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"The Financing/Credit Thread"

3K views 23 replies 17 participants last post by  pwang 
#1 · (Edited)
No flames please. I did search but there is limited info on the site. And yes i did read the article on loans in the SBN articles section. What i wanted to compile is a small "database" so to speak for other people to compare and be able to use the info. Don't be scared to post, but this is what i'm kinda getting at:

Make:
Amount financed:
Who financed: (Bank, Credit Union, Manufacturer)
Down payment:
Average credit score: (Average of your "fico" scores)
Age:
Special circumstances: No credit, bad credit, co-signer needed, trade in, etc.

Monthly payment:
Interest rate on loan/card

I know so many people are against financing, but we know soo many people finance their motorcycles, so please no bashing and saying "pay cash or don't get one." I really want to compile some good info :)
 
#2 ·
Make: Honda
Amount financed: 11,500
Who financed: Honda Financial
Down payment: 0
Average credit score: Don't know. Am given to believe that it is very good for a person of my age.
Age: 20
Special circumstances: N/A
APR: 11%
 
#6 ·
Make: 2006 Kawasaki ZX-6R
Amount financed: $9,300 (paid more for gap insurance through the dealer)
Who financed: Kawasaki card (financed through some bank in Nevada)
Down payment: $0
Average credit score: 720
Age: 22
Special circumstances: N/a

Monthly payment: Minimum payment is $79 but I pay $250-300
Interest rate on loan/card: 7.9% for the first 24 months 9.9% fixed for the life there after. I will most likely have it paid off in 2-3 years.
 
#8 ·
Hagios said:
Nope. Same, in my case. I've been working on my credit since I was 16. My age is all that's working against me at this stage in life, I'm told.
<hijack>
I think that's bullshit, I'm 21 and I'm being offered 5.9% for a $40,000 private loan with a cosigner, and my credit score is about 740. You should see if you can get a loan through your bank instead of Honda, it would probably drive your interest rate down a few points.
</hijack>

Edit: typo
 
#10 ·
bush said:
<hijack>
I think that's bullshit, I'm 21 and I'm being offered 5.9% for a $40,000 private loan with a cosigner, and my credit score is about 740. You should see if you can get a loan through your bank instead of Honda, it would probably drive your interest rate down a few points.
</hijack>

Edit: typo
If you are saying that you need to give your cosigners information. If your cosigners info overrides yours in a better manner you are no longer cared about
 
#11 ·
Another thread hijack. Can someone get a vehicle loan in their name, and not put their name on the title? Example, I get the vehicle loan at my bank, but my father titles and insures the bike on his policy (with me on insurance of course).

Steve
 
#12 ·
Truck said:
Another thread hijack. Can someone get a vehicle loan in their name, and not put their name on the title? Example, I get the vehicle loan at my bank, but my father titles and insures the bike on his policy (with me on insurance of course).

Steve
Generally not, when the band does the loan the veh is registered to the person on the loan and the bank. If you wanted to go that route you should have your dad co-sign for you. If you are trying to get around paying high insurance rates...it depends on the company that you are with wether or not they would make you be on the insurance, but most would require that your father include/exclude you from the policy. If they dont know that you are the principal operator, you might be able to get away with it, but then thats just bad karma and it could bite you in the ass one day.
 
#13 ·
Well, my father titled the current bike I have and is the one who insures it, I just pay for the insurance. It's not bad karma when the insurance company knows thats why we do it. They had to help us out someway, or we would of pulled all our insurances from them and went to someone else. We spend lots of money with them each year, it's the least they can do when we rarely ever make claims.
 
#14 ·
Truck said:
Well, my father titled the current bike I have and is the one who insures it, I just pay for the insurance. It's not bad karma when the insurance company knows thats why we do it. They had to help us out someway, or we would of pulled all our insurances from them and went to someone else. We spend lots of money with them each year, it's the least they can do when we rarely ever make claims.

Ahh the beauty of having an agent that wants your business. I am not attacking you...I am just saying. It's not the "proper" way to insure a vehicle, that doesn't mean that it can't be done. If your agent is ok with it, then it's on him. :)
 
#15 ·
Make: Ducati SuperSport 800
Amount financed: $7000
Who financed: (Bank, Credit Union, Manufacturer) USAA (Credit Union)
Down payment: $2490 (bought with some gear as a package)
Average credit score: (Average of your "fico" scores) 690
Age: 28
Special circumstances: No credit, bad credit, co-signer needed, trade in, etc. None, but incorporated business I owned was bankrupt 5 years ago

Monthly payment: $180
Interest rate on loan/card 9%
 
#16 ·
Make: Yamaha 06 R6
Amount financed: 8000
Who financed: Yamaha Card
Down payment: 2500
Average credit score: 740
Age: 20
Special circumstances: none

Monthly payment: $89min for 2years. I pay a lot more than 89, more like 300-400 to get it out of here in 24 months.
Interest rate on loan/card: 7.99 for two years and then it goes to something crazy
 
#19 · (Edited)
Make: 06 ZX6R
Amount financed: $5000 (of $8200)
Who financed: Manufacturer CC. Kawasaki Good Times
Average credit score: 720
Age: 23
Special circumstances: Limited but excellent credit history

I'm actually paying $600+/mo because I want to pay off the bike as quickly as possible. I purchased it in February and the balance is currently $2200.

My financing does not require full insurance, but I purchased it through State Farm.

Edit: Oops, interest is 5.9% for 24 months.
 
#20 ·
Make: '04 Suzuki GSR-1000
Amount Financed: $7,000
Who Financed: Suzuki/Yamaha Stealership
Down Payment: $3,000
Average Credit Score: 730
Age: 20
Special Circumstances: None
Current Minimum Payments: $99/mo
Interest Rate: 4.9% through 5 years
 
#23 ·
2006 Yamaha FZ6

Amount Fianced $6000
Penfed Credit Union 5.99%
48 Months
Mom cosigned with me on the loan
Fico score 684

Payment $141 w/ $500 down

BTW: Any 20 year old that states that they have a 740 fico score is full of it, you could only possibly have 2 years of credit history and that is not considered and established credit history. Your score *might* say 740 but you will not get an equal rate compared to a 40 year old with 22 years of history (even though the last 7 years only matter) and a 740 score assuming all accounts are in good standing.
 
#24 ·
Make: 02 Triumph Daytona
Amount financed: 0
Who financed: Nobody
Down payment: Purchase price
Average credit score: 780 per bank lending officer
Age: 27


Monthly payment: 0
Interest rate on loan/card 0

If you haven't figured it out already, I don't finance my bikes. Don't mean to sound like a prick but that could be one of the reasons why my credit score is the highest so far in this thread. :neener
 
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