New 2.99% finance offer just announced from Ducati

[muskrat]

there's a reason there are so many banks, well, with a few less at the end of 2009.  By and large the banks don't make substantial margins on anything motor related but they do on big ticket items like houses and this is what they want ultimately.  Many of these loans are a convenience feature in order to forecast revenue and make shareholders happy....exception being Gov owned like Freddie & Fannie.  In the end Dave R made a valid point, hell even 6 months CD's are returning 2.99% at some banks in the area and I hate CD's.  My personal opinion is  you earned it you spend it how you see fit and if you get a smile and a rush out of it GO FOR IT no matter if you pay cash or finance.  Personally I don't finance bikes and haven't in over 10 years but I did the Harley because of the interest and I always pay it off early, always. 

[Triple J]

My personal opinion is  you earned it you spend it how you see fit and if you get a smile and a rush out of it GO FOR IT no matter if you pay cash or finance. 

Exactly. People should worry about themselves, and quit preaching to others.

There is nothing wrong with financing a motorcycle, as long as you can afford it. I've financed a few of my bikes...and it hasn't been a problem