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Question : Is it good idea to get a loan from motorcycle dealership?
I'm thinking about purchasing a motorcycle and it seems, unlike car companies, motorcycle companies are not giving out good financing options. Does anyone know about this? should I go get a loan from eloan or something? or should i go to the dealership?
- asked by wat~
All Answers: Answer #1You'd be far better off to simply ask them what their absolute best cash price is -- and then takethat information to a credit union -- where theywill sit down with you and help you determne if inthat that really is a good deal and then (if itis) they will lend you the money.All thesedealership "financing deals" are really not dealsat all.
- answered by BShakey
Answer #2
I second the Credit Union. The dealers Interestrate was 9% when I tried to purchase a bike. I got6.1% at the credit Union.
- answered by Elke M
Answer #3
Dealerships have own ther loan company's such asHarley Davidson goes thru their own loan companyand have higher interest rates.They sale youextended Warranty to me is garbage.I paid cash formy Harley $21,000.00 all stock load and barrel...Ihave no regrets:)
- answered by cristanine
Answer #4
Very few dealerships are financially strong enoughto do 'in house' loans. These days it's all mostcan do to survive, especially during the wintermonths.Financing usually comes through lendingcompanies that have worked out programs with thefactories, and for the most part they are the sameones the dealerships use to floor plan the majorunit inventory. Some of the more aggressivedealerships will have deals worked out with localbanks and other lending institutions. Even so,getting a high dollar 'toy' with very little hopeof recovery in the case of default gets tougherand tougher.The rates are set by the lenders, notthe dealers. I've only seen one case where thedealership got any sort of financial reward forusing a particular lender, and even then that didnot effect the final purchase price nor theinterest rate.These days dealerships are justhappy to get someone financed and move the unit asit gets increasing harder to get some onequalified for the loan. FWIW the industry averagefor getting applicants qualified for loans in justabove the 30% mark. Think about that for amoment... Out of every 100 people that thedealership goes through the motions of making thesale, striking a deal and taking credit apps for,only 30 end up actually taking ownership of amachine.Gives a new definition to the term'spinning your wheels'.
- answered by Nomad
Answer #5
save money & look elsewhere for your own financing
- answered by nbr660
Answer #6
Dealer financing should be your last resort. Eventhe dealer I deal with will try to steer you awayfrom dealer financing because he nows it can be abad experience and lose you as a cutomer.
- answered by tw2251stst
Answer #7
I would say no, because I suspect they will have aclause like credit cards, that says somethinglike: "if ONE payment is made late, the ratebecomes 29% for the duration of the loan"This canEASILY happen if you send payments by mail, andthey will not accept ANY excuses
- answered by Paul
Answer #8
hell no. save the money!!!!!!!!!
- answered by Reiko Peaches
Answer #9
Get the loan on your own. Motorcycle dealershipscan get anyone financing regardless of credit, aslong as you have a paying job and can produce apay stub. But the interest rates are killer. Thefinancing companys bid against each other bygiving kickbacks to the dealership. Dealershipsdon't care about interest rates.
- answered by guardrailjim
Answer #10
It has been my experience, that it is not a goodidea to finanacne though the dealership, my friendjust did it and got screwed.
- answered by jvvcrw1
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