Financing Dilemma.....

[matusky]

Ok guys..... so here I am.... the Spyder is apparently arriving this week... which is awesome....

Back in the beginning, unlike most of you guys I put down a $1,500 deposit instead of the usual $1k....... and I've been patiently waiting for almost 9 months now to get it......

I bought a new trailer to haul/store it in that I paid $5k cash for about 2 months ago..... and a new car that I put some money down on last month..... just made the first payment........

I work a full time job, have a construction business which is doing well, I manufacture and sell Biodiesel, and I have a vending business...... small..... but still profitable..... so money isn't the issue here....

Apparently I live in a state (Delaware) that won't allow a lender to use a motorcycle, ATV, watercraft, etc..... as security for the loan needed to buy it......

Even if you go to Chase's website (which I just did) and plug in a zip code in Delaware.... they say (we don't offer motorcycle loans)..... plug in New Jersey.... and 'viola! they do.....that's where I'm buying it... but they base everything on where the registered owner lives.....

I talked to CitiFinancial today, they wanted to give me $7,500 cash just with my signature, but nothing more because they ALSO for some reason won't do a 'motorcycle loan'.......

I have additional funds to put down on this.... I picked out $2k worth of accessories bringing my out the door price to $18,500 and some change.... I currently need to finance about $15,000 of this...... it would be less but it seems things are lagging on in some projects I'm working on and the money just isn't there yet..... SO.....

I'm faced with having my :spyder: sit at the dealership this weekend while I go out shopping for a loan..... I was planning on going to a credit union, joining and then applying,.... I even took off Friday from work to do this...

So as I sit here puzzled.... I ask, does any of my fellow spyder owners have any suggestions?? :dontknow: :

 

[jeuchler]

...Even if you go to Chase's website (which I just did) and plug in a zip code in Delaware.... they say (we don't offer motorcycle loans)..... plug in New Jersey.... and 'viola! they do.....that's where I'm buying it... but they base everything on where the registered owner lives.....

Since money is not the issue (you can pay back a high interest loan quickly) did you try CapitalOne online motorcycle loans? (Go to "BlankCheck.")

http://www.capitalone.com/autoloans/blank-check/index.php?linkid=WWW_Z_Z_TG01_Z_H1_05_T_ALBC

Check if that Delaware zip code kicks you out...

 

[Danimal]

Do you have any home-owners equity available? Like a revolving deal they tack onto your home?

Do you have another vehicle that you own that you can finance instead of the Spyder? Even after you own a car you can go to the bank and have them write a loan on it..... like selling it back to yourself... ;D

As a small business owner myself- I feel your pain ---- bankers are so tight right now on giving out money to us hardworking guys it isn't even funny.

I've been in business for 28 years and I remember a few years ago the mortgage holder of the property my business is on sent me all these forms wanting full disclosure of all my assets and my tax returns, etc. It was a 20 year mortgage with like 2 years left on it - yet they suddenly wanted all this stuff. I sent them a letter telling them what I thought of this process - along with a check to pay the whole thing off and tell them I'll just take my business elsewhere.

 

[dltang]

We have a home equity line of credit that we borrow from and then pay back. The interest is reasonable and it is also tax deductible which makes it an even better deal. It some ways it is like paying yourself back. Also, our Chase Credit Card had an offer, if you write a check from one of their promotional checks they sent, the interest rate is 3.99% until the balance is paid off, we most of my Spyder on that one because you just can't beat that interest rate even with a loan. My goal is to pay it off in 6 months though. I hate a credit card balance.