Need Advice: Motorcycle Loans
- Thread starter oZo
- Start date
One, is that 3.9% at 60 months? Two, from where did you see this quote?
That's a pretty good rate State Farm quoted you for. Currently I'm at 5.9% for 60 months with FedEx Credit Union
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I have 3.9% through my credit union. That was back in April before rates probably went up again. Of course mine is locked for the full 60 months.
Damn, that's strong.
5 years for a motorcycle loan? Save your cash, pay 1/2 down, then finance for 2 years. You'll get a better rate and less payments to make.
5.2 % @ 60 mos is about as good as you'll find right now. (it's what I do for a living...)
Bike's typically have the same rates as cars, and over the last 4-5 mos they have climbed a little. You might check into a credit union in your area, I know that on shorter terms, (ie; 36 mos) one of our local CU's offer 3.95%. But right now, following is the current wholesale lending rates. (all considering a 730+ beacon score)
Bank of America; 5.89%
Chase; 4.945
Citizens; 5.19%
Wells Fargo; 5.79%
Above rates are for autos. 60 mos. They must all fall into the "auto approval" program, and they are, once again, wholesale rates.
In short, if you need 60 mos to keep your payment in line...the rate you have with State farm is right in there.
Hope this helps!
Bike's typically have the same rates as cars, and over the last 4-5 mos they have climbed a little. You might check into a credit union in your area, I know that on shorter terms, (ie; 36 mos) one of our local CU's offer 3.95%. But right now, following is the current wholesale lending rates. (all considering a 730+ beacon score)
Bank of America; 5.89%
Chase; 4.945
Citizens; 5.19%
Wells Fargo; 5.79%
Above rates are for autos. 60 mos. They must all fall into the "auto approval" program, and they are, once again, wholesale rates.
In short, if you need 60 mos to keep your payment in line...the rate you have with State farm is right in there.
Hope this helps!
With a new house, new $38k car (wife's), the out of pocket cash is a little stretched.
I had a friend tell me he put it on a 0% fixed for life credit card. Dangerous, I know. Don't be late w/ a payment. I would make an auto payment via on-line banking to ensure. Any thoughts on that. The world seems to revolve around credit.
I had a friend tell me he put it on a 0% fixed for life credit card. Dangerous, I know. Don't be late w/ a payment. I would make an auto payment via on-line banking to ensure. Any thoughts on that. The world seems to revolve around credit.
I don't like revolving debt. Period. They can jack the rate for ANY reason...not just late pays. Besides, high balances on revolving hurts your score.
Just get your 5% loan and pay a little extra ea month to the priciple. This effectively lowers the actual "rate" and pays it off much quicker.
Just get your 5% loan and pay a little extra ea month to the priciple. This effectively lowers the actual "rate" and pays it off much quicker.
Thanks for the input mjn.
Yeah, I looked at that as well, but 9.9% interest compounding is horrific. I'm waiting for some commission checks to help me put some money down.
I did the Suzuki deal too...but also put down 6K cash.
my payments come out to be exactly $10.00 more than what I'll owe if I only made the 99/mo.
Naturally makin 150~250/mo payments is gonna take care of this in no time.
It's a decent deal if you have 1/2 or better up front...interest is deferred I do believe....unless you miss a payment.
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