I have a 2000 sportsman, which my dad bought for me. I want to get a 2002 yellow rubicon, next month. I am 19 and I want to put 3000 down and finance the rest. But, I have no credit, because I have never financed anything before. Would honda finance me or not, because I would pay in full, but rather finance to build up my credit. Also if they did what kinda rates and terms would they offer me? Also would there be anything else I would need?

 

I am by no means an expert on this topic. You can go to the Honda web site and see if they have any type of specials going on at this time. If they do not I would think you might get better finance rates through a bank. Being that you have no credit I would think you would need to get your father to co-sign for you. Good luck!

 

Yes, Honda will probably finance you but it depends on how much money you put down. ATVs are difficult to get financing for. I think this is because of the risk the finance company is taking with the possibility of your ride getting stolen.

Anyone would finance you with almost 50% down. By putting money down you show that you are serious about buying and it also keeps the finance company from sticking their neck out for the whole purchase price.

Sounds to me like this would be a good way for you to build credit. If you are prepared to put down whatever amount Honda will require to get the financing done then yes you will get financed and you can start building credit.

 

I am wanting to buy a Honda 400ex in the next couple of months and I will be 16 this sunday(May 13). So I am going to get a part time job and since I to have no credit would my dealer let me finance the 400ex? Will I have to put down 50% of the full purchase price also or could I finance what I wanted to. Also if I had my dad put the 400ex in his name could I make like a 500 dollar down payment or not? Any Help would be greatly appreciated. Thanks Matt

 

Matt

I will try an answer some of your questions. No, they will not let a 16 year old enter into a finance contract. You must be 18 to enter into a legal contract. I would have your dad buy the machine for you. I am not sure about Honda financing as my dealer has arrangements with local banks. My dealer did not require any down payment at all as I have good credit. If your dad has good credit, the less you will have to put down and the lower the interest rate will be. If you let me know the interest rate, number of payments, and the amount you want to finance, I will calculate a payment for you.

 

Matt have your dad sign up for a load and have you as a co-signer, that way you will get some credit. Sportsman500cc there should be no problem with you finacing something. I looked around and the best deal for me was not with the dealer but a bank. I took out a 3500 loan with no problems. its for 3 yrs and my payments are only like 120 a month. I just paid the first one today and gave them 2000 so now I just need to pay off the rest which is only 1500. The baker told me that I will get better credit if I pay the rest off over the rest of the yr, because when credit companies look at you they will notice that you where abel to make monthly installments on time. Good Luck
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