[BJB]

I know you posted this over 2 years ago but I’m in nearly an identical situation as you getting ready to get a 400. Did they finance you at 36 or 48 months? Trying to figure out what my payments will be. Thanks man.

You can look up a loan calculator on Google. I wouldn't trust the dealers math.

Should be as simple as the financed amount times interest divided by length of loan.

 

[airhead83]

And there lies the rub of the question. Until a loan officer knows your personal financial information, they can not assign an interest rate. A person's ability(risk) to repay a loan, or not, will determine the interest rate. But until that rate is established, any loan calculator is unable to give you 'monthly loan payments'. Most dealers are happy to help you finance if they can. They may, or not, be higher rates than your personal banker. But they may be able to finance you when your banker will not.

 

[cjramsey53]

And there lies the rub of the question. Until a loan officer knows your personal financial information, they can not assign an interest rate. A person's ability(risk) to repay a loan, or not, will determine the interest rate. But until that rate is established, any loan calculator is unable to give you 'monthly loan payments'. Most dealers are happy to help you finance if they can. They may, or not, be higher rates than your personal banker. But they may be able to finance you when your banker will not.

I’m not worried about being able to get financed, I’ve worked hard to get my credit up over 700 ever since I walked into the dealership in 2016 to buy an R3 and they said “no way in **** youre getting financed, your credit is below 500.” So it’s been a mission to build it but 4 years later I have good credit. I’m just wondering if a bike that MSRP at around 5500 is gonna run you a 3 or 4 year financing term. Obviously that dictates quite a different monthly payment. I guess it’s not a good question to ask though, it just depends on the person

 

[atomicmonkey]

Usually, I think you can pick the terms from 1-7 years and they will give you quotes for whatever you want. I would think a 7 year term would end up costing a fair bit of money over the long run. I am pretty sure the finance companies would love to give a 30 year loan out...years ago I watched a Ford dealership set up a loan for an older hispanic man that spoke very little english but he had a good job. They set him up for 9 years at 22% for a pick up. I hope those Bozos burn in their afterlife!! Sorry to go around the long way!! You can pick the length of the loan and your down payment, they will give you the best they can find (and get away with).

 

[airhead83]

So it’s been a mission to build it but 4 years later I have good credit.

Establishing good credit can be a real chore. Congrats on your efforts and success. The rest is the easy part.

 

[cjramsey53]

Usually, I think you can pick the terms from 1-7 years and they will give you quotes for whatever you want. I would think a 7 year term would end up costing a fair bit of money over the long run. I am pretty sure the finance companies would love to give a 30 year loan out...years ago I watched a Ford dealership set up a loan for an older hispanic man that spoke very little english but he had a good job. They set him up for 9 years at 22% for a pick up. I hope those Bozos burn in their afterlife!! Sorry to go around the long way!! You can pick the length of the loan and your down payment, they will give you the best they can find (and get away with).

Thanks bud. Didn’t even consider the added interest for longer terms. I’m pretty new to financing. Mid 20s, all my vehicles have been purchased on CL haha

 

[cjramsey53]

Establishing good credit can be a real chore. Congrats on your efforts and success. The rest is the easy part.

Much appreciated. Definitely wasn’t easy. Also kinda sad that I literally only wanted to build it so I could finance a bike lmao. That was my sole purpose. Who needs a house right?

 

[BJB]

Thanks bud. Didn’t even consider the added interest for longer terms. I’m pretty new to financing. Mid 20s, all my vehicles have been purchased on CL haha

You can get financing at your bank. Tell them the bikes info and they will finance you, then send you to the dealer with a check.

I'd trust my bank over the dealers financing.

 

[cjramsey53]

You can get financing at your bank. Tell them the bikes info and they will finance you, then send you to the dealer with a check.

I'd trust my bank over the dealers financing.

This is great advice. Thank you!

 

[TwiggLe]

I know you posted this over 2 years ago but I’m in nearly an identical situation as you getting ready to get a 400. Did they finance you at 36 or 48 months? Trying to figure out what my payments will be. Thanks man.

Origination date: May 05, 2018

Maturity date: Dec 04, 2023

so 66 months ?

 

[TaiMc]

You can get financing at your bank. Tell them the bikes info and they will finance you, then send you to the dealer with a check.

I'd trust my bank over the dealers financing.

THIS! I've always gone through my Credit Union for financing my vehicles. My bike is the only vehicle that I actually paid in cash. But yes, choosing your personal bank or your credit union typically gives the best interest rates. 💯

 

[AnnieCos990]

I remember that time when I had problems with creditors because I always chose the wrong microfinance companies. That period was ****, I didn't always have money to pay off loans, I always borrowed from friends. I ended up in a financial pit. At that moment, I realized that I needed some advice to help me. I found this site: moneyexpert.com they answered a few questions, advised me who to ask for help to turn to reduce the huge debts I had and how to credit them at a lower monthly rate than to be able to cover that on which I took from microfinance companies.

