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Discussion Starter · #1 ·
I'm going to be buying a Cbr soon am looking into loans to start building credit (I currently have 0 credit), my dad will probably cosign on the loan. What are some of the banks/credit unions that you guys went with and why?

I understand a large part of interest rates and approvals are dependent on credit scores and history but generally which companies give the best deals?

TIA, Travis
 

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credit unions usually give the best APR's

Percentages are based off of credit scores.

motorcycle loans are typically harder to get...

my credit union will only approve 80% of the blue book, now im not even sure if they still offer them.

watch out for those "30/mo" deals, they usually run a lower payment at the beginning of the term, with a large balloon payment at the end...keep a wary eye on the contract that you and your father are signing.
 

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true on that
especially with what the world is coming to getting a loan is a lot harder now
especially motorcycle loans...
hopefully your dad co-signing will help but dont count on it heavily
the dealership might ask for a big down payment

i financed my cbr with the honda card....try and see if you qualify with that
 

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true on that
especially with what the world is coming to getting a loan is a lot harder now
especially motorcycle loans...
hopefully your dad co-signing will help but dont count on it heavily
the dealership might ask for a big down payment

i financed my cbr with the honda card....try and see if you qualify with that
Honda Card (by GE money bank) put a spending limit on all purcahses to 500 dollars daily. I called and asked if there would be an exception on the difference between purchasing a vehicle, versus service, or parts, and they said NO. That card is useless to have now.
 

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HMMMMMM......
i guess thats how they work now....
when i purchased my cbr in june the dealership recommended GE Money bank/Honda card for the financing...i was even able to put my exhaust system on the loan with my bike hehehe

oh well best thing to do is when your ready see what bank you will qualify for and look for the best interest rate...you wouldnt want to be stuck with a high interest rate
 

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It depends on the credit of the person signing the loan. if your dad has decent credit you should be ok.

heck, my credit is far from perfect and i got approved by Honda.

Check credit unions too, they are ur best bet.
 

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HMMMMMM......
i guess thats how they work now....
when i purchased my cbr in june the dealership recommended GE Money bank/Honda card for the financing...i was even able to put my exhaust system on the loan with my bike hehehe

oh well best thing to do is when your ready see what bank you will qualify for and look for the best interest rate...you wouldnt want to be stuck with a high interest rate

lucky! I bought all my gear on the honda card, close to a G...in june...

went back to use it again for a new rear tire, framesliders and some other stuff....over $500..they said no go. had to buy it all in cash...I called them up...they said there is nothing you can do..500 daily is the new rule.
 

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yeah that does suck on the daily spending limit
did you guys also hear that credit card companies are lowering our credit limits also without informing us....read it in the news a few days ago....not to sure if it is all true but that sucks
 

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Discussion Starter · #10 ·
Thanks for the reply's. I have my banking with Patelco Credit Union and went in to talk to them about it but they wont finance a bike older than an 05 (and soon to be 06 by the new year I'm sure) which limits a lot of the bikes I'm looking at. Even so, the interest rate is 11%. US Bank seems to have the best interest rates so far, 6.82% interest rate assuming I get accepted.
 

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I had credit but nothing major (read homes or vehicles) I decided to finance my bike (i got a 4.xx% from honda) because it made more sense to finance and take the $9,xxx into the market or cd's
 

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i just bought my cbr from honda in november, i got a 9.9% apr and i could add anything i wanted to the loan. I didnt go overboard i got the essentials and the warranty but it is possible. i would goto hondas site and find there powersellers in your area, they have alot more pull when it comes to who gets loans. Thats who i went to and he got me approved in these hard times. Just remember, as much as you want that bike, they want to sell one twice as bad so they will get you approved they just have to "call in favors" but Honda will most likely finance you.
 

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I bought my 05 gixxer 6 in september of 05, i had a credit rating of 780 at that point in time. it was my 21st birthday present to myself...i got a loan through my local credit union whom i'm a member of as i use them for all my banking needs...i got a approved on a 59 month term at 150/month at an interest rate of under 4%...i'm still paying for the bike but i don't really care, i got what i wanted at a payment that i wanted at an interest rate that i love....i'm sure if your dad is cosigning he has good credit or at least he should. You should have that bike in no time

I also just bought a 10 year old car for more than it's value through my credit union in april of 07 again for an amzing deal. Good credit is all that really matters through a credit union.

P.S. Also try Capital One...they give loans to anybody
 

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break open your piggy bank. find out how much ya got.
 
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