You'd be far better off to simply ask them what their absolute best cash price is -- and then take that information to a credit union -- where they will sit down with you and help you determne if in that that really is a good deal and then (if it is) they will lend you the money.
All these dealership "financing deals" are really not deals at all.
2006-09-30 19:47:52
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answer #1
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answered by BShakey 4
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Very few dealerships are financially strong enough to do 'in house' loans. These days it's all most can do to survive, especially during the winter months.
Financing usually comes through lending companies that have worked out programs with the factories, and for the most part they are the same ones the dealerships use to floor plan the major unit inventory. Some of the more aggressive dealerships will have deals worked out with local banks and other lending institutions. Even so, getting a high dollar 'toy' with very little hope of recovery in the case of default gets tougher and tougher.
The rates are set by the lenders, not the dealers. I've only seen one case where the dealership got any sort of financial reward for using a particular lender, and even then that did not effect the final purchase price nor the interest rate.
These days dealerships are just happy to get someone financed and move the unit as it gets increasing harder to get some one qualified for the loan. FWIW the industry average for getting applicants qualified for loans in just above the 30% mark. Think about that for a moment... Out of every 100 people that the dealership goes through the motions of making the sale, striking a deal and taking credit apps for, only 30 end up actually taking ownership of a machine.
Gives a new definition to the term 'spinning your wheels'.
2006-10-01 01:08:29
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answer #2
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answered by Nomad 4
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Get the loan on your own. Motorcycle dealerships can get anyone financing regardless of credit, as long as you have a paying job and can produce a pay stub. But the interest rates are killer. The financing companys bid against each other by giving kickbacks to the dealership. Dealerships don't care about interest rates.
2006-10-01 10:24:17
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answer #3
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answered by guardrailjim 7
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You've got to be kidding me. Your boyfriend bought a used Chevy Cobalt for $21,000 plus a trade when a 2010 Cobalt in showroom condition is worth less than $15000. That has got to be the worst screwing any car buyer got in the last 10 years. For about $19,000 he could have driven home a brand new well optioned 2012 Chevy Cruze . The Cruze is the car that replaced the Cobalt and everything about it is better than the Cobalt. Chevrolet discontinued the Cobalt because it was a cheap crummy car with a terrible reputation and they could barely give them away. If he hasn't been approved for the loan do nothing to help the process along and pray that the dealer asks for the Cobalt back.
2016-03-27 00:34:20
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answer #4
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answered by Wendy 4
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I second the Credit Union. The dealers Interest rate was 9% when I tried to purchase a bike. I got 6.1% at the credit Union.
2006-09-30 20:06:05
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answer #5
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answered by Anonymous
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I would say no, because I suspect they will have a clause like credit cards, that says something like: "if ONE payment is made late, the rate becomes 29% for the duration of the loan"
This can EASILY happen if you send payments by mail, and they will not accept ANY excuses
2006-10-01 02:44:17
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answer #6
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answered by Trump 2020 7
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It has been my experience, that it is not a good idea to finanacne though the dealership, my friend just did it and got screwed.
2006-10-01 16:40:22
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answer #7
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answered by jvvcrw1 1
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Dealer financing should be your last resort. Even the dealer I deal with will try to steer you away from dealer financing because he nows it can be a bad experience and lose you as a cutomer.
2006-10-01 02:25:59
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answer #8
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answered by Anonymous
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Dealerships have own ther loan company's such as Harley Davidson goes thru their own loan company and have higher interest rates.
They sale you extended Warranty to me is garbage.
I paid cash for my Harley $21,000.00 all stock load and barrel...I have no regrets:)
2006-09-30 21:11:17
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answer #9
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answered by Anonymous
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save money & look elsewhere for your own financing
2006-10-01 01:17:41
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answer #10
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answered by nbr660 6
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