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Motorcycle Financing question

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Anonymous
Not applicable

Motorcycle Financing question

So, I've searched the forums and read some of the posts related to this subject. I know I'm going to have a higher APR than a traditional vehicle since a motorcycle is considered a luxury. I'm prepared for that. I'm sure it's already been asked a billion times, but I'm trying to figure out my chances of approval and if my plan is appropriate to yield the best results for my credit. 

 

So, I'm looking to purchase a new sport bike for $11,000+tags/tax in Florida. This will be my fourth bike bought here. First one through a dealer. I am able to put down as much as $6500 for a down payment. However I'm wondering what, not only my chances of approval will be, but also what will benefit my credit the most. 

 

Only installment loan I currently have is for 20k on a truck i financed 2 years ago and have been making double payments on. CC util is around 10%. Credit scores are EQ:715/TU:699/EX: 698. 

 

Any advice would be helpful. Main questions I'm hoping to have answered are my odds of approval and if my down payment Is too high to benefit other than a low monthly payment required. 

 

Thanks in advance

4 REPLIES 4
Appleman
Valued Contributor

Re: Motorcycle Financing question

Looks like PenFed has mot0orcycle loans. May want to check them out, they listed around 6.5%.

 

Finance as much as they will let you. Use the rest to paydown CC bills to uner 9% and than see where the money goes the furthest, CC interest or bike interestr? Pay down the one with the highest interest rate first to save the most money.

Message 2 of 5
Watchmann
Valued Contributor

Re: Motorcycle Financing question

If you are buying new from a dealer than most manufacturers will have their own financing options available, usually with reasonably low APRs in the 4% range.  They know that many banks and credit unions shy away from bike loans so they have their own plans available.  Check the bikes website and see what is available.  Your credit won't be changed very much in most instances as the amounts financed are far less than a car.

Message 3 of 5
Anonymous
Not applicable

Re: Motorcycle Financing question

Hello , i am also looking to finance a motorcycle same amount like you . I am also worried .   I have been paying experian , equifax and transunion. It is frustrating that each of has  a different credit score.  Experian gives me a higher credit score and better FICO 8 .  So i decided to join myfico and see the results. It  seems higher and the same as what Experian have. I have paid off 2 of my bills that was sent to a collection agency.  I have paid down my CC balance to 2%.. 

 

Current Credit Score From Experian   695.    Equifx 664  Transunion 709.  This is what i paid for on Experian to get this information.  

 

Any suggestions before i head to a motorcycle dealership or advise would be appreciated ? 

Message 4 of 5
sarge12
Senior Contributor

Re: Motorcycle Financing question


@Watchmann wrote:

If you are buying new from a dealer than most manufacturers will have their own financing options available, usually with reasonably low APRs in the 4% range.  They know that many banks and credit unions shy away from bike loans so they have their own plans available.  Check the bikes website and see what is available.  Your credit won't be changed very much in most instances as the amounts financed are far less than a car.


That kind of depends on the motorcycle...I have over 30k in my 2008 Honda Goldwing three wheeler...not exactly far less than a car.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 5 of 5
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