financing problems

[TWILES]

Our credit isn't the best but according to Expirian, we aremedium risk. I haven't tried to buy anything in over 5 years. We applied for a Honda and got declined. We had a loan through Honda a few years ago and got behind. I guess that probably had something to do with it but what do you have to have to get financed now? About the only room for improvement we have is our line of credit at the bank and a couple DR bills I have. We saw a hell of a deal and went ahead and tried today. I was planning on paying those off before applying anyway. So what are they looking for in a score now?

[chucked]

If this is any help, I've heard honda is one of the hardest places to get credit through.

[3400ben]

To help your credit score use a credit card once a month to make little purchase a pay it off at the end of the month. If you talk to someone in banking they can tell you other way to improve your score.

[slightlybent47]

Sadly the banking industry has made playing the credit game seem necessary and have fixed it where so many things other then your credit can effect your credit score. I tried to play there game for years and even though I had perfect credit I was denied on some things and not others with any operant reasoning for the deference. It’s a lot more fun to walk in and pay cash and be done with it. Credit should only be used in case of an emergency only and everything else including toys should be paid for in cash. jmo.

[CJM]

Im with bent, I have perfect credit and a really good score.

I tried to apply for a loan for a vehicle for 10k. The place kept jerking my chain wanting more and more and more info, demanded a cosigner and everything too.

They finally approved me for a 36mo loan when I wanted a 48 or 60 and it took them over a month.

No one wants to give out loans except dealers, easiest to get a loan if you use your old car as a trade in value and you have a steady job. Seems they only want people who make a good chunk, those of us who dont make as much might as well go to heck.

[TWILES]

Originally posted by slightlybent47
Sadly the banking industry has made playing the credit game seem necessary and have fixed it where so many things other then your credit can effect your credit score. I tried to play there game for years and even though I had perfect credit I was denied on some things and not others with any operant reasoning for the deference. It’s a lot more fun to walk in and pay cash and be done with it. Credit should only be used in case of an emergency only and everything else including toys should be paid for in cash. jmo.

That would be great if I made enough. Sounds like if your opinion was absolute the atv, motorcycle, dirtbike, and everything else that cost any amount would come to an abrupt stop. The recession has pretty much taken care of that option for me for now and doesn't look like its going to get any better because IF I get to go back to what I was doing, I'll be spending a lot more that what a bike cost to stay working so I'm in the borrowing class of people no matter what when I comes to toys. Guess in your opinion, I should throw in the towel.

[slightlybent47]

There is a Wall-mart commercial that has been running lately and I shows a woman trying to figure out how she is going to split up her bill on two credit cards and some cash. Then another woman comes up and tells her that Wall-mart has a lay a way plan.

Well excuse me but if you have to split up your bill between two cards and some cash then that tells me I can’t afford what I am trying to buy.

There comes a point where using credit just puts off paying your bill and only makes it more expensive in the long run. Make your sacrifices now and save up for it and don’t put it off where it will cost you more. You’ll feel better and be better off for it.

[slightlybent47]

Originally posted by TWILES
That would be great if I made enough. Sounds like if your opinion was absolute the atv, motorcycle, dirtbike, and everything else that cost any amount would come to an abrupt stop. The recession has pretty much taken care of that option for me for now and doesn't look like its going to get any better because IF I get to go back to what I was doing, I'll be spending a lot more that what a bike cost to stay working so I'm in the borrowing class of people no matter what when I comes to toys. Guess in your opinion, I should throw in the towel.

No I’m not saying that at all, just to save up for it and pay cash. You control your own money don’t you? Make your sacrifices now instead of later. I have done it both ways and it’s a lot better and much more satisfying to do it the hard way.

[slightlybent47]

It took me a year to save for a bike I wanted and I walked in and paid cash and saved around a thousand dollars in financing right off the top.

[slightlybent47]

And no I didn’t make a lot of money at the time, I just quit stopping at the convenient store for a soda all the time and quit buying all those little things that I didn’t really need and you will be surprised at how much you spend on junk like that.

[CJM]

Truth be told bents right.

At the time I couldnt afford a good quad, I bought a decent old beat up pos for the time being and fixed it a bit. When it came time to buy a newer quad I looked for a sued one that needed work I knew I could do and bought it. I got my EX for 1200 bucks! It needed about 300 in it to make it good and the rest I spent has been what I wanted.

I have a friend that must spend about 100+ bucks a week just in food, soda, etc he buys when hes out. Everywhere we go when we hang out he grabs a soda or two for like 4 bucks..thats 4 bucks every single time.. I bring water with me from home or buy nothing unless I really need it. Saving cash is what you gotta do and make a hefty down payment if you really want to finance. Whereas they might no finance for 5k they might finance for 3k if you have 2k to put down.

Same for a vehicle, you dont need a brand new car-find one thats what you want but used, only idiots buy brand spanking new imho. Buying used saves tons of cash in the end.

What really killed you was the loan you got behind on, that really effects your score and if your score is under 700 good luck getting a loan these days.

[slightlybent47]

Well CJM I have found that on some things cheap is the way to go but on others it’s best to get the best you can afford. Take a car for instance, it’s something you need usually has to be financed. Granted you don’t need a top of the line with all the bells and whistles but if you are like me I love my truck and need a truck, and I bought a new one with everything I wanted. Now I could have gone cheaper and got one with a v6 instead of the v8. But knowing I was going to drive the truck till the wheels fell off and I was going to be pulling a trailer I went with the v8. So by getting a better truck it allowed me to keep driving it much longer then one with a v6. And 16 years later it’s still going.

Tools are another thing that if it one that your going to be using a lot and depending on, then get the best you can afford. It usually will pay off in the long run and last longer then something cheap.

So for me it depends on how much I will use it.

[slightlybent47]

Now when I bought my ex I financed it but I road it for the first year bone stock with no mods on it. In stead of buying new parts I put all that money into paying it off and I paid it off in a year. I doubled up on the payment and sometimes 3-4 times the payment just to get it paid off. and by doing so instead of paying $1200.00 in finance charges it only cost me about $300.00 so I saved $900.00 right there. That got me on the quad right away and still allowed me to save on the financing. So there is more then one way to skin a cat here but cash is always best.

[FHKracingZ]

Make sure you check your loan close to see if there is an early payoff plan. Some banks will charge you a hefty fee if you attempt to payoff early

[slightlybent47]

Originally posted by FHKracingZ
Make sure you check your loan close to see if there is an early payoff plan. Some banks will charge you a hefty fee if you attempt to payoff early

Just another not to borrow money if you can help it.

[TWILES]

Got it home. Very happy with the financing. Should have it paid off in a year. NEW red 08 450ER $3994

[slightlybent47]

Very good, congradulations just try to pay it off as soon as you can and you should be happy. The only money you’re allowed to spend now is on safety gear and food.lol