Is the credit crisis making it harder to get financing?

S

Say it like it is

New member
I'm applying for financing for a new Ducati and I'm running into a lot of walls. The dealer financing was terrible (GE I think?), they quoted 10.99% on an ~$8500 loan with 20% down.

Shopping around I'm getting a lot of rejections.

I checked my credit score, it's 752 - 779 depending on the reporting agency. So WTF?

Does anyone have a good recommendation for places to apply for motorcycle loans? I'm going to try my bank later in the week and if that fails, I'll put it on my card (which has ~9% interest rate). Or if all else fails I'll just say fuck it and pay cash, maybe a briefcase full of $1 bills.

Seems ridiculous. Is it me or the economy? Anyone else experiencing this?
 
Just apply for a super low interest credit card and put it on that. You can also see if your current cc company can send you those checks for low interest on new purchases. Personnally, I don't have any cc debt and I'm going cash on the 848.

Mike
 
Credit Unions are always a good idea. My CU rates are at 5% on new bikes (Navy Federal). My beacon score is somewhere in the 740's (not too bad) and your's is even better so I don't know why you're getting the short end.

I'd never go w/ the dealer unless my bank can't beat it. Keep shopping around for low interest rates and I'm sure you'll come across someone more than willing to lend.
Good luck.
 
I bought my 1098 the same week I left my last job. Something usually comes along, and a month later something did. Or I would have borrowed from one to pay the other, or sell something off you care about less, or if it's really bad, sell the duck. There's also savings if you have them. Things have a way of working themselves out. Two weeks after I bought my first duck both my professions went into a down cycle and I only worked thirteen days of the next ten months, dug deep into the line of credit, two years later I was better than before the slump. And for the record I've never missed a payment in my life.
 
Another way to go believe it or not is State Farm. If you have their insurance (and if you don't you should...especially on that bike) they have very competitive loan rates. At least the last time I talked to them they did, plus it's dealing with your agent who makes a living trying to keep your business. Back in the day, I had several loans (boat, and car) with them. Things have changed for the better the last 10 years...now I buy outright. Less hassle, and a great feeling. Scratch that check and ride it like you stole it. Very rewarding!!!
 
Best bet on getting an answer would be to ask the particular lender why they rejected the loan app. They'll usually explain it right there, and what you have to do to get loan approval.


Probably frustrating since your credit score is so good, take a look at the other factor for loans-- debt-to-income ratio. Even if every bill is paid on time, if total debt payments declared on your credit report are too high compared to income, it can cause a denial. Best of luck.
 
+1 on State Farm. I insure my vehicles through them and they do have awesome rates.

I had financed my first Duc (a Monster) with them years back and they were pretty easy to work with and they gave reasonable rates.

Mike
 
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