I want to finance 2 can ams. I have a 720+ credit score. I don't want to rack up too many inquiries. And I dont know if I would be given 2 loans back to back. Are there any other options aside from getting a personal loan with a high apr? Considering the lack of collateral, i am not sure i would be given a loan of 20-30k. I dont have too much experience with this type of thing.

 

Loans are based on more than credit scores show. Income is big when they are trying to figure out if the loan is too big or not. Of course, other outstanding loans figure into it also. Towards the end of summer and into fall you see a lot of financing deals that the makers use to move the present year models out the door so the next year's models can come on the floor.

 

Thank you for your reply, although it does not address my concern. I do know a good amount about credit, auto loans, etc. But i am not familiar with personal loans. Was mainly concerned if i could put 2 quads on 1 loan. And i think personal loans carry hefty rates, so i would not want to do that either. And if I had to get 2 separate loans, is that something that companies do(giving out 2 loans right after one another)

 

If you join a credit union and you make a decent amount of money they'll give you a personal loan or home equity loan cheaper than any bank will. I took all my money out of banks and put it in a credit union decades ago and never regretted it one bit. Not only can you get loans cheaper, they pay more interest on your savings, and even pay you interest on your checking account. I don't know why anyone would keep money in a bank.

 

Personal loans on quads? You are going to have a high interest rate that will negate any benefit of a loan inquiry at least 20 fold. Dealerships do multiple machine financing often enough, I doubt they will bat an eye at your situation. It wouldn't hurt to talk to your lending institution or credit union if you are looking to secure financing on your own. I would think each vin would need it's own loan, in fact I would want it that way.

 

You will have to shop around for the best financing option and interest rate. Depending you may be able to get a better rate at the dealer then at a financial institution. When th e gf got her machine they had a promo of 1.9 interest rate or lower.. Unfortunately she did not qualify for that rate due to no credit history. Also with the dealer financing they sell you additional insurance that will add a huge amount to your loan. You do have the option to refuse the additional insurance they just don't like it. I have the insurance on one of my loans and never again. When i got layed off it was not just as simple as they said and call us and we will take care of everything. I had to jump through hoops and they never did cover the full time of my lay off

 

Everything boils down to you...credit score, how long of a credit history you have, and what type of collateral or assets do you have.. People can have good credit scores with only a year or two of history especially new folks coming into the credit world. But a short history can be a negative when it comes to borrowing large amounts. In most cases the best rate is going thru your dealer unless you have personal connections thru a bank or credit union, because the dealers have already arraigned low rates to promote their products. Getting a loan for two machines should not be a problem if you have the necessary background (credit score, history and assets), the dealers do it all the time. Unless you have a home equitee loan, personal loans are expensive!! If you want the machines to act as the collateral then you will need a big down payment as the deprecation is so high. Length of loan will also determine how easy it will be to get. If you could handle high payments to get it paid over 3-4 years then you might have a better chance but if you need to stretch it out for 6-8 years then that will reduce your chances of success. Credit score is only one small piece of the puzzle when getting a loan.

 

The offers you can get from your dealer varies by location. In my area code Can-Am has 0% financing right now but it's only for 36 months. If I did the math right for me to get 2 Renegade 570s with no accessories at all, including the transportation charges, would cost over $500 per month plus any other fees there might be. If I could finance them for 72 months and paid 6% interest it would be less than $300 a month. It would be close to 45% less per month.

 

Lol, adult issues. Glad I'm not at that point in my life