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Discussion Starter #1
I was just wondering what kind of process do you have to go through when you feel out a finance application on a local dealers website for a bike? Will they notify you after submitting one and let you know if you're approved?
 

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Depending on the dealership "their" financing could be one of 3 things;

1) You are applying for financing through one of the major manufacturer's lending branches. The dealership takes care of the paperwork so that you will buy one of thier bikes.

2) The dealership is acting as a loan agent for a local bank. A lot of banks have agreements with auto dealerships to make buying a car easier for the buyer/seller/bank.

3) The dealership is big enough to have independent financing and they truely are loaning you the money to buy the bike.


In any event, they should have an answer to you instantly. The longest I have ever had to wait for a response was 24 hours, and that was because I sent the application in at 5pm.

The process is the same for the 3 different types. You will need to fill out common identity information and supply proof of income. After a credit check that is frightfully quick they will render a decision.

Good luck.
 

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bighunterjt said:
ok thanks..do you know if you go through this process if you are required to get full coverage still?
I'm pretty sure if you finance a bike you will need to carry full coverage. No matter what, if you finance a bike you should have full coverage anyway. If you loop your bike, I'm sure you wouldn't want to make a payment on a bike you can't ride or one that is so messed up it will never see the road again..:2cents:
 

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They're going to first run your credit, then submit the application to one or more lenders. If you're financing, you should check with local and/or online banks to see what rate you'd qualify for if you get the loan yourself. That way you know the dealer is being fair with the rate.

Like an auto loan or mortgage, one way for the motorcycle dealership to make money is by marking up the rate. For example, if they get you approved for 7%, they could mark that rate up and charge you 9-10%(but there's no way for you to find out what rate you were approved at). Checking the financing sources on your own will keep that in check...get an approval, then tell the dealer "I got X rate, can you beat it?"

I used to sell used cars, and that's definitely the smart way to do it from a consumer's perspective.
 

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definately check with your own bank first. ask what their lowest rates on motorcycle loans are asuming you had perfect credit. should be around the 8-9% range then ask the dealer what the lowest rate they could do is. then bargain!

just curious. what part of GA you in?
 

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Discussion Starter #7
thanks for the information..I live in loganville ga...not too far from marietta. I filled out an online financing application on the mountain adventures website..they're located in conyers ga.
 

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ah cool, yeah i called them up just last week to ask if they had any R6's in stock. they seem like a pretty big place, so they should be able to get a decent deal. but i'd say your best bet is to just call em up and ask em what the lowest rate they can give you is based on perfect credit.

filling out applications all over could actually hurt your credit. (least it supposedly did back in the day, dunno if it does anymore, maybe someone else can verify?) if each financial institution runs a check on your credit, i think it shows up. and that doesnt look good.

what kind of bike you looking to get?
 
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