 Financing a Speedmaster
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Joined: Jan 2005
Posts: 898
3/4 Throttle
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OP
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I have been turned down by my credit union and now by Triumph, Geez is 605 that bad of a score??
Triumph Scrambler Diablo Red & Silver (2014), Arrow Exhaust, FI remapped with TTP #4, 16 tooth sprocket, Triumph Gel Solo seat & Rack, Progressive 440 1" lowered Shocks, SAI & O2 Removal, Airbox Restrictor Plate removed.
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 4,932 Likes: 1
Loquacious
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Loquacious
Joined: Jan 2005
Posts: 4,932 Likes: 1 |
national average is about 640 I think. what kind of a down payment were you going to make? they would probably do it with a decent down payment. you could always try a "loan shark" company.
we should do this every weekend!
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Re: Financing a Speedmaster
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Joined: Oct 2006
Posts: 47
Greenhorn
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Greenhorn
Joined: Oct 2006
Posts: 47 |
Does anyone know what kind of interest rates Triumph offers on their bike loans?
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Re: Financing a Speedmaster
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Joined: Jan 2007
Posts: 105
removed
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removed
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also depends on the debt to income ratio 
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 898
3/4 Throttle
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OP
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Well, I make a decent living, but they rejected me so fast, I'm sure they never even called my employer, this is frustrating, guess I'll have to save and pay cash...........
Triumph Scrambler Diablo Red & Silver (2014), Arrow Exhaust, FI remapped with TTP #4, 16 tooth sprocket, Triumph Gel Solo seat & Rack, Progressive 440 1" lowered Shocks, SAI & O2 Removal, Airbox Restrictor Plate removed.
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Re: Financing a Speedmaster
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Joined: Jan 2007
Posts: 105
removed
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that sux you can go to the sharks but the interest included you could but a SM and a bonnie. 
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 4,932 Likes: 1
Loquacious
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Loquacious
Joined: Jan 2005
Posts: 4,932 Likes: 1 |
If you plan on paying it off fast the interest rate doesnt really matter.
we should do this every weekend!
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Re: Financing a Speedmaster
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Joined: Jun 2006
Posts: 1,138
Learned Hand
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Learned Hand
Joined: Jun 2006
Posts: 1,138 |
You need to pull your free credit report first. There is something on that report that is hurting you that may have been reported wrong and can be easily fixed. Follow the link below and go from there. Remember do not pay the three credit reporting companies have to provide this information to you once per year for free its law. www.annualcreditreport.com
John 06 America Mulberry\Silver
"Seemed Like A Good Idea At The Time"
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Re: Financing a Speedmaster
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Joined: Sep 2005
Posts: 186
Adjunct
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Adjunct
Joined: Sep 2005
Posts: 186 |
maybe try a peer-to-peer lending site like prosper.com
"Eric Von Zipper will return!"
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Re: Financing a Speedmaster
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Joined: Nov 2005
Posts: 140
Adjunct
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Adjunct
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Join a credit union, they are everywhere. The rate could be as low as 8%. You have to use credit a lot to get a good credit rating. Get a Sears charge or gas card and charge something every month.
2007 FJR 1300
2007 V-Strom DL1000
2007 ST 1300
2007 Scrambler
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Re: Financing a Speedmaster
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Joined: Aug 2006
Posts: 2,555
Loquacious
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Loquacious
Joined: Aug 2006
Posts: 2,555 |
Quote:
Does anyone know what kind of interest rates Triumph offers on their bike loans?
i got 9% on mine acording to the sales man that's there best rate, (cousre he could have just benn trying to make me feel good)
that was back in sept. 06 could be differnt now.
Last edited by oneijack; 02/07/2007 9:28 PM.
