Hello All -
I applied for a motorocycle loan through Suzuki Credit and was rejected. The loan is not adminisitered by Suzuki, but by another company, Sheffield I think it was called. The stated reason for the rejection was limited credit history, which is true, and no references. I only filled out the application because I called my bank and my banker was on maternity leave, so I talked to someone else. They wanted me to go test drive the motorcycle and then collect paperwork for the bank, which kind of irked me because I've already test driven the bike and knew I liked it, and the dealership I'm buying it from was three hours away. I figured they'd could just fax over the paperwork.
I was talking to the sales person at the dealership and they mentioned Suuki was offering 0% financing. Because doing it through my bank was going to be a hassle, I decided to apply for the loan. I was apprehensive about doing it, I should have listened to myself, but figured since I'd just gotten approved for two credit cards and have no debt, I thought my chances were pretty good, even if I didn't get the 0%. I was wrong.
The application threw me off a bit. They asked for references, which I've never had seen on a loan application before so I left it blank. How common is that? it's true my credit history is limited, but all good. They said my credit score was 690. It was zero until I got my car loan last year, but I made all payments on-time and paid it off last month since I had to take a 9.5% interest to get the loan. I have no other debt now that my car is paid off and i bought my house without a mortgage. I should be able to afford a $100 a month motorcycle payment. I actually have the money to just buy it outright, but I don't want to tie up a good chunk of my cash right now as I'm switching insurance companies in the near future and my property taxes are coming due soon. Whether I get a loan from Suzuki or my bank, I'm going to pay it off by the end of the year.
I guess my questions are what's the best way forward here? The company has a 800 number on the back of the letter. Would it be advisable to call them and try to get approved? How bad does the rejection look on my credit profile? That's what I'm most concerned about. I don't care about getting the motorcycle. I was hoping to get some practice time in before the snow flies. In a few months once I've got my taxes and insurance sorted out, I'll have the money to just buy it and I can play much harder to get. Perhaps it's for the best. Thanks for any help.
Thanks. That's what I'll probably do, go back to my banker. Thanks again.