If you're gonna borrow money for a toy, then you're only loyalty should be to yourself. Bid out your prospective loan to several different lenders and then decide which is the best loan for you.

 

I have heard of some guys in the 500's getting loans and others in the 600's getting rejected. So I would shop around at several dealers to see who will give you the best rate. THEN when you find the bike you want tell the dealer you want to buy his bike but have the other dealer finance it due to the lower rate...chances are the first dealer will match it.

Just remember borrowing money is a separate business from buying a motorcycle. Nothing personal about it. Shop for a loan like you are buying bread & milk. Good luck with it.

 

I would think that the size of the downpayment would bear on the approval or rejection as well, maybe 50% down with 550 gets the nod and 10% down with a 610 gets the thumbs down.

 

It does factor on approval as well as the rate you will get.

 

My creidt score checked about 670 when i checked mine. I went to the Dealership Eagle mark said it was 630 the very next day!. They offered me a crappy loan for 5 maybe 6 years at 16% Ontop of that they wanted about 1500.00 down . This was for a 16,000 bike.
I told them to go to Hell! I went to my local bank somehow my score was 670 again! I got the bike for 4years and a 6.5% with zero down.
So from my EXP I would not reccomend EM to anyone for a loan!

 

I think in his OP he said he didn’t want to hear that he should “pay cash for toys” also, he said he bought stuff however didn't say he was in debt up to his ears and that he was ready to buy, wow… I guess everyone should be mature and disciplined and wait for everything we buy. Maybe we should all live under bridges until we can save for our houses...

Anyway to the OP. There's lots of good deals out there these days. Try to buy used (low miles) private party, "if possible" let someone else take the initial depreciation. Some states (like here) you don't pay sales tax on PP purchases. Just trying to save you some $$$, we all like to save where we can. If you do finance check out a Credit Union. If I finance at a stealership I tell them that my bank/CU can do better and sometimes they will budge and work with you. BL, shop around and do your homework. Good luck with your purchase and save up your cash, lol.

 

Thanks for all (well, most) of the replies! I'll definitely look into CU BEFORE I get to the dealer so I can tell/show them the deal I was offered.

 

just remember that the guy in the finance office job is to sell you interest and they will try to make it as high as you will allow. The finance office is not just for "doing the paperwork". They will also try to sell you all kinds of add ons in there that will cost you interest too, like financing a pre paid maintance plan and stuff like that.

Go well armed with rates from other banks and just remember that the saleman and finance guy are not doing you any favors.

 

All so true, they will give it to you if you let them, go in prepared to say NO to things and don't let them dazzle you with their bulls..t, cause they will.

 

That is a pretty cruel sentence. I am disciplined and mature. I also have had two heart attacks, 7 stents and a quad bypass, in the middle of all this I "died" twice, both times they had to "jump start" me. Yes I will finance my next bike, yes I am going to enjoy my remaining time on the planet. If I have to finance to do so, then that is the way it will be.