What are the current interest rates for financing your Spyder purchase?

[Magdave]

I agree with this. Why would you pay cash if that same cash can earn more then the interest you would pay on a loan.
I also would look at credit unions as a lower source for loans. My credit union (SB-1 FCU) is at 3.99 for 60 months and it is easy to join.

There it is in a nutshell. Play with other peoples money. Make money with you own. As long as your cash is invested in a good interest rate investment it is cheaper to borrow and make the payments than pull cash from doing it's job. :thumbup:Fidelity has been very good to me this and for many years on my picks.

 

[Bob Denman]

Cash paid for mine. I'm not leaving anything in my estate. I came into this world penniless and plan to go out the same way.
.

:agree: We've already warned Sonny-Boy not to expect to be left with anything but good memories... nojoke

 

[Spyder_Cowgirl]

Financing -- No Interest

We, spydercowboy and I, got lucky in August of 2012 -- Sheffield, in partnership with BRP, was offering ZERO percent interest on a 5 year loan (if, or course, your FICO score was high enough)! It was a "no brainer" to buy the :spyder2: once we knew we had qualified for the loan. Only thing we did was put a little cash down to lower the payments a few dollars per month -- we bought a 2012 RT Limited dealer demo. It was bought as new, and BRP extended the warranty 6 months from the date it was put into demo mode; had about 250 miles on it and had been a demo for a little under 4 months. The reduction in price because of the demo, allowed us to get a few farkles up front .

Our last car was bought under similar terms, a no interest loan over 6 years. Seems that many auto / motorcycle makers periodically offer these loan terms to their customers that qualify.

Best Regards .... Ann

 

[USAFE7RET]

Not to brag, ok I will just a little, I got mine for 0% interest, so I left the cash in the money market. Even though that only pays a miserly 0.25%, it is still more than 0....:banghead:

 

[Knarfoh]

We, spydercowboy and I, got lucky in August of 2012 -- Sheffield, in partnership with BRP, was offering ZERO percent interest on a 5 year loan (if, or course, your FICO score was high enough)!

Yes, the best interest rates are reserved for those with the best credit score! Or perhaps the best looking?

Fidelity has been very good to me this and for many years on my picks.

I am sure there is more then one Fidelity Fund but if you have the same one as me, you were definitely not disappointed. In my example, in a previous post I only talked about a 26% return, but in reality it was even higher then that.


DODGX and FDGRX

P.S. Let's not tell them about what happened to the market in 2008 and let them marvel at our brilliance now.

 

[Michael211_2000]

What credit score did BRP require in order to qualify for their 0% financing? I applied last Spring with a little over an 800 credit score, a home owner (w/no mortgage it's paid for already) no current loans (everything paid for on time!) and a very good history of paying for vehicles I've financed previously (including 2 Peterbilt big trucks!)... yet was turned down by BRP. It made me really wonder just what you have to have in order to qualify for the BRP 0% financing??? I even offered to put up to 50% down in cash and they still turned me down...

I ended up selling my interest in a property I was part owner in for enough to purchase my 2012 RS. It's not a toy to me, I use it frequently for short trips (< 60 miles round trip generally) I'd otherwise be driving a 1 ton dually truck (w/10-11 mpg!). It's wonderful to be able to fill the tank up for under $15!!! :yes:

The original owner of this RS only put ~800 miles on it in 11 months, in barely 6 months I've put over 2200 miles on it though... I drive this sucker every chance I get when I don't *need* the dually truck and the weather is fair! It makes an excellant secondary vehicle with much lower operating costs than my dually truck and takes up very little space under my car port. Oh, and it's fun to drive too of course... a win-win!

- Michael

 

[Knarfoh]

What credit score did BRP require in order to qualify for their 0% financing? I applied last Spring with a little over an 800 credit score

Assuming you are talking FICO - that is a good score! Over 800 puts you in the top 11% of the country. Mine was 820+ but I don't remember the exact score.

I assume you know your score by checking yourself? Are you assuming that is what they saw? Do you get the FREE credit reports you are entitled to so you can make sure there isn't something funky on there you might not be aware of?

The three major credit rating bureaus use a different scoring process and it is important we are talking about your FICO score.

