Today my wife and I went to look at a 06 600RR. Price out the door was $9100 with a new helmet. I was told by another dealership that you have to have perfect credit to finance a bike because its alot different than purchasing a car. After he told me that I figured I would have to pay cash cause my beacon score is 708.

The guy at the Honda dealer I went to today told me it wouldn't be a problem so I filled out a credit application. Did any of you guys have any issues with financing a bike without perfect credit??

 

While I don't have "perfect" credit, it is pretty darn close though, I had no problems getting financing through the dealership. I would look around for a bank or credit union with a lower interest rate though. I know that the one they gave me was really high and I wasn't comfortable with that. I went to a credit union and got a 5.9% for like 60 months. Make sure that they aren't going to suck your wallet dry with the interest.

Good luck!

 

All the dealer does is get you a loan deal throuh a bank. So it's better to go to your bank and get the loan yourself, a personal loan basically. Financing is nothing else but a loan.

 

I used honda credit for both my bikes now beacuse it was fast and easy and satisfied my impulse quicly before i had time to change my mind lol. But they are right, the rates are high, and the penalty for being late is through the roof! On this bike I always sent them at least 500 a month to get it paid down as quick as possible & if you can swing it I would do the same.

 

a beacon score of over 700 is good. Don't listen to the dealer about perfect credit- he just wants you to use their company so he gets a kick-back. Go to your local credit union, as most should be around 6% (give or take a little). I think Honda's best rate is 9%- am I right people?

 

The Honda dealer told me even with a perfect credit score the best rate Honda will give you is 7.99%

 

Then i would go to the CE and not think twice about it. Are you a member of one?

 

Im not, but my wife works HR for a local Credit Union. She is gonna talk to the Director of Lending about getting a loan if im not happy with what Honda offers me.

 

BTW what did you guys pay for your bikes?? Mine came out to $9149 out the door with a free helmet. Good or bad??

 

8300 (incl tax, tag and title). I had to buy the helmet and frame sliders.