Hi All,

I'm looking to purchase a 2011 Raptor 700R with 2miles on it from a dealer. I expect to put down $2,000 - $2,500 and finance the rest. I don't have great credit, credit karma online said my credit is 595. Do you guys think I will be able to get a good rate and keep my payments under $100?

Thanks in advance!!!

 

You won't get financed for a recreation loan if your score is in fact a 595- even with 2500 down.
The good news is- credit karma is typically on the low end...
They gave me a 601 and my wife a 670- but when we refinanced our house to build an addition, the bank (met life) had me at 675 combined average and my wife at 730 combined average.
So- I wouldn't take what credit karma gives you as gospel.

 

Not sure about keeping your payment under $100, but the longer the term, the smaller the payment.
It never hurts to ask, and in 99.9% of the cases it doesn't cost you anything to apply.

I financed my 2008 800 sportsman just this summer and being a used bike, I could only float the loan for 36 months. I ended up with a payment of $180 a month borrowing $6k.

My initial request was turned down because my debt to income ratio was too high.
I have an 820 credit score by the way. But what I did was use my truck as collateral (the initial request was for an unsecured loan) and the loan went thru no problem.

Talk to a bank in addition to the dealer. You might get a better rate and if you have an account with them you will get a preferred rate.

Good Luck

 

Ah the good old debt to income, that has been an issue for me in the past because my wife is a stay at home mom and some if my income is cash.

I was under the understanding that the bank was harder to get a personal loan through that financing at the dealership. Is that not the case?

I guess I will just apply and see what happens. Thank you both for your replies!!!

 

you're correct; a private bank or credit union wont even give you the time of day with a 590 score.
rec loans are considered unnecessary premium loans- large car dealers will send so much business to the banks, that the banks will usually take on higher risk borrowers at a higher % rate.
recreation dealers don't come close to the volume- so most banks the recreation dealer uses would require at least a 675 score minimum with 50% down or more- (if you're lucky)

I even got shot down at a can-am dealer when I tried to finance my first outty with a 650 score and $3k down a few years back. I had to have my wife on the loan.

I've had 3 atv loans through Sheffield financial- they seem to be very accommodating. you can apply right on their web page for an atv loan. (click on the "customer" section.

http://www.sheffieldfinancial.com/

I made regular payment on my first atv- they approved me for a second atv loan- and I bought a 2013 outty 1000 max xt. I almost triple my monthly payments- I want to use them for a boat loan next summer.

if I were you- I'd just go straight to Sheffield and speak to a loan officer and see if they can help you. they offer recreation loans to dealers all over the country.

good luck

 

Thanks, I will definitely give them a shout tomorrow.

 

True about the banks loaning on ATV.
I should have made that clearer. I was going for an unsecured loan since they wouldn't loan on the ATV. When that didn't work, I used my truck as collateral, so basically I have a car loan.
Sorry for the mis-information. My Bad

 

I had an interesting conversation with a salesman today. Gave me a price of $7,500 for a 2014 Raptor 700R and said that as long as my credit is over 600 he can finance it at 3yr 3.99 or 5yr 5.99. That was with me putting $2,500 down cash. That might be hard to pass up cause that should put me around $100 a month if i move forward with 5yrs.

 

wow- only 600? I'm amazed you'd get financing for an atv with a 600 score!
jump on it!

 

Yeah, I think I am going too!!