Financing
#12
12-09-2008, 07:22 PM
While I appreciate your oh-so-insightful commentary, I was just looking at my credit score and info the other day, and cehcking some other info, and it doesn't classify my score as "poor credit" as you say it does. Get your facts straight. Yes, I may get higher rates on stuff, which is part of my reasoning for not wanting to finance the bike. I don't wanna pay crazy interest and fees. I was just kinda looking into things with the dealer that day.
My credit was worse due to some issues in the recent past, but I have since cleared stuff up, and am working on rebuilding my credit. I've got a couple low-limit credit cars I use now and then. When I use them, I pay them off in full when they are due to show a good payment record. I also have some stuff for my job thru Snap-On Tools on their Snap-On Credit thing they have. It's $2500 worth of stuff I purchased earlier this year thru them. I have a weekly payment of $25 I make on that. Haven't missed one yet, haven't been late, I've even paid extra almost every week on it.
It's a slow process to rebuild credit, but I'm trying my damndest to make it happen.
I also have some student loans that are not yet in repayment status. Once they are, the interest rates are less than 5%, some of it is no interest. Payments will be very low on them, since I don't have a ton of student loans to repay. It's somewhere around $25K for the 4 years of schooling I'll have completed after the upcoming winter semester. That 4 years is about equivalent to one year of what my sister is having to repay from her 4 years at the University of Michigan, so I don't feel so bad about having taken out those student loans to get myself thru school.
I just love internet know-it-alls on message boards.
My credit was worse due to some issues in the recent past, but I have since cleared stuff up, and am working on rebuilding my credit. I've got a couple low-limit credit cars I use now and then. When I use them, I pay them off in full when they are due to show a good payment record. I also have some stuff for my job thru Snap-On Tools on their Snap-On Credit thing they have. It's $2500 worth of stuff I purchased earlier this year thru them. I have a weekly payment of $25 I make on that. Haven't missed one yet, haven't been late, I've even paid extra almost every week on it.
It's a slow process to rebuild credit, but I'm trying my damndest to make it happen.
I also have some student loans that are not yet in repayment status. Once they are, the interest rates are less than 5%, some of it is no interest. Payments will be very low on them, since I don't have a ton of student loans to repay. It's somewhere around $25K for the 4 years of schooling I'll have completed after the upcoming winter semester. That 4 years is about equivalent to one year of what my sister is having to repay from her 4 years at the University of Michigan, so I don't feel so bad about having taken out those student loans to get myself thru school.
I just love internet know-it-alls on message boards.
#13
12-09-2008, 07:34 PM
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By that time, it'll probably be time for a new car/truck too, so better credit will help there too.
The bike is gonna be a cash purchase after that day at the dealer and crunching the numbers with them like I did.
I've got multiple leads out on bikes right now, just waiting for some info, as well as waiting for the money to be in my hands by about this time next month.
I want a Sportster, and I'm certain I can get one for $5000 or less, which is what I'll have to work with. Right now, my best lead is a '04 XL883 for $4000. Eventually, it would become a 1200.
So, I'm ok for right now on everything.
#14
12-09-2008, 07:50 PM
What is a Good Score?
When lenders talk about "your score," they usually mean the FICOŽ score developed by Fair Isaac Corporation. It is today's most commonly used scoring system. FICO scores range from 300-850, and most people score in the 600s and 700s (higher FICO scores are better). Lenders buy your FICO score from three national credit reporting agencies (also called credit bureaus): Equifax, Experian and TransUnion.
In the eyes of most lenders, FICO credit scores above 700 are very good and a sign of good financial health. FICO scores below 600 indicate high risk to lenders and could lead lenders to charge you much higher rates or turn down your credit application.
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When lenders talk about "your score," they usually mean the FICOŽ score developed by Fair Isaac Corporation. It is today's most commonly used scoring system. FICO scores range from 300-850, and most people score in the 600s and 700s (higher FICO scores are better). Lenders buy your FICO score from three national credit reporting agencies (also called credit bureaus): Equifax, Experian and TransUnion.
In the eyes of most lenders, FICO credit scores above 700 are very good and a sign of good financial health. FICO scores below 600 indicate high risk to lenders and could lead lenders to charge you much higher rates or turn down your credit application.
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#15
12-09-2008, 08:06 PM
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I'm on that same path as you were, rebuilding my credit, just not from bankruptcy. More of being a dumbass when I was younger and didn't know better.