 

[Michael211_2000]

I was checking with my bank about their rates, they pulled up my credit score thru their system and the bank representative told me I had a very good credit score it was somewhere near the mid-800's as I recall now. That's all that she told me about it though, I have no idea which of the reporting agencies their system pulled my score from. However the bank (Wells Fargo) wouldn't do better than 13% APR on a "motorcycle" loan even with me putting almost 50% down in cash, so I declined and from there tried talking with a few dealerships here in Texas but they were no better coming back with 14% APR rates (and one in Fort Worth sat there on the phone and argued with me about the APR, trying to tell me how it was such a VERY good deal and I should take it and come pick up their 2013 Spyder RS... I told him he could keep the Spyder I wasn't taking that rate; it got a little heated I tell ya with me just trying to say "NO I don't want your machine what part of this do you not understand"!). :banghead:


So that's all I really know, is what they told me. I have bought numerous vehicles (2 Peterbilt 379 trucks even!) had them all financed and never failed to pay them off on time if not a little early (not to mention my home!)... but BRP declined to finance me. Beats me why, and it's water under the bridge now that was last Spring/Summer. I hate shopping for vehicles I swear I'd rather get a root-canal or something! LOL!

One dealer in Tyler did mention something about my not having any current loans may have been a factor, that I couldn't show any current payment history on anything because EVERYTHING I have is paid for.... that seemed like a really stupid reason to me though. As Ron White says, "You can't fix stupid!"

- Michael

 

[Frank G]

Don't give up tell you try several Credit Unions. Credit Unions are still member owned and operate under a totally different set or rules than a bank. Remember all banks are now Puppets of the government. :yikes: IMHO

You might also look at Capital One.

 

[Knarfoh]

Sorry -- something is rotten in Denmark.

I was checking with my bank about their rates, they pulled up my credit score thru their system and the bank representative told me I had a very good credit score it was somewhere near the mid-800's as I recall now.

FICO only goes to 850. Anyone is whose FICO score rated 850 is considered HOLY GRAIL. Only 11% of the population has 800 or better. The three major credit bureaus, TransUnion, Experian and Equifax each have their own scores. TransUnion's TransRisk score ranges from 300 to 850 and the Equifax Credit Score ranges from 280 to 850. Meanwhile, one Experian score ranges from 360 to 840.

A person who has NEVER had credit can definitely be a problem. But assuming you are of typical Spyder Rider age - you have probably experienced credit opportunities through out your life: mortgage, motor vehicle, credit card, etc. Being current on everything, with a past good history of credit, should not be a problem for you. Someone was taking a wild guess and suggesting it is your lack of current debt and repayment history has missed the mark completely.

You have read all the other posts here? No one is EVEN CLOSE to what you were being quoted. Something is mighty fishy here. Yes a typical motor vehicle dealer would love to get a piece of the finance action and quote you high - but if it means missing the sale altogether - somehow they always seem to come up with a solution for someone like you with the score you claimed.

The BRP dealer I purchased from literally had me approved in minutes... not 20 minutes or 10, but in about 5. My score was 820+ to the best of my recollection. It could have been higher, I just don't remember. All I know is when the numbers started coming in - they immediately proclaimed I would not have any trouble being financed.

Even though you may not be fazed by this - I would seriously wonder why the hell you were perceived a poor risk to be charged so much? I would not let it rest until I found out why you were quoted so high a rate, particularly in this period of low interest rates.

I asked you in a previous post (which you did not answer) have you obtained your own FREE credit reports? You are eligible to receive these reports annually. Just apply online.

CLICK HERE to apply online.

Sorry -- something is rotten in Denmark.

SPECIAL NOTE: Even though the major credit bureaus must provide you with a free report - throughout the application process they will attempt to sell you services. Just ignore those offers and get your free report.

 

[Sarge707]

Something is Fishy , I agree. My Fico has been about 800-810 for many years. If you use Annual Credit Report .com
you can get your 3 reports once a year- I do one agency in Jan-One in May and one in Sep so I get 3 free reports a year BUT spread out through the year.
I prequalified with Sheffield so all I had to do was give the dealer my Qualification # and it saved them a Lot of paperwork.
I,d Call Sheffield and get there best offer!~

 

[DJFaninTN]

AAA had 3.49 last week. best I saw including local credit unions

 

[Magdave]

If you are a Vet try USAA :thumbup: