Honda CBR 600RR Forum banner

1 - 20 of 30 Posts

·
Registered
Joined
·
15 Posts
Discussion Starter #1
Hey guys, looking to get a used 03 cbr600 and was wondering if there are some kind of financing Honda can do or do you get your own bank? Is it the same as auto? LMK.
 

·
Registered
Joined
·
469 Posts
Are you buying this from a dealer or private party? Check with your local credit unions for good rates. It's pretty much the same as an auto loan.
 

·
06/2016 BOTM Winner 07/2015 BOTM Winner
Joined
·
2,862 Posts
You can finance it if it is through a dealer. If it is a privite sale you need a loan through the bank before hand which is about the same except your cutting out the dealer part.
 

·
Registered
Joined
·
696 Posts
Go through a bank. Once you get an approval check with 1 or 2 more banks to shop their rate%. If you go to the dealership they get the rate for you and can raise it a lil.
 

·
Registered
Joined
·
15 Posts
Discussion Starter #5
Ah I see, does the local dealer sell used bikes? I went to 2 local ones and they didnt have ANY used ones. Also, has anyone purchased a bike recently? What's the lowest rate around socal. I'll be going around today to see whats up.
 

·
Registered
Joined
·
739 Posts
jasonn said:
Ah I see, does the local dealer sell used bikes? I went to 2 local ones and they didnt have ANY used ones. Also, has anyone purchased a bike recently? What's the lowest rate around socal. I'll be going around today to see whats up.
The rate depends completely upon your credit score. And your credit score is based upon the # of loans that you have and the # of on time payments you have made. The more of each the better.
 

·
Registered
Joined
·
4,500 Posts
what part of socal - look online for rates as well your local credit unions - just so you know... motorcycle loan rates are higher than regular autos.motorcycle=luxury items... good luck... if you have cash, i would suggest paying with cash... if you have no credit and have cash, i would get a loan to establish your credit, even if its at 8-10% rate - then pay it off within a couple of months - your credit score will go up from there...
 

·
Registered
Joined
·
136 Posts
I used E-loan.com for my 600rr purchase... had better rates than local for a used motorcycle purchase and the process to see if you're approved is so easy, why not check it out?

Rock
 

·
Registered
Joined
·
223 Posts
Finding good used sportbikes at dealerships is tough. Not that they don't get them or have them... they just don't have them for long!

Good choice on the ride... good luck in your search!
 

·
Registered
Joined
·
15 Posts
Discussion Starter #10
I have checked a local dealership, Berts Mega Mall, and they had 1 600rr. I checked around and I have like 0 credit I think. They were asking I believe 20%. The price was ridiculous too. I think around 7000 or 8000 for a used 04 with 8k mi.
 

·
Registered
Joined
·
857 Posts
Credit is also based on your driving record…..also contrary to popular belief you get a
better “drive out” price if you finance because the stealership makes a commission off the loan. Say you are going to finance for best price. Then “change your mind” if you can pay cash.
 

·
Registered
Joined
·
4,500 Posts
Robbie said:
Credit is also based on your driving record…..also contrary to popular belief you get a
better “drive out” price if you finance because the stealership makes a commission off the loan. Say you are going to finance for best price. Then “change your mind” if you can pay cash.
ummm... WRONG!!!
 

·
Registered
Joined
·
4,500 Posts
jasonn said:
I have checked a local dealership, Berts Mega Mall, and they had 1 600rr. I checked around and I have like 0 credit I think. They were asking I believe 20%. The price was ridiculous too. I think around 7000 or 8000 for a used 04 with 8k mi.
then go to ur local credit union... i heard long beach credit union has good rates (i think thats the bank's name)
 

·
Registered
Joined
·
857 Posts
best bud sells cars....thats what he says. if you are crazy behind the wheel you are more likely be be crazy and miss a payment. they ask for your DL # for more than one reason. just repeating what i heard.
 

·
Registered
Joined
·
4,500 Posts
Robbie said:
best bud sells cars....thats what he says. if you are crazy behind the wheel you are more likely be be crazy and miss a payment. they ask for your DL # for more than one reason. just repeating what i heard.
he gave you the wrong info then...
 

·
Registered
Joined
·
857 Posts
who would you rather loan money to: someone with a bunch of DWI's or a person with a clean record? and the dealer makes money off the loan, its called interest.
 

·
Registered
Joined
·
4,500 Posts
Robbie said:
who would you rather loan money to: someone with a bunch of DWI's or a person with a clean record? and the dealer makes money off the loan, its called interest.
how does the dealer make the money? unless its their own bank ie: ford or honda finance... the only person who makes money (thats a big if), is the finance manager - the finance manager is the one making the deals for the sales person (maybe, sometimes, a finance manager will give a "kick-back" to the sales manager if the sales manager can convince the customer to go with a certain finance company)... a sales person would always want a customer to pay cash for the purchase because it less hassle and they do not have to worry about the customer's credit (and most of the time, they are bad)--- think about it, if you were the sales person-- would you want to try to sell a nice car to a customer without financing... it could take you from 30 min to a couple of hours to convince the customer to buy the car. After you've convinced the customer, you try to look for financing for the customer - and BAM! they dont get approved or they were approved for a high rate 18-20% --- you, the sales person, just wasted your time convincing the customer to buy a car that they cant get approved for...
hope this makes sense to you...
 

·
Registered
Joined
·
2,057 Posts
DaMartian said:
how does the dealer make the money? unless its their own bank ie: ford or honda finance... the only person who makes money (thats a big if), is the finance manager - the finance manager is the one making the deals for the sales person (maybe, sometimes, a finance manager will give a "kick-back" to the sales manager if the sales manager can convince the customer to go with a certain finance company)... a sales person would always want a customer to pay cash for the purchase because it less hassle and they do not have to worry about the customer's credit (and most of the time, they are bad)--- think about it, if you were the sales person-- would you want to try to sell a nice car to a customer without financing... it could take you from 30 min to a couple of hours to convince the customer to buy the car. After you've convinced the customer, you try to look for financing for the customer - and BAM! they dont get approved or they were approved for a high rate 18-20% --- you, the sales person, just wasted your time convincing the customer to buy a car that they cant get approved for...
hope this makes sense to you...
100% correct, the finance person/manager will get kickbacks for selling prepaid maintance, gap protection..etc. The dealership doesn't get the interest unless it is a mom and pop dealership that you make payments to them. I'm in sales, I have to deal with this on a daily basis. Nothing worse than after someone buys something, and up to 30 days later they don't get approved for financing. Just because the dealership says they will finance doesn't really mean the bank will. When they tell you that you are approved, they mean based on what you put on your credit app, and what your credit report says, they BELIEVE you should be approved.
 

·
Registered
Joined
·
857 Posts
That does make sense. The sales person would rather cash, and, it is much easier for the “sales person”. But the dealer gets a "kick back" from every loan processed. They are not going to “pimp out” bank of America for free if some other bank will pay them a fee for ever loan given to them. They also get a small “kick back” for everyone they send to get insured. Its called the front end and back end of the sale. But what do I know. Lets go riding sometime.
 
1 - 20 of 30 Posts
Top