The percentage you're paying is too high-priced
While you're living beyond all your means
And the man in the suit has just bought a new car
From the profit he's made on your dreams
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 898
3/4 Throttle
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OP
3/4 Throttle
Joined: Jan 2005
Posts: 898 |
I have 3 credit cards, all around $1000 limits, unfortunately, they are near the spending limits, I have heard you want to keep your credit card balances at least below 50% of the credit limit. I have an auto loan, going on about 40 months, never been 30 days late, I pay rent, so no mortgage's, Verizon tagged me for a 30 day late about a year ago, for a $35 bill, thats the only negative thing I could find on it. All my accounts, past and present say "Pays as agreed" I just don't understand why my score is so low, the only thing the report says are negative, is lines of credit are too short, they go on to say average line of credit is 7 years, I have only had credit cards for a few years even tho I'm 46. This credit thing is killing me.
Triumph Scrambler Diablo Red & Silver (2014), Arrow Exhaust, FI remapped with TTP #4, 16 tooth sprocket, Triumph Gel Solo seat & Rack, Progressive 440 1" lowered Shocks, SAI & O2 Removal, Airbox Restrictor Plate removed.
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Re: Financing a Speedmaster
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Joined: Aug 2005
Posts: 2,525
Loquacious
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Loquacious
Joined: Aug 2005
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My wife bought me mine with a no interest credit card. They are usually good for a year and the you transfer to a new no intrest card. Worked out great..........especially for me 
Erwin
05 America
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 18,825
"Lighten up, Francis."
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"Lighten up, Francis."
Joined: Jan 2005
Posts: 18,825 |
Check into eloan.com. I was going to use them on a Yukon I bought in '03, but my bank matched the interest rate so I gave the bank my business. My FICO was 715 or 730 at the time, but I have no idea what it is now. Disclaimer: I am not affiliated with eLoan nor have I actually used them. I may yet someday if my bank stops loving me so much. I will definitely use them to get a better interest rate at my bank. 
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Re: Financing a Speedmaster
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Joined: Oct 2006
Posts: 261
Adjunct
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Adjunct
Joined: Oct 2006
Posts: 261 |
I've heard the same thing about keeping your balance below 50% of your limit. Another thing I've been told affects your credit score is your "potential debt to income ratio," so don't let your credit card limits get too high, either.
2007 America, Phantom Black/Sunset Red
Deposit down on 2010 Thunderbird - can't wait for it!
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Re: Financing a Speedmaster
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Joined: Jan 2007
Posts: 3,465 Likes: 2
Loquacious
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Loquacious
Joined: Jan 2007
Posts: 3,465 Likes: 2 |
Quote:
I have 3 credit cards, all around $1000 limits. This credit thing is killing me.
You don't have enough available credit. Get those credit cards to increase your limit - but don't use it. If you've got a good payment history, they should do it.
Had the same problem here. I had one major card and never saw a need to have more than $1500 available, so I declined their offers to raise the credit limit. I suffered for it when it was time for a mortgage and my FICO score wasn't high enough to get the good rates.
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Re: Financing a Speedmaster
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Joined: Mar 2006
Posts: 1,540
Learned Hand
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Learned Hand
Joined: Mar 2006
Posts: 1,540 |
Or take a loan from your retirement. Thats what I did, now I have to pay myself interest. But I wouldn't recommend this if you planning on retiring soon.
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 18,825
"Lighten up, Francis."
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"Lighten up, Francis."
Joined: Jan 2005
Posts: 18,825 |
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 3,610
Loquacious
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Loquacious
Joined: Jan 2005
Posts: 3,610 |
Borrowing from a 401k can be a prob if you can't pay it back- withdraw penaties.
Stewart
.......
"It's outside your field of expertise."
"Poppycock normally is."
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 18,825
"Lighten up, Francis."
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"Lighten up, Francis."
Joined: Jan 2005
Posts: 18,825 |
I seem to recall my Dad borrowed from his retirement for a truck... and not long after he retired. He didn't think it was a big deal because he was "borrowing from himself." He didn't plan accordingly and got killed by penalties and taxes. I think he eventually declared bankruptcy over it.
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 8,639 Likes: 3
Old Hand
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Old Hand
Joined: Jan 2005
Posts: 8,639 Likes: 3 |
Maybe you don't owe enough. Now that I've paid everything off and am living on a cash up front basis, my rating is slowly slipping toward zero. It was really high when I was in debt to everyone in the county. Maybe they have a problem when the income:debt ratio gives then a 'divide by zero' error.
