Credit Score of 728 and approved for a retarded rate
#11
06-20-2008 | 02:15 PM
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RE: Credit Score of 728 and approved for a retarded rate
hey man I just used Honda financing for my bike... I have really good credit 792 being my highest number I think. I put nothing down on the bike. The question you gotta ask the Honda finance guy is "What is the absolute best rate someone can get with you?" The best possible rate when I got mine was 9.95% Thats what I was approved at. Heres what the problem is, bikes dont get the same rates as cars do. With cars you can get rates much lower. Bikes for whatever reason you won't find low rates when financing them. Check on eloan.com as well.
#12
06-20-2008 | 02:17 PM
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From: Maine
RE: Credit Score of 728 and approved for a retarded rate
ORIGINAL: cman9toes
Time is not exactly the problem, as some have eluded to. Time factors into your score. Your score is fine, so time isn't a issue.
What is an issue is the dealer has the ability to tack on extra points if they want. Honda may have approved you for 3.99 and the dealer saw a young person that really wants a bike and thought "hey we can bring in an extra 9% off this guy". Go join a credit and get a quote from them. I was getting 3.5% when I was in my early 20's. Find a good quote and ask the dealer to meet or beat it the %. Their story will probably change.
Time is not exactly the problem, as some have eluded to. Time factors into your score. Your score is fine, so time isn't a issue.
What is an issue is the dealer has the ability to tack on extra points if they want. Honda may have approved you for 3.99 and the dealer saw a young person that really wants a bike and thought "hey we can bring in an extra 9% off this guy". Go join a credit and get a quote from them. I was getting 3.5% when I was in my early 20's. Find a good quote and ask the dealer to meet or beat it the %. Their story will probably change.
#13
06-20-2008 | 02:26 PM
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From: Tifton, Ga
RE: Credit Score of 728 and approved for a retarded rate
Hayden thats for keeping me in line, the dealer would not get all the extra, but they get bonuses and kick backs for selling these rates. I've had a dealer say the best they could do was 8% on a car, I told them I had 4.99% lined up from my CU and magically they could match. I went with my CU.
#14
06-20-2008 | 03:28 PM
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From: Maine
RE: Credit Score of 728 and approved for a retarded rate
actually there are no "bonuses" its pretty straightforward......
5% "buy rate"
if dealer sells at 7.5% thats a 2.5% markup, then the Dealer and the Bank split the finance reserve 70/30 or 75/25 depending on the agreement between the dealer and the bank.
5% "buy rate"
if dealer sells at 7.5% thats a 2.5% markup, then the Dealer and the Bank split the finance reserve 70/30 or 75/25 depending on the agreement between the dealer and the bank.
#15
06-20-2008 | 03:47 PM
RE: Credit Score of 728 and approved for a retarded rate
I know when Iboughtmy Honda with a GE Money Bank Card .. the rate I recieved was 9.99% having 5 years of credit(23yrs old) and a score of 711. Since then the score has fallen [>:]
Hayden.. are you sure the GE Honda Card is unsecured? the reason why I ask is I know my GE Card is secured with my bike's title. Wouldn't it be the same in this situation?
Clock.. that rate does sound within reason. My advice would be to stop around for a better rate if its something that is bothering you.
Hayden.. are you sure the GE Honda Card is unsecured? the reason why I ask is I know my GE Card is secured with my bike's title. Wouldn't it be the same in this situation?
Clock.. that rate does sound within reason. My advice would be to stop around for a better rate if its something that is bothering you.
#16
06-20-2008 | 04:05 PM
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From: Maine
RE: Credit Score of 728 and approved for a retarded rate
crash, no the GE money is a credit card, it is secured by the bike, but full coverage is not required, i STAND CORRECTED. thanks man. i just looked at my bike title and sure enough its signed off on my GE Money. so your right.however it still is a Credit card not an installment loan.
#17
06-20-2008 | 07:30 PM
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Joined: Jul 2006
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From: Las Cruces, NM
RE: Credit Score of 728 and approved for a retarded rate
DO NOT finance through a dealer.
DO NOT finance with a credit card.
Go to your bank, or a Federal Credit (they usually have lower interest rates). I went the credit route at the time I financed my bike. I had a 680 credit score with more than $30,000 of credit-based student loans against me and 2 maxed credit cards. I still walked out with a loan for my bike at a low 2.98%
DO NOT finance with a credit card.
Go to your bank, or a Federal Credit (they usually have lower interest rates). I went the credit route at the time I financed my bike. I had a 680 credit score with more than $30,000 of credit-based student loans against me and 2 maxed credit cards. I still walked out with a loan for my bike at a low 2.98%
#20
06-20-2008 | 09:34 PM
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Joined: Oct 2007
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From: Tifton, Ga
RE: Credit Score of 728 and approved for a retarded rate
Hayden,
I wasn't reffering that the banks give dealers bonuses, but rather the Manufacturer i.e. Honda, General Motors...
If sales person gets some to use their financing they get bonuses, and even though there are laws against predatory lending, it still happens.
I wasn't reffering that the banks give dealers bonuses, but rather the Manufacturer i.e. Honda, General Motors...
If sales person gets some to use their financing they get bonuses, and even though there are laws against predatory lending, it still happens.