#16
12-09-2008, 08:35 PM
I was only being blountly honest. I didn't want you thinking or having others really thinking that a 610 is a "good" score cause it isn't, and I DO know my "facts" and as you can see below directly from FICO a 610 is at the next to the bottom of their rating scale. Also one rarely ever goes under 500 even with BK's and Repos and one rarely goes over 820 even with outstanding payments and low usage. Low limit credit cards don't mean squat except in the credit rebuilding process because they can be had by just about any credit score from the bottom feeder card companies. As for Snap-On I don't know a single mechanic inlcuding the one that works for me that doesn't have a weekly Snap-On account, ANY mechanic can get one and that's why he is there every week at payday to collect in person cause he knows he has allowed high risk borrowers.
Don't believe me? Walk in any bank and try to get a loan with a 610. Short of collateral with a low DTV ratio and/or heavy Down Payments it ain't happening.
I wish you the best and do hope that you do get your credit straight and hope you get a Harley but at the same time if you can't take the truth you are on the wrong forum cause this is the big boy forum and we wear big boy pants not our feelings on a sleeve.
FICOŽ Scoring
760-850
700-759
660-699
620-659
580-619
500-579
#17
12-09-2008, 09:51 PM
Outstanding HDF Member
Go for the loan on the sporty for $127 a month the rate does not seem to add up to be high at all. It will help rebuild your credit rating. You can take the $5,000 and put it an interest bearing cd and the money will still be there for the life of the loan. The discipline is not to use that money and in 4 years you will have the bike balance zero and the 5g's in the bank plus %.
#18
12-09-2008, 09:55 PM
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I was only being blountly honest. I didn't want you thinking or having others really thinking that a 610 is a "good" score cause it isn't, and I DO know my "facts" and as you can see below directly from FICO a 610 is at the next to the bottom of their rating scale. Also one rarely ever goes under 500 even with BK's and Repos and one rarely goes over 820 even with outstanding payments and low usage. Low limit credit cards don't mean squat except in the credit rebuilding process because they can be had by just about any credit score from the bottom feeder card companies. As for Snap-On I don't know a single mechanic inlcuding the one that works for me that doesn't have a weekly Snap-On account, ANY mechanic can get one and that's why he is there every week at payday to collect in person cause he knows he has allowed high risk borrowers.
Don't believe me? Walk in any bank and try to get a loan with a 610. Short of collateral with a low DTV ratio and/or heavy Down Payments it ain't happening.
I wish you the best and do hope that you do get your credit straight and hope you get a Harley but at the same time if you can't take the truth you are on the wrong forum cause this is the big boy forum and we wear big boy pants not our feelings on a sleeve.
FICOŽ Scoring
760-850
700-759
660-699
620-659
580-619
500-579
Don't believe me? Walk in any bank and try to get a loan with a 610. Short of collateral with a low DTV ratio and/or heavy Down Payments it ain't happening.
I wish you the best and do hope that you do get your credit straight and hope you get a Harley but at the same time if you can't take the truth you are on the wrong forum cause this is the big boy forum and we wear big boy pants not our feelings on a sleeve.
FICOŽ Scoring
760-850
700-759
660-699
620-659
580-619
500-579
I'm gonna buy a bike cash. That's it.
#19
12-09-2008, 09:57 PM
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My credit score is well in the 700's and harley wanted to give me a rate of 12.99 and a term for 72 months. I laughed and went to my local credit union nothing down, got 3.9% for 48 months roughly the same payment.
#20
12-10-2008, 12:07 AM
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I was a finance Director at a large Ford Dealership for over 20 years and I will throw in my .02. You have a good down payment. Go find the bike you truly like and then go to your credit union. 610 score will probably get you a high rate @ HD finance. Rough rule of thumb you can use to figure your payments would be as follows:
I am guessiing you should be able to get 9.5% through a credit union. Based on this use the following rough estimate. For every 1000.00 you finance your payment would be about 25.00 per thousand for 48 months and 20 per thousand for 60 months. A large secured loan such as this will definitely help you build your score back up. A FICO of 680 used to be baseline good. Now most banks are looking 720. Just hang in there and your score will be up there in no time. Good Luck!
I am guessiing you should be able to get 9.5% through a credit union. Based on this use the following rough estimate. For every 1000.00 you finance your payment would be about 25.00 per thousand for 48 months and 20 per thousand for 60 months. A large secured loan such as this will definitely help you build your score back up. A FICO of 680 used to be baseline good. Now most banks are looking 720. Just hang in there and your score will be up there in no time. Good Luck!