Your interest rates on ur bikes?

[Mr Mustang 2002]

Just curious to what everyones interest rates are on there bikes? in the middle of buying one and it is ridiculous... just curious to what your is this would be 18% which is the only reason im not buying.... (used bike) while new would be 9%..

[88hatch5_0]

Mine is 6.9% with American Honda. They were having a special at the time, so I don't know if they are doing it right now.

[stephen4785]

7.8 for mine.

[BlueLT1SS]

mine is a ridiculous 2.9% beat that! :) after all four years of payments, interests paid will be a mere $500
<--winner

[dankstang]

mine is a ridiculous 2.9% beat that! :) after all four years of payments, interests paid will be a mere $500
<--winner

sign me up mr.1million credit score guy :confused:

[BlueLT1SS]

i just got a credit check done for a house. from three places i scored a 730, 740, and a 760.

[Mr Mustang 2002]

im at 680 something i dont ge the 18% interest rate that is nuts im also putting 2gs down...

[BlueLT1SS]

where are you getting this at? ive never heard of such a high interest rate. i would definately be going somewhere else.

[Mr Mustang 2002]

thats at plano kawasaki and suzuki aprilla .... beats me why its so high maybe cause i dont have that much credit history?

[BlueLT1SS]

i believe 680 is better than average. if i were you, i would look elsewhere. someone is raping you with that rate.

[SHS Slugur]

i just got a credit check done for a house. from three places i scored a 730, 740, and a 760.

Having a high credit score is not necessarily a *good* thing. It is a gauge for a bank to see how much money they can get out of you. Basically, a high score correlates to you being their bitch.

[BlueLT1SS]

Having a high credit score is not necessarily a *good* thing. It is a gauge for a bank to see how much money they can get out of you. Basically, a high score correlates to you being their bitch.
:confused: that makes absolutely no sense. a good credit score shows responsibility to pay bills, and allows you to get a loan for a better interest rate. a decent score might make a bank approve you for a higher loan to get more money out of you. but certainly not for a good score.

[SHS Slugur]

:confused: that makes absolutely no sense. a good credit score shows responsibility to pay bills, and allows you to get a loan for a better interest rate. a decent score might make a bank approve you for a higher loan to get more money out of you. but certainly not for a good score.

Not really. Credit scores are ONLY to be used by banks (those who lend loans, credit cards, etc) that way they can see how much money they can get from you. If you pay off your credit card bill in full every month, they do not report as much "good credit" than if you payed off 3/5 or 3/4 of the bill. The reason behind this is that they are making NO money off you aside from the 2% they make from the store you purchased your products. There are also too many flaws in the credit scoring process. These flaws are big enough that a credit score cannot be considered a gauge of one's responsibility. When you go car shopping on weekend, for example, the dealers will have you apply for credit to get the best interest rates. Every time this happens, 15 points i deducted from your score. In the matter of a weekend's time, your score can easily drop 150-200 points, which is about 40% of your total score. This has happened to a lot of people including me! Unfortunately, some employers (ignorant employers) use credit scores to screen applicants. They do this because they are misinformed about what a credit score measures. It is a system setup by banks to determine how likely they will get your money, not how responsible you are. Essentially, are you the bank's bitch? I'd like to think not, I pay off my bills in full and try not to finance if possible.

[BlueLT1SS]

you sound like you know what youre talking about, but it still doesnt make sense to me. i always pay credit card debt in full every month. i only finance what is necessary - car, bike, now house. what about this though...phone companies give you their service free for good credit, or with bad credit you make a deposit. im not saying youre wrong, but it still doesnt completely make sense.

[SHS Slugur]

you sound like you know what youre talking about, but it still doesnt make sense to me. i always pay credit card debt in full every month. i only finance what is necessary - car, bike, now house. what about this though...phone companies give you their service free for good credit, or with bad credit you make a deposit. im not saying youre wrong, but it still doesnt completely make sense.

A phone company shouldn't use one's credit score in that regard. That is part of the problem. Many companies think that a credit score accurately measures one's responsibility. If I were a coach of an NBA team, would I screen certain prospects based on their GPA they made in school?

Back to how credit scoring works...Whenever someone pays their bill on time, MBNA (for example) does not have to report good credit or any credit at all. However, if you miss a payment, they typically report that ASAP. Why? A lower credit score is a good excuse to raise your interest rates.

If you were to pay your 3/4 of your bill every month, your credit score would climb toward the upper 700 range quite easily.

I have a task for you. Go car shopping this weekend. Go to many dealerships and have them apply you for many different financing options (like most dealers do). After doing this, check your credit score a few days later. It will most likely be around 580-620. You're a responsible person. You pays your bills on time. Why would your score be so low? Simple, their system doesn't measure responsibility.