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I Want to Buy a Motorcycle to Get Around But I Don’t Have the Money. – Loraine

“Dear Steve,

Got about 10k in debt, and they’re all in collections, but I recently got a decent job. Now I’m starting from square one and i want to see if I can finally become debt free. But I don’t really know where to start.

I have lost my mode of transportation and I really really need to get something for my job. I’m thinking of getting a cheap motorcycle ($5,000 is my limit) but I don’t have the money, so I’ll need to take out a loan. The thing is, my credit is terrible. How do I go about getting a $5000 loan? Are there any institutions that won’t screw me over with interest? I can pay off the loan within a year. I don’t have family or anyone who can loan me the money either, so that is not an option. Advice?


Dear Lorraine,

I get the impression that your credit score is dinged from your open collections accounts. You might want to use the free credit score service provided by Credit Karma and let’s see what they share with you about your score.

As a motorcycle rider myself I urge you to take the motorcycle safety foundation rider class to become a safer rider.

There are some used motorcycle dealers that allow you to buy here and pay here. In that case your credit is less important. But for that privilege you will wind up paying more for the motorcycle through higher interest and sales price.

But there are quite a number of motorcycles for less than $3,000 that are not as sexy but make for a great daily commuter.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


  •  Hi Steve!Just passed the motorcycle safety foundation rider class over the weekend, and loved it! Now I’m ready to take the DMV test and find my bike. I checked my credit score on Credit Karma, and my score is 577 which is very poor. 🙁

    Hopefully, I can start paying off all of my accounts in collections little by little. Once i’m done paying off those collections, will that make any difference in my score?

    And I’m sure I can get a cheap bike, but I still need a loan, because I have no savings whatsoever. Do recommend just getting a loan from a bank or credit union and getting a used bike?


    • That is terrific news. Welcome to the club.

      Yea, your credit score, well, sucks right now.

      I definitely recommend buying a used bike. I’ve purchased a couple and not had any real problem. Of course my 1979 Yamaha XS650 is in pieces in the garage right now. Stuck in the middle of a rebuild.

      I don’t know where you live but you should be able to get a daily rider used for under $1,000. Craigslist also has some good local buys on bikes as well. Since this is your first bike, have a local motorcycle shop look it over if it is a local purchase and I would suggest you buy local.

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