ATV Loan

[Joelstradamus]

I'm sorry if I put this in the wrong section. Please feel free to move it. Lately I've been wanting a new 4 wheeler. A 2015 or 2016 Yamaha YFZ450R. My FICO score is 732, not a single negative thing on my report, a truck loan that's 5 months from being paid off, my income is about $60,000 a year, I own my home, and I have a 14 year credit history. I do have 2 credit report inquiries in the last year. One is where I cosigned for a new car for my elderly mother, and the other is for a zero turn mower I purchased in April. I would like to get through this with no money down because I've sank a ton of money into remodeling my home the last year. The price of the atv is about $9000. What do you guys think the likelyhood is that I'd get approved at the 3.99% promo that Yamaha is offering. I realize it's for 36 months and that after that the interest will be sky high. My plan was to just pay the same amount($500) as my truck payment after it's paid for in Feb., and I sould have it paid for in a couple of years? Any thoughts?

[sccredit]

I don't think you'd have any issues getting approved for the promo. 

[Anonymous]

You should have no problems. Keep in mind that the cosigned loan will appear on your credit report and count as your DTI, but if you own your home out completely, and you have a fine salary, you should have no problem. 

You may even be able to do better through a credit union, they often have low interest loan programs, and it sounds like your credit is very healthy, so they will like you. Maybe check around for some in your area. 

[jim44]

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@Anonymous wrote:

You should have no problems. Keep in mind that the cosigned loan will appear on your credit report and count as your DTI, but if you own your home out completely, and you have a fine salary, you should have no problem. 

You may even be able to do better through a credit union, they often have low interest loan programs, and it sounds like your credit is very healthy, so they will like you. Maybe check around for some in your area. 

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This is a good idea too, especially if you think you you may have a balance after the 36 month promo period.  A CU though may give you a personal loan depending on whether they will finance an ATV.  Is the store promo linked to a credit card?