Let's hope there's intelligent life somewhere in space 'cause it's buggar all down here. -- Monte Python
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 5,590
Check Pants
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Check Pants
Joined: Jan 2005
Posts: 5,590 |
Quote:
Now that I've paid everything off and am living on a cash up front basis, my rating is slowly slipping toward zero.
I think the credit card industry would have a hard time making it with people who never carry a monthly balance. They have a peculiar name for people like that, I think typed out it would appear with lots of asteriks; ********
JH
"It's not what I say that's important, it's what you hear" Red Auerbach
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Re: Financing a Speedmaster
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Joined: Sep 2006
Posts: 1,457
Learned Hand
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Learned Hand
Joined: Sep 2006
Posts: 1,457 |
Open a savings account at a credit union, at the same time get a loan for the same amount secured by your new savings account. No credit check on secured loans (credit checks hurt your score). Pay it back, stretching it over at least 6 months (sooner than 6 months won't help your score). The hold on your account will be released as you pay it back. Its just juggling money around, doesn't cost anything but a small amount of interest, and you may get some other benifits, like free checking. At the same time, nibble away at those credit card balances and keep your eyes open for a low mileage bike for sale at about the blue book loan value.
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Re: Financing a Speedmaster
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Joined: Mar 2006
Posts: 688
Adjunct
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Adjunct
Joined: Mar 2006
Posts: 688 |
Not having a mortgage may be hurting you as well, since having one with a good record of making your payments can really improve your credit. Also don't be to down on being rejected be your credit union. Actually they're one of the most picky when it comes to approving loans. In fact I had to go through a bank and got a better rate in the bargain. Good luck on your quest!
She's a Lady and the Lady is 100% mine !
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 18,825
"Lighten up, Francis."
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"Lighten up, Francis."
Joined: Jan 2005
Posts: 18,825 |
Quote:
Maybe you don't owe enough. Now that I've paid everything off and am living on a cash up front basis, my rating is slowly slipping toward zero. It was really high when I was in debt to everyone in the county. Maybe they have a problem when the income:debt ratio gives then a 'divide by zero' error.
Radio guy Dave Ramsey always says the FICO score is the "I love debt" score, and is quite proud that his is not zero - he's not even in the system anymore.
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 4,541
Loquacious
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Loquacious
Joined: Jan 2005
Posts: 4,541 |
Quote:
Radio guy Dave Ramsey always says the FICO score is the "I love debt" score, and is quite proud that his is not zero - he's not even in the system anymore.
My wife and I are trying are damdest to follow the Dave Ramsey plan. Its hard, real hard. But worth it if you can do it.
Arsenalfan. AKA Mark Able
Seller of fine automobiles.
Jaguar, Land Rover, Porsche of Chattanooga
423-424-4000
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 2,531
Loquacious
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Loquacious
Joined: Jan 2005
Posts: 2,531 |
CWolf ... My "score" was really high but GE/Triumph turned me down for the 90 day no interest a few years ago...Turned out that there was a "nefarious individual of dubious account" listed as me on my credit report  Took me a year to get my credit report lined out.....I am now using a company called Zander for ID theft protection..there are several others that do this, just heard of Zander over the "Dave Ramsey Show" and tried them first..ID theft is serious....you might run a credit check of the "big 3" and see what is on there that should not be...speaking from from experience here
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Re: Financing a Speedmaster
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Joined: Feb 2006
Posts: 1,690
Learned Hand
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Learned Hand
Joined: Feb 2006
Posts: 1,690 |
Wow, I guess I got lucky,,,,my credit was in the high 400 range. I went to "Wings financial" credit union here in Atlanta, told them what I wanted to do, they showed me what I needed to clean up (which did nothing for my score). I took care of those 3 items, and they cut me a check for the whole amount ($6892) for my '05 TBA at 4.5% apr. Apparently "Wings" had lost ALOT of Northwest Airline mechanics, and were anxious to get Airtran mechanics, and they assure me if I want another TBA for Kimmy (my wife), that there would be no problem. They take my bike payment right out of my paycheck...really sweet deal...Try "Wings Financial Credit Union"...they are really flexible.....
