topic Re: College Student -- Motorcycle Loan in Auto Loans

College Student -- Motorcycle Loan

Anonymous — Fri, 02 Aug 2013 04:40:10 GMT

So I have made the decision many months ago that I want to finance a new motorcycle. I currently ride a used bike I bought in cash in high school and now that I am about to begin my second year in college I am ready for a new bike. Instead of paying cash again as many have suggested to my I have made the decision that I want to finance. Aside for a min. for a little bit about myself. I am currently 20 years and a college student. I am completely independent (will not have a cosigner) and well within my means for paying for this thing (I have school/living expensises paid for and work part time for extra money). What I am looking at is 4,500 msrp and you'll have to add some for ttl. Although I am completly confident in my ability to pay I am at a loss on how I should go about it. Should I talk to the dealer about financing or go to my bank (Wells Fargo)? I know they offer auto/motercycle loans but since its a pretty small amount could a personal loan through Fargo be an option. I don't know a lot about credit so I will let you be the judge, I recently moved up to a 2k credit limit, have about 18 months of perfect history and as of today a 725 score from experian. How do I stack up and what are my chances of getting a loan? and what should I go to the table with?

Sorry for the long winded post but I have been lurking on these fourms a week or so and everyone seems very helpfull.

Thanks!

Re: College Student -- Motorcycle Loan

Ditovera — Fri, 02 Aug 2013 14:23:49 GMT

If I were you I would rate shop for a good apr% with your score. I am sure your income will be enough to support the $4500 so that wont be an issue. I would start with a local credit union or two first and apply for an auto loan in person preferably or online. In addition apply at wells fargo as well. Once you have approvals and an apr% rate I would take the best rate out of those and take that to the dealership and say you have your own financing andsee if the dealer can beat the bank rates.... If you strictly go to the dealer and try to finance your fico score they pull might be significantly lower since this is your first auto loan and they have the upper hand to charge you a high apr. Also every app will be a hard pull on your credit but if you do it with in a week or two they count as one hard pull on fico.

Re: College Student -- Motorcycle Loan

Ditovera — Fri, 02 Aug 2013 14:30:23 GMT

Also forgot to mention negotiate price first before you talk financing with the dealer. Dont negotiate based on monthly payments !!! negotiate Drive of the lot total price ( PRice + tax/title/reg) once thats established ask if he can beat your banks apr % rate.

Re: College Student -- Motorcycle Loan

Anonymous — Fri, 02 Aug 2013 20:08:30 GMT

Thanks for the Info, makes sense

Re: College Student -- Motorcycle Loan

Anonymous — Fri, 02 Aug 2013 20:16:04 GMT

Also, What would be a standard down payment if I were to go through a credit union or a dealership?

Re: College Student -- Motorcycle Loan

Ditovera — Fri, 02 Aug 2013 21:39:01 GMT

Shouldn't be much usually around 10%...but if you have the cash i would put down more since you are buying, leasing would be a different story. Its just gonna make your monthly payments lower to put more money in