Sheffield Financial and Financing

[jimcrom]

Looking at the website for BRP I was wondering if anyone else has used Sheffield? I checked with my credit union and they are talking 6.9% and that was after a call because they didn't want to make a loan on a spyder. Even though they did my first one.

For those who did did it really only take 30 minutes?

[ironbuttdean]

Used Sheffield for both of my Spyders. Did the online application and had an answer in less than five minutes. Called the number in the email they sent and got instructions for what to tell the dealer and had an overall smooth transaction.

[ironbuttdean]

Forgot to add the rate. It was at 7%

[Brogers57]

No way. Shop around. I used them when I bought my RS. 3.49%. I currently pay 2.52% on my broken RTS =-/

[GearHd]

Is this on a new purchase? My dealer was able to use a local bank and got us an extremely low rate on our leftover ST.

[Pampurrs]

I tried Sheffield, but they offered me a ghastly rate of 7%. I told them, "thanks, but no thanks". I shopped around and found a credit union in Michigan where I got it for 2.99%.

It pays to shop around.

Pam

[arachnoid]

New/used? Good/bad credit? Got our used RT at 2.0% thru the sales guy's credit union (he "sponsored" us). Was originally told 2.5%-was even happier with 2% when I went to pick it up. This rate was with zero down with a lovely credit score. Shop around as that sound high to me.

[Deanna777]

I went thru a Credit Union/dealership to get my 2014RTS-SE6.

Shop around Deanna

[murphybrown]

Looking at the website for BRP I was wondering if anyone else has used Sheffield? I checked with my credit union and they are talking 6.9% and that was after a call because they didn't want to make a loan on a spyder. Even though they did my first one.

For those who did did it really only take 30 minutes?

The rate is 1.49 and know several Spyders financed thru them. Star Harbor is located in CA

[SpyderAnn01]

The rate is 1.49 and know several Spyders financed thru them. Star Harbor is located in CA

That's where mine is financed. It is Star Harbor Federal Credit Union, Rancho Dominguez, CA

[Chupaca]

I used shefield and had no problem but paid it off in six months. I see many good rates above so try them...

[ARtraveler]

Shop around. You can usually find lower rates than dealer or corporate sponsored financing. I usually shop for financing first. I give the dealer an opportunity to finance and take it if their rate is lower. My outside sources usually beat the dealer. Some, but not all dealers add dealer reserve to the rate and pocket the difference as extra profit on the sale.

[Saluda]

Had Sheffield in the past. Quick approval, no grief along the way and a decent rate. (At the time there were slightly lower rates available). It was through the dealer.

[Bob Denman]

I used Sheffield on my 2010... the rate was high, but the process was quick and easy...
For the 2014; I've gone with a local bank 3.29% for 4 years...

[viperryder]

Had our 2011 financed through them and went to pay off using the rule of 78's, which is you only pay for money as long as you use, and they stated they do not do that. They charge interest for the complete length of the contract, no matter when you pay off. Bought 2014 with cash, best way. Good luck.

[Red RT-S]

Purchased a 2011 hold over Suzuki V-Strom 650 in spring of 2012. Could have paid cash, but the dealer arranged 0% financing with Sheffield for 60 months. I'd already made the deal on price, so the financing was just a bonus.

[jimcrom]

I am looking at a new 2015 RT.
My plan was to go in with the financing before I went to the dealer. I understand that some dealer's will get a kick back on financing from the financial institution.

Is this on a new purchase? My dealer was able to use a local bank and got us an extremely low rate on our leftover ST.

[jimcrom]

Thanks for the info from you and Anne. I called them and they talked about having to be sponsored by a member so I am waiting for a call back from the loan dept to see what current rate is. I have good credit and plan on putting some down & financing the rest. Later I can always sell my current one.

But the key issue is a dealership that is nearby for servicing. That is the biggest stumbling block. That is why I am looking at the RT if only for the length of servicing.

