Anyone sell an HD and buyer used HD financing?
#11
02-24-2016, 09:23 AM
Grand HDF Member
I got my 2015 HD Iron 883 through HD financing.
Last month the local Credit Union saw the hit on our credit report and they dug in to the information a bit and sent us an offer.
We did not even solicit it. They offered (and we accepted) to leave HD financing. The payments were $6 less a month, they added GAP insurance and cut off a full 12 months of payments on the loan.
Saving us $2400 by leaving HD Financing.
Last month the local Credit Union saw the hit on our credit report and they dug in to the information a bit and sent us an offer.
We did not even solicit it. They offered (and we accepted) to leave HD financing. The payments were $6 less a month, they added GAP insurance and cut off a full 12 months of payments on the loan.
Saving us $2400 by leaving HD Financing.
Agree...credit unions normally have better rates than banks and financing companies. They are not for profit cooperatives owned by their members (depositors or account holders) so normally have higher rates on deposits and and lower rates on loans. The only time I have seen banks with better rates is when they have teaser promotions, but after the teaser period, rates go up above the credit union...a viable option if you plan to pay off the loan before the end of the teaser period.
Last edited by hscic; 02-24-2016 at 09:27 AM.
#13
02-24-2016, 12:27 PM
Seasoned HDF Member
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Good to know most dealers do this.
Many people 'rate shop' to get the best possible rates. The credit bureaus usually lump all inquiries within a certain period (I think 30-45 days) as one inquiry.
Originally Posted by RebelScout671
But when you shop for better interest rates, wouldn't they continually tap into your credit report therefore ruining it and dropping the score?
Let's say I try the HD credit, they want 12% after credit check. Then I say, hell no, let me call credit union A. I get 9% after the credit check. I say it's still too high, let me try bank B. Now it's 15% because too much inquiries.*
Does that happen?? I just think paying anything over 5% on something like a sportster, or even a dyna, is worth it.
Let's say I try the HD credit, they want 12% after credit check. Then I say, hell no, let me call credit union A. I get 9% after the credit check. I say it's still too high, let me try bank B. Now it's 15% because too much inquiries.*
Does that happen?? I just think paying anything over 5% on something like a sportster, or even a dyna, is worth it.
#14
02-24-2016, 01:32 PM
Grand HDF Member
Also agree..FICO scores are to assess financial stability and responsible credit management. It is based on payment history, amount owed, length of credit, new credit, and types of credit. New credit is 10% of score so very minimal....and I do not think number of inquiries affect new credit until the loan is made. The more new credit you have would be perceived as higher risk since it hints at cash flow issues.Oh and btw, the first two (payment history and amount owed) represents about 65% of your FICO score.
Last edited by hscic; 02-24-2016 at 01:35 PM.
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