 

[Kissell13]

Hey hope this is the right spot for this, I was just wondering what would be a fair interest rate in your opinion for my credit score

m willing to do more of a down payment but would have to wait longer lol

So, with with taxes and registration will be between 6-6200$ USD

Planning on 1500$ down payment, but was hoping for like a 8% interest rate, and for 3-4 years, for 105-135$ a month depending on how long, which leads to a question of do you get punished for paying it off faster?

Here’s the kicker, My credit score is 537, but I’m putting down like a 23% down payment, what do you guys think? If I can find a straight black one for 5200 instead of the solar or the krt I might do that as well, save like 300$

WIth a 537 credit score Im gonna guess youll be in the 15-18% apr range. No you dont get penalized for paying it off early.

 

[Kissell13]

Most places don’t have a prepayment penalty but you should make sure to ask. As far as interest rate, I honestly don’t think you’ll get 8%. It will be more like 15-20%....That’s not what you wanna hear and I could definitely be wrong, I’m no expert and don’t claim to be. I’d say expect around 140 a month depending on actual interest and down payment. This is financing about 4500 of it for 4 years at 20%.

I have a 705 score. Got 7%.

 

[xtremsiege2]

Welp, if you can finance a bike under 3 years I say do it. But never ever lease a bike. Bc your having to put more money down and pay longer terms.

I don't believe there is such thing as leasing a bike, however some banks/motorcycle brands off you a jumbo payment finance or Balloon Loan meaning you pay half or considerably less the normal payment on the principal amount and at the end of the loan term <36 months usually you either have to pay it off or go trade it in for another model.
Its a good model for people who can't be patient and save up or can't fully afford to finance a bike. On an N400 there is probably no such thing, but BMW for example has a "ride easy" program which gives you a low payment for 36 months and the you trade it in for your buyout.

Much appreciated. Definitely wasn’t easy. Also kinda sad that I literally only wanted to build it so I could finance a bike lmao. That was my sole purpose. Who needs a house right?

That might change when you're not in mid 20's, rent is expensive in cities and outskirts, sometimes owning(not in this current market) is cheaper than renting. I'd recommend paying double each month and sinking that loan payment to zero, even making a small 20-$50 payment helps; it will build your credit much stronger than making a credit card payment on time and in full. Building credit is showing you can afford to borrow & manage money while paying it back on time, and when a loan is satisfied it will boost your credit and show you had a line of credit on your report.

I remember that time when I had problems with creditors because I always chose the wrong microfinance companies. That period was ****, I didn't always have money to pay off loans, I always borrowed from friends. I ended up in a financial pit. At that moment, I realized that I needed some advice to help me. I found this site: moneyexpert.com they answered a few questions, advised me who to ask for help to turn to reduce the huge debts I had and how to credit them at a lower monthly rate than to be able to cover that on which I took from microfinance companies.

Feel free to never come back here.

 

[Jhewitt556]

I have a question! My co-signer has a 635 credit score ofc I don’t have any because I’m just started my credit but I don’t have a down payment would we get approved?

 

[sbk1198]

I have a question! My co-signer has a 635 credit score ofc I don’t have any because I’m just started my credit but I don’t have a down payment would we get approved?

Asking the lender or dealership would give you a better answer than random people on the internet. Ultimately the lender makes that decision anyway, so there's no one better to ask. My guess is if they approve that, you'll have a very high interest rate.

 

[invenio]

Asking the lender or dealership would give you a better answer than random people on the internet. Ultimately the lender makes that decision anyway, so there's no one better to ask. My guess is if they approve that, you'll have a very high interest rate.

This is the correct answer. But more importantly, do not finance toys. You are not going to get an attractive interest rate with that credit score, and if you don't have the cash outright to buy a $5k bike, just delay the purchase, save your money, and pay in cash when you do have it. I know this is not a financial advice forum but it's scary how people seriously consider going into debt for luxury purchases. Also, never cosign anything. There is no advantage whatsoever (except to the bank) and it puts a third party's financial future into another persons hand with no control. Please do not make the mistake that so many financially illiterate people make.

 

[airhead83]

Invenio. That's sound advice. Based on previous discussions... there are a few on this Forum who've postponed purchases over the years... decided to retire a little earlier than most... and can now enjoy making those purchases when they like... or at least when their spouses say it's OK.