The rate is 1.49 and know several Spyders financed thru them. Star Harbor is located in CA

[jimcrom]

Never heard of the rule of 78's but it is good info to know that if you try & pay it off early you don't get "credit" for that.

Had our 2011 financed through them and went to pay off using the rule of 78's, which is you only pay for money as long as you use, and they stated they do not do that. They charge interest for the complete length of the contract, no matter when you pay off. Bought 2014 with cash, best way. Good luck.

[jimcrom]

That is the part that I was thinking about, if they are getting more money for that, then I want something in return.

Shop around. You can usually find lower rates than dealer or corporate sponsored financing. I usually shop for financing first. I give the dealer an opportunity to finance and take it if their rate is lower. My outside sources usually beat the dealer.

Some, but not all dealers add dealer reserve to the rate and pocket the difference as extra profit on the sale.

[Sarge707]

Paid Off 2 Sheffield Loans and Have another for the F3. Always got 3.9 (Or the lowest rate available because of a Super FICO) and although (Like Most Loans) you Pay your highest interest in the Beginning and Lowest near the end, If I pay off the F3 tomorrow I will ONLY have paid the first 2 Months interest and NO MORE!!!

They are a Good company if you have a Very Good FICO But they can only give you the lowest BRP Promised Incentive rate, IF you qualify.

[Samir221]

Shop around. My credit union gave me 4.89 but I went with the dealership who found me a better rate 2.89%. Same happened for my first Spyder as well. Doesn't matter what bank u end up with as long as they give u the best rate. U can always use bill pay even if they are located in another state just make sure there is no prepayment penalty in case u decide to pay off ur bike earlier. 😉. Good luck !!!

[missouriboy]

I used Sheffield because that's what the dealer offered, and I have 3.9% with no prepayment penalty. I've never heard of "charging full interest amount regardless of prepayment". You pay daily interest on the unpaid balance, that's all. Anything else doesn't sound legal. The very term "No Prepayment Penalty" would preclude charging unearned interest, would it not?

So perhaps I need to do some serious analysis of my loan terms? I am making extremely hefty prepayments each month, and have assumed the interest charges are computed the way I would do it. Maybe not? We'll see, just as soon as I have the time to analyze it. I'll do it in a spreadsheet and see what's really happening.
But tomorrow is another Ryde for Lunch!

[pegasus1300]

Had our 2011 financed through them and went to pay off using the rule of 78's, which is you only pay for money as long as you use, and they stated they do not do that. They charge interest for the complete length of the contract, no matter when you pay off. Bought 2014 with cash, best way. Good luck.

Although a small point here your definition applies to simple interest loans such as used in Lines of Credit attached to your house. here is a definition for the Rule of 78s. Using The Rule of 78s you will always pay more interest if pay off early then with a simple interest loan. On your loan where you pay all the interest no matter the length it makes no difference when you pay the loan off

BREAKING DOWN 'Rule Of 78'

When paying off a loan, the repayments consist of two parts: the principal and the interest charge. The Rule of 78 weights earlier payments with more interest than later ones. If the loan is not terminated or prepaid early, the total interest paid between simple interest and the Rule of 78 will be equal. However, because the Rule of 78 weights the earlier payments with more interest than a simple interest method, paying off a loan early will result in the borrower paying more interest overall.

This method of allocating interest was commonplace in loans for consumer goods, such as automobiles. However, the U.S. government has outlawed the use of the Rule of 78 for loans longer than five years. This is largely because this method penalizes borrowers who pay off debts early.


Read more: Rule Of 78 Definition | Investopedia http://www.investopedia.com/terms/r/...#ixzz3qOKgwG8h
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[happyspyder2039]

Looking at the website for BRP I was wondering if anyone else has used Sheffield? I checked with my credit union and they are talking 6.9% and that was after a call because they didn't want to make a loan on a spyder. Even though they did my first one.

For those who did did it really only take 30 minutes?

I had them for 3 brp products. Interest rate was based on length of loans. Easy loan process with no down payments. I now have a ent cu loan at 2.4%