topic Re: Car addiction- HELP!! in Auto Loans

Car addiction- HELP!!

bigtyde78 — Wed, 04 Jun 2014 17:10:23 GMT

Just wanted to take a moment to introduce myself. My name is Tyler, and I have an addiction to cars!!

But seriously, I have 3 auto loans, a boat, and a 4 wheeler. I contacted my credit union for a loan on a new motorcyle (new Ducati). They got me a decent rate of 6% for 66 months on a 30k bike- which seems to be in line for "alternative" vehicles like 4 wheelers, side x sides, etc. They pull EX and my score is 723 with a monster profile.

My question is- Does 6% seem high for THIS type of purchase? I have a 2.39 on my 2014 4 runner and a 3.19 on my 2014 S4. I dont really want to take another hard pull or 5 for Ducati to pull my credit again, but the guy swears he can beat 6%.

Any information or ideas from you guys would be helpful. My annual income is over 110k, 4 years AAoA, 9% utl with over 50K available.

Re: Car addiction- HELP!!

Creditaddict — Wed, 04 Jun 2014 17:30:43 GMT

@bigtyde78 wrote:
Just wanted to take a moment to introduce myself. My name is Tyler, and I have an addiction to cars!!

But seriously, I have 3 auto loans, a boat, and a 4 wheeler. I contacted my credit union for a loan on a new motorcyle (new Ducati). They got me a decent rate of 6% for 66 months on a 30k bike- which seems to be in line for "alternative" vehicles like 4 wheelers, side x sides, etc. They pull EX and my score is 723 with a monster profile.

My question is- Does 6% seem high for THIS type of purchase? I have a 2.39 on my 2014 4 runner and a 3.19 on my 2014 S4. I dont really want to take another hard pull or 5 for Ducati to pull my credit again, but the guy swears he can beat 6%.

Any information or ideas from you guys would be helpful. My annual income is over 110k, 4 years AAoA, 9% utl with over 50K available.

well since I see .99% offered on the website for 3 different models I would lean towards you should apply through him! (just tell him you don't want it shopped around, you only want Ducati's financing or nothing)

Re: Car addiction- HELP!!

bigtyde78 — Wed, 04 Jun 2014 17:32:44 GMT

Thanks for the response. That was kind of my thoughts as well. If I could even get close to that, give or take a point, that would save me thousands. Just didn't want to get raked over the coals for no reason!

Re: Car addiction- HELP!!

Creditaddict — Wed, 04 Jun 2014 17:36:32 GMT

@bigtyde78 wrote:
Thanks for the response. That was kind of my thoughts as well. If I could even get close to that, give or take a point, that would save me thousands. Just didn't want to get raked over the coals for no reason!

well since he thinks he only needs to beat 6% to make you happy he might try but I can't imagine a 720+ credit score would not be considered A+ with Ducati which gets that .9% rate so unless it's because of a longer term on the loan, I would not accept a rate higher! if he wants to sell you the bike, he will get it done... but don't let your addiction and MUST have this bike attitude let you take a higher interest just because he "says" that's the best.

Re: Car addiction- HELP!!

bigtyde78 — Wed, 04 Jun 2014 17:40:11 GMT

I agree with that totally. The bikes that Ducati are advertising isn't one of the ones I am interested in, but if they can do .9% on them I don't know how they couldn't cut it nearly in half. I do buy a lot of toys, but I am not interested in paying more for the same product, which I am sure makes sense

Re: Car addiction- HELP!!

DrZoidberg — Wed, 04 Jun 2014 18:10:56 GMT

Definitely try to get that lower rate.

But I understand. I bought a Nissan GTR because I could. Sold it a month later after I got bored.

Re: Car addiction- HELP!!

Remember0 — Fri, 06 Jun 2014 03:04:24 GMT

I hope you have experience on a bike and aren't starting on a Ducati...

(For reference, I recently got my Class M and would love to start with a Ducati Panigale 1199, but I realize how stupid that would be on multiple fronts haha. I'm starting with a Ninja 250 )

And which Ducati??!

Re: Car addiction- HELP!!

bigtyde78 — Fri, 06 Jun 2014 17:13:25 GMT

I have a GSXR 1000 now and I am looking for more of a "high end" product to add to the fleet. Its a new 1199 Panigale S Tricolore. Not a bad way to shell out 30k if you ask me!

Re: Car addiction- HELP!!

Remember0 — Sat, 07 Jun 2014 02:56:22 GMT

/drools.

Nice! Enjoy the bike if you end up getting it, it's an awesome bike. Just be sure to go take it to its natural habitat at least when you get a chance: the track!

Re: Car addiction- HELP!!

mtrsprt — Sat, 07 Jun 2014 04:33:48 GMT

6% isn't considered a bad rate for a motorcycle. Most are in the 8-10% range. They are high risk items, such as boats, RV's, snowmobiles, etc. $30,000.00 for casually riding a motorcycle and some prestige...... No way.

Re: Car addiction- HELP!!

SwiftTone — Sun, 08 Jun 2014 04:37:30 GMT

@mtrsprt wrote:
6% isn't considered a bad rate for a motorcycle. Most are in the 8-10% range. They are high risk items, such as boats, RV's, snowmobiles, etc. $30,000.00 for casually riding a motorcycle and some prestige...... No way.

Too bad too many people buy Ducatis nowadays to ride it casually.

If it's speed you want spend it on track days and you'll be faster at a fraction of the cost.

And 6% is not bad at all for a bike. but IMO luxuary leisure items like this should be paid with cash.

Re: Car addiction- HELP!!

bigtyde78 — Mon, 09 Jun 2014 13:35:30 GMT

I am putting around 40% down, so that will help minimize the pain of 6% interest for me. And I appreciate the feedback about leisure riding the Ducati. I am very fornuate to be able to have toys and use them as I see fit. Don't worry though, it will be getting tracked after I break it in