were to be and economical and sole source of transportation; or in other words, getting a bike because it is cheaper to operate than a car.
But, as 1rightguy so adeptly pointed out, it's a person's credit rating that determines if they get a loan. Score high enough, and you qualify.
However, simply qualifying should not be the sole reason for getting a loan. Considering the amount of debt most Americans are carrying, it's not wise to incur any more unless absolutely necessary.
I am in the second catagory. Living off my 401k at age 32. I have never been a job hopper. But lately shit hasn't been panning out. I just took a coordinator position for a company operating group homes for developmentally disabled adults. After 3 days I knew this job was a serious liability, and I value my freedom and reputation over employment. Without the support of senior management there was no way to turn it around. The term APS investigation was thrown around casually, like no big deal. I ran as fast as I could. I am actively seeking employment and have some promising interviews next week. I can honestly say being unempleyed is beyond depressing. Even though I am able to pay my bills, I feel worthless.
I've quit jobs in the first week before. It's not beyond reason for businesses to misrepresent a job and when they do, I have no problem in hitting the door. Buying a bike is not a bad idea. Hell, anything you can do to keep a positive attitude is worthwhile. This is prime time, however. As you get closer to the holidays, it's now or never and around September, the door slams until after January 1.
This job market is designed to beat you down. Keep a positive attitude, stay busy and don't let them win.