The title pretty much is the ?

My credit score is 595 according to Experian. Not very good.

Anyone getting financed for a bike with a similar score?

If so would you care to share % of price you put down?

As well as the rate/term they financed the remainder?

Were you able to move them around at all on the price, what kind of extras did they tax on top of the MSRP?

I would be obliged.

I am currently shopping and I want to line my ducks up before I try to talk deal with a sales rep. Even with the credit as it is I am hoping with proper prep work and a decent wad of cash I can work it out.

Any other info you think might help me in my quest is welcomed.


The dealer ASSURES me (hah) that he can get me financed, but I haven't let him run my credit yet, until I know what I want to offer and have the cash in hand I am not interested in tons of pings on the report, so I am hoping to glean some info here first.


Thanks in advance.

A

 

They have a level for buyers with less than perfect credit. The interest is quite high, like 18%. Like putting a bike on a visa card. I believe it's called a D finance. Clear some stuff up on your report and you can prolly get it down to around 10% APR.

 

The credit score you get from Experian, Trans Union or Equifax isn't necessarily the FICO score the lender would use to base their loan decision on. There are a lot of factors that play into it, but consistant *on time* payments over the last year or so carry more weight than several old 30-60 day lates you hade 3 years back. Debt ratio is huge in the loan world, and if you have a lot of cards that are up against the limits you'll be challenged to find a lender too.

So, a sub-600 credit score doesn't mean you are locked out of the credit market, but you can bet your a$$ that you won't get the same terms someone with an 800 or better would get.

 

There's no doubt in my mind or the dealer's that you can and if you applied will be financed. But at what cost to you in the end? Will you in seven months want another bike and look to trade this one in? Rolling over the loan you barely qualified for into another toy?

Take a look at priorities for yourself. Debt is something none of us need.

HDMedic had it right, clean up your score a bit. Pay down some cards or loans. The bikes will be there, the cash will be there, but you can ruin your credit and your financial standing if you jump the gun on this.

 

Hey guys, thanks for the responses. I know I am in the sub-prime category. I was hoping to find some others in the same boat who have successfully obtained financing, and details about how they did that.



I appreciate the tips on clearing my report up, its a work in progress. I own my house, own my truck outright. The score is screwed up over a dispute I have with a rental company from almost 5 years ago (irrelevant).

Its not that I dont have the means to pay my obligations, nor do I have any intention on over-extending myself. I simply dont have perfect credit.


-A

 

apoc, its not that we all have perfect scores. I don't know but I'm not in the market anymore. I can say that when I traded my Sporty for my Dyna I did not have good credit anymore. But HD has a thing for on-time payments. So once you get in you'll be able to get financed again by HD when you want to trade but you're still rolling the bike over. Luckily I owed less than what it was worth so I had essentially a $3000 down payment to the Fat Bob.

You want to get all three of your scores pulled. If you got shoddy credit there's not much harm allowing the dealer to run it and see where you're at. They're going to look at all three scores and Eagle Mark Savings (HD's financier) is pretty good about rates.

I would just caution you against buying now if you're 100% certain you're going to ride this thing out and pay it off outright in the end. That means not trading it in next year when the 2010s come out with a newer looking bolt or nut. Also means not racking up debt on credit with modifications. Its easy to get a $13,000 bike and then have spent $10,000 on it in accessories and other stuff.