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Discussion Starter #1
Did anyone get a loan to purchase their bike?
IF so, who?
Look for recommendations-

I'm looking at eloan.com right now and capitaloneautofinance.com, US bank is asking 10%, and that is something Mikey doesnt like.
 
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opes said:
Did anyone get a loan to purchase their bike?
IF so, who?
Look for recommendations-

I'm looking at eloan.com right now and capitaloneautofinance.com, US bank is asking 10%, and that is something Mikey doesnt like.
Are you buying new from a dealer? If so, then get the loan from Honda Finance via the dealer....you can get like 3.9% for 5 years...no credit union can afford to match that kind of rate! How do I know? I use to be the VP of Finance at a large credit union in San Jose!! ;-)

H
 

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Discussion Starter #7
yeah well i looked into it and found out i have to be apart of a company or a cult to get these kind of rates.
Gah
Unless you guys know of some loophole?!?!?!
 

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I used Honda when they were doing the 6.9 fixed rate. It was better than anyone else at the time but now I guess Honda is doing 3.9. Almost wish I would have waited.
 

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I got a 4% simple interest loan..but thats because i work for a bank :)

Something to keep in mind, rates and aproval is all based on your credit score. to get a 3.9% threw honda, you have to have like a 700+ beacon score. If your score is 650 or higher, you should be able to get a good rate at a credit union or community bank. As your score gets lower, rates and money down get higher. If your score is below 625, you'll probably need a co-signer.
A little tip. get a copy of your credit report and score before you apply for a loan with anyone. that way if there are some errors, you can get them corrected before you apply to ensure you get a better deal.
 

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I just purchased my bike new from a dealer and used Honda Finance. They are currently offering 6.9% Fixed for up to 60 months. Not a terrible deal, but recently I have found that some credit unions have rates as low as 4%, but only for up to 48 months. When is really comes down to it, the interest at 6.9% over five years is about $1400.00. Over four years at 4% it is roughly $750.00 Moral of the story, if you can afford a slighly higher payment, do it! It's all about the TIME VALUE OF MONEY.

Dan
 

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Yeah, Honda is 6.9% which I think is pretty good when my local bank wanted 10.75%.

Jason
 
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