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 1,457
Learned Hand
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Learned Hand
Joined: Jan 2005
Posts: 1,457 |
Just save up for it. Take a second job for a while. I stopped using credit cards and loans a while ago. If I don't have the $$$, I don't buy it. I want to retire someday!
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Re: Financing a Speedmaster
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Joined: Jun 2006
Posts: 1,138
Learned Hand
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Learned Hand
Joined: Jun 2006
Posts: 1,138 |
There is always the "7 Eleven" loan. Best applied for at late night with car running in parking lot.
John 06 America Mulberry\Silver
"Seemed Like A Good Idea At The Time"
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Re: Financing a Speedmaster
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Joined: Aug 2006
Posts: 153
Adjunct
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Adjunct
Joined: Aug 2006
Posts: 153 |
Fico scores are a difficult thing, and how they are affected by what balance's you have and how you manage them is as difficult to predict. 605 is not such a good rating, while there are worse scores, there are something's you could probably do to raise it.
Seeing how you've made timely payment's on your cards, contact the company's and request a credit limit increase. Should they agree to this by no mean's increase your balances. If your limit's are 1K, pay them off. Keep making your truck payment's on time, and when you do charge something on your card, pay it off in a timely manner.
Doing this for 6 month's will certainly raise your score. MyFico.com is a good site to see whats going on with your scores, the info is clear and upfront. Easy to read and understand.
I became a member of a local credit union here last year, and found them to be far easier to deal with than a bank, even my own bank. Hell they gave me a loan for a new truck, my bonnie, and transfered a balance on a high intrest auto loan.
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 18,825
"Lighten up, Francis."
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"Lighten up, Francis."
Joined: Jan 2005
Posts: 18,825 |
Quote:
Quote:
Radio guy Dave Ramsey always says the FICO score is the "I love debt" score, and is quite proud that his is not zero - he's not even in the system anymore.
My wife and I are trying are damdest to follow the Dave Ramsey plan. Its hard, real hard. But worth it if you can do it.
I'm using some of his principles, but I'm not following his plan 100%. For instance, I've been saving much more than the baby emergency fund before I pay off my last credit card. And instead of getting a second job delivering pizzas or something, I started a side business which is growing slowly and thus making me less money than a second job would. And, horror of horrors, I'm thinking about getting an equity loan to finish the inside remodeling of my house. Take that, Dave!
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Re: Financing a Speedmaster
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Joined: Sep 2006
Posts: 788
3/4 Throttle
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3/4 Throttle
Joined: Sep 2006
Posts: 788 |
As a banker, I know our lower cutoff for beacon score (credit score) is 629. Having said that, I have approved loans for people with lower scores. Also, I don't know how old you are and what your net worth is. If you are young, we would typically expect you to have a low or even negative net worth, dependand on your life stage. Generally speaking, the higher the downpayment, the more likely the financial instution is likely to give you the loan. Like Big Poppy had said, get a hold of your credit report and see what it says. Feel free to PM me if you have any questions. Sometimes they can be difficult to decipher.  Hope this helps a little.
07 TBA Pacific Blue and White.. stock for now!
A bike has half the wheels my cage does.. but 3x the fun factor
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 9,223
Big Bore
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Big Bore
Joined: Jan 2005
Posts: 9,223 |
Hey Trevor,
I heard that you can get three credit reports a year by requesting a free report from one company and then awhile later from the second, and then later the third? Kinda' split them over 3-4 months?
"Never underestimate the power of human stupidity" - Robert Heinlein
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Re: Financing a Speedmaster
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Joined: Feb 2005
Posts: 601
Adjunct
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Adjunct
Joined: Feb 2005
Posts: 601 |
I got a 4.5% from GE when I bought my bike, but I hear that since the Euro is beating up on the US dollar, european companies, such as BMW (Triumph?), aren't offering any "deals" right now.
