Financing
#21
12-10-2008, 04:27 AM
Ultimate HDF Member
I filled out an online credit application, with way less than perfect credit, figuring I would see how fast and how many different ways they would say NO, but instead the dealer called me withing 30 minutes and asked when I wanted to pick up my bike.
#22
12-10-2008, 06:22 AM
Outstanding HDF Member
Join Date: Jun 2005
Location: Desmoines, Iowa
Posts: 3,238
Likes: 0
Received 0 Likes
on
0 Posts
#23
12-10-2008, 06:31 AM
He then jokingly told me I should buy his Road Glide for $15K so he could buy a new bike for himself. Mind you, his RG is only a 2007. I just kinda laughed about it and told him, "If I had $15K to spend on a bike, a Road Glide honestly wouldn't be my first choice. I'm not a big fan of baggers, I'd get a FXDL."
#24
12-10-2008, 06:54 AM
Road Warrior
Join Date: Nov 2005
Location: Contributor to HDForums.com
Posts: 1,551
Likes: 0
Received 2 Likes
on
2 Posts
I have been fortunate enough to pay cash for my bikes, but I have a question for those in the know.
Considering this fellow's situation, would it be a positive thing for him (credit wise) to have the cash he is going to spend, sitting in a savings account, take out a loan for the bike and then take that savings account money and pay off the loan within say, 30 days?
Again, I'm not a finance guy, but this would seem to me to be a positive thing to further strengthen his credit rating.
Thoughts?
Considering this fellow's situation, would it be a positive thing for him (credit wise) to have the cash he is going to spend, sitting in a savings account, take out a loan for the bike and then take that savings account money and pay off the loan within say, 30 days?
Again, I'm not a finance guy, but this would seem to me to be a positive thing to further strengthen his credit rating.
Thoughts?
#25
12-10-2008, 07:42 AM
Back in June I got 12.9% with 10% down through my local HD dealer with a 663 FICO score. They approved 21k I borrowed $14,000.00 and some change. Payment is $277.00 mo.
I was estatic because my credit was in the 400s years ago. It took perfect sailing for over 7 years to get 663 and there was a time obviously nobody would loan me a stick of gum. The bike is sweet!!!! Nicest thing Ive ever owned I think?
Im gonna pay on it for about a year and see if my score raises and consider a refi?
I was estatic because my credit was in the 400s years ago. It took perfect sailing for over 7 years to get 663 and there was a time obviously nobody would loan me a stick of gum. The bike is sweet!!!! Nicest thing Ive ever owned I think?
Im gonna pay on it for about a year and see if my score raises and consider a refi?
#26
12-10-2008, 11:04 AM
Grand HDF Member
Considering this fellow's situation, would it be a positive thing for him (credit wise) to have the cash he is going to spend, sitting in a savings account, take out a loan for the bike and then take that savings account money and pay off the loan within say, 30 days?
Again, I'm not a finance guy, but this would seem to me to be a positive thing to further strengthen his credit rating.
Thoughts?
Again, I'm not a finance guy, but this would seem to me to be a positive thing to further strengthen his credit rating.
Thoughts?
But there is so much more to a credit score than your payment history.
Ratio of debt to available credit is one that comes to mind.
If you have a credit card with a $10,000 limit and you have never ever been late on a payment.
But if you have a $9,000 balance on that card, it is going to hurt your credit score.
It's just a very complicated scoring system, that takes a lot of things into consideration.
#27
12-10-2008, 12:17 PM
The Schlong Man
but what was your interest rate that they were offering you? My guess is that it was fairly high with a 610 credit rating. I'm willing to bet that he would have dropped the price by a small amount if you would have financed it, and then made it back up on the finance charges. If you had the cash you could have just financed it to get a better price, and then payed it off when the first payment was do. This works great if your contract doesn't include a penalty for early pay off. But it sure pisses off the dealer. :d
#28
12-10-2008, 12:28 PM
My credit score was around 730 when I bought my bike. Put about 25% down, told them I wanted the 7.9% for 60 mo or nothing. Now I just double-pay the monthly payments.
Chris in CT
Chris in CT
#30
12-10-2008, 01:21 PM
Tourer
Join Date: Jul 2007
Location: Canal Fulton, Ohio
Posts: 429
Likes: 0
Received 0 Likes
on
0 Posts
I just financed my wife's birthday present ('06 Softail Deluxe) the dealer told me that to get true HD financing they needed 20% down. Otherwise it is financed through another bank. I ended up with a local bank and 10% interest with $500 down.