topic Re: ATV Loan in Auto Loans

ATV Loan

Anonymous — Fri, 03 Apr 2009 05:59:24 GMT

If one was to finance an atv for around 6k-8k would this type of loan be looked at in a negative way?

Re: ATV Loan

Schoolbuskid — Fri, 03 Apr 2009 15:16:21 GMT

The only way i see it as being negative is, that you are adding more debt, and that could be a problem with your debt to income ratio. Secondly, you must be careful as to which kind of loan you choose, some can be consumer finance loans, which have a negative impact on your score/reports!

What are you thinking about buying? I have a Suzuki Vinson myself! Also if your scores are good enough and you are offerd the credit card option, instead of installment loan, i wouldnt go that route!

Good Luck!

Re: ATV Loan

Anonymous — Fri, 03 Apr 2009 16:25:22 GMT

Define negative way?

it will be an installment loan, it will not probably get a new car interest rate but one higher. It will take up a portion of your monthly income so if you seek new credit or loans that will be taken into account. Other then that there is nothing "wrong" with it.

If you can support it.

Take a serious look at your current monthly payments/obligations though.

You will get the normal isostasy with FICO score as you seek, close in, and secure credit, and as time passes.

if your car lease is coming up this year you may not qualify for another lease and may be forced to buy. You will then have to consider what kind of car loan you will qualify for.

Re: ATV Loan

Anonymous — Sat, 04 Apr 2009 21:13:38 GMT

I would like to get a Honda Four Trax Foreman 500 4x4. My credit score is 730+. I Guess I was wondering as what type of loan it would be and if it would have been viewed negatively. I'll prolly end up paying cash anyways, thanks for the answers.

Re: ATV Loan

Schoolbuskid — Sun, 05 Apr 2009 00:04:03 GMT

You ought to be fine with the score, and you definitely cant wrong with that Honda, my first ATV was a Honda Recon 250!

Good LucK!