Also, I work for a furniture company that's pretty lenient in financing, but any credit rating under 650 raises a flag, thus 20-30% downpayment, &/or a co-signer, is required.
MIKE
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Re: Financing a Speedmaster
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Joined: Sep 2006
Posts: 788
3/4 Throttle
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3/4 Throttle
Joined: Sep 2006
Posts: 788 |
Quote:
Hey Trevor,
I heard that you can get three credit reports a year by requesting a free report from one company and then awhile later from the second, and then later the third? Kinda' split them over 3-4 months?
Hey Phil.. I believe that is the case in the US. Here in Canada, we really only have the two credit bureau companies and they will give you them free via mail or you can spend I think it's about $10 and get them online.
07 TBA Pacific Blue and White.. stock for now!
A bike has half the wheels my cage does.. but 3x the fun factor
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Re: Financing a Speedmaster
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Joined: Jan 2006
Posts: 7,689 Likes: 21
Monkey Butt
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Monkey Butt
Joined: Jan 2006
Posts: 7,689 Likes: 21 |
I have stayed out of this thread but just can't keep my mouth shut any longer.
You can't afford the bike. You either owe too much, don't pay your existing dept on time, or make too little.
If the lender is saying they won't risk it they are telling you something. Listen to them and get out of debt first.
I try to aggravate one person a day. Today may be your day.
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 898
3/4 Throttle
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OP
3/4 Throttle
Joined: Jan 2005
Posts: 898 |
You should have stayed out....................
I have less debt than you and I don't even know you.
I have 3 credit cards with a credit limit of $700 each. Big deal
I am a professional Licensed Land Surveyor in Virginia and make a very good salary.
the only other debt I have is my 4 year old Nissan Frontier, I still owe 2 years of payments on.
I bet you have more debt than that, how much do you owe on your mortgage?? $200,000
I have no mortgage. So who has too much debt sir?
What is hurting me, is when I was struggling in the past I went 30,60 and 90 days late on some Capital One credit cards, I immediately paid them off and cancelled them, but that was only about 4 years ago.
I make more than enough money to afford $150/mo. motorcycle payment............................
Triumph Scrambler Diablo Red & Silver (2014), Arrow Exhaust, FI remapped with TTP #4, 16 tooth sprocket, Triumph Gel Solo seat & Rack, Progressive 440 1" lowered Shocks, SAI & O2 Removal, Airbox Restrictor Plate removed.
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 898
3/4 Throttle
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OP
3/4 Throttle
Joined: Jan 2005
Posts: 898 |
Also, when I did have a mortgage, I qualified for that with a 642 FICO score, now I checked it with Transunion and its 619, and I can't get approved for an $8000 motorcycle loan??
Triumph Scrambler Diablo Red & Silver (2014), Arrow Exhaust, FI remapped with TTP #4, 16 tooth sprocket, Triumph Gel Solo seat & Rack, Progressive 440 1" lowered Shocks, SAI & O2 Removal, Airbox Restrictor Plate removed.
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Re: Financing a Speedmaster
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Joined: Jan 2005
Posts: 898
3/4 Throttle
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OP
3/4 Throttle
Joined: Jan 2005
Posts: 898 |
As far as not paying my existing debt on time, you are wrong again,
I have not been late on any payment in over 4 years..............
All my accounts on the credit report say "Pays as agreed"
And as far as making too little, you are wrong again,
I make a very decent living, they never even called my employer to verify my income!
In fact Transunion suggested I open more credit accounts (debt)
and only suggested I reduce the balances on my credit cards by 35%
a whopping $840, wow. This credit system is flawed, but I have to deal with it.
Triumph Scrambler Diablo Red & Silver (2014), Arrow Exhaust, FI remapped with TTP #4, 16 tooth sprocket, Triumph Gel Solo seat & Rack, Progressive 440 1" lowered Shocks, SAI & O2 Removal, Airbox Restrictor Plate removed.
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