Honda Finance

[Livestrg05]

Hey All,

I have a quick question about Honda Finance, who I'm not too familiar with. This will be my first motorcycle I've bought solely on my own. I've previously had two bikes, both a GSXR 600 and 750. I had a cosigner on both.

I'm just curious what type of requirements Honda Finance has to qualify? I'm 23 years old, and have a credit score of 642. My credit was demolished by an ex of mine who ran up my credit card bills and got me into serious debt. Im somewhat getting out of it, but I still have a 10,000 student loan, and about 4,000 in revolving debt. I don't have a car payment and I share my rent in an apt.

Sorry for all the information.Im just curious on what to do? Do y'all think I can qualify based on my credit by myself???? Im looking at trying to go through Honda Finance and not the "Honda Credit Card"

[cb1974]

Hey All,

I have a quick question about Honda Finance, who I'm not too familiar with. This will be my first motorcycle I've bought solely on my own. I've previously had two bikes, both a GSXR 600 and 750. I had a cosigner on both.

I'm just curious what type of requirements Honda Finance has to qualify? I'm 23 years old, and have a credit score of 642. My credit was demolished by an ex of mine who ran up my credit card bills and got me into serious debt. Im somewhat getting out of it, but I still have a 10,000 student loan, and about 4,000 in revolving debt. I don't have a car payment and I share my rent in an apt.

Sorry for all the information.Im just curious on what to do? Do y'all think I can qualify based on my credit by myself???? Im looking at trying to go through Honda Finance and not the "Honda Credit Card"


Honestly, i do not know about Honda Finance, but if i were you, i would go with a credit union. You will get a better rate there.

[Livestrg05]

I heard a bunch of people talk about the Credit Union, but my thoughts are that it would be even more difficult for me to qualify at a credit union because even though I have a good work history, and a decent salary, I have no collateral, and basically nothing to secure a loan with. I don't own a car (my car is leased), I don't own a house or have mortgage...

[squidracer]

I heard a bunch of people talk about the Credit Union, but my thoughts are that it would be even more difficult for me to qualify at a credit union because even though I have a good work history, and a decent salary, I have no collateral, and basically nothing to secure a loan with. I don't own a car (my car is leased), I don't own a house or have mortgage...

Mostly it is based on a debt to income ratio. They want to know that you have enough desposible income.

[TX Repsol]

I heard a bunch of people talk about the Credit Union, but my thoughts are that it would be even more difficult for me to qualify at a credit union because even though I have a good work history, and a decent salary, I have no collateral, and basically nothing to secure a loan with. I don't own a car (my car is leased), I don't own a house or have mortgage...

The motorcycle you want to purchase is the collateral. Stop paying and they'll come take that puppy just like a car or a house.

Like squidracer said, a big part of the credit equation is debt to income ratio. If you're making $10/hr and have a ton of debt, it'll be hard to get a loan.

I personally financed through my credit union and got a terrific 5.6% interest rate. No bank here in town could touch that with a ten foot stick. My credit score is quite high though (not bragging, just relaying all the facts).

[silvercbr]

Mine is through Honda credit. I filled out the info (i am over 30), all my debts, etc, and could finance at 11.9% without the wife on the loan. Added the wife, went to 8.9%.

[salvaje]

your credit score isnt that bad. Honda fin is pretty easy going. As long as you dont owe to much currently you should be fine. I financed both my '07 Honda 1000cc in about 5 minutes.

[Livestrg05]

Well, I finally filled out the form online and got approved by Honda for $10,xxx. That doesn't quite get me what I need for the Repsol, but I can always see if there's anything else they can do for me...

[silvercbr]

Well, I finally filled out the form online and got approved by Honda for $10,xxx. That doesn't quite get me what I need for the Repsol, but I can always see if there's anything else they can do for me...

If you have someone who will co-sign, do it. Mine dropped my interest rate, which saves money.

[cb1974]

Well, I finally filled out the form online and got approved by Honda for $10,xxx. That doesn't quite get me what I need for the Repsol, but I can always see if there's anything else they can do for me...

Go here and fill out an app online. They will get you what you need to cover the repsol and a better rate than honda finance will give you. I use this place for all of my loans.

http://www.ufcu.org/