topic Re: Average motorcycle loan financing in Auto Loans

Average motorcycle loan financing

Anonymous — Mon, 29 Sep 2014 17:42:26 GMT

Hi everyone.

I am looking to finance a motorcycle. I will probably cover 30% of the cost with a downpayment.

My credit rating should not be an issue, however I do not have much history as far as loans are concerned.

Does anyone know what a good interest rate would be for someone with good credit but not too much credit history?

My credit scores are:

Equifax: 818

TransUnion: 791

Experian: 816

Thanks for any advice yall can give!

Re: Average motorcycle loan financing

coolboy — Mon, 29 Sep 2014 22:28:09 GMT

How much history do u have? The scores are awesome though. The only thing that may hold you back would be a thin file. Do you have any auto loans?

Re: Average motorcycle loan financing

Luscher — Mon, 29 Sep 2014 23:05:39 GMT

You also have to take in to account income. Your scores look great though as long as those are FICO scores which I think they are not

Re: Average motorcycle loan financing

Anonymous — Tue, 30 Sep 2014 07:05:37 GMT

Thanks for the feedback guys.

I will probably make around $60k after taxes this year.

I graduated college not too long ago. Currently I almost have my 2013 GTI paid off.

Those are my scores as reported from myFICO. Compass reported a higher score of 824 when I got a new credit card.

Re: Average motorcycle loan financing

Anonymous — Tue, 30 Sep 2014 07:06:43 GMT

Just inexperienced really. I figured asking you guys would be helpful!

Re: Average motorcycle loan financing

sccredit — Wed, 01 Oct 2014 20:23:31 GMT

Without knowing too much about your file I will say that you should be fine. I know that motocycles are considered "luxury" or "recreational" and often carry a higher rate. On my trailer I financed it with Logix at 5.9% and that was one of the lower rates I could find. I would bet you'll end up about there. Depending on what you are buying some manufacturers may be running finance specials, especially to clear out the 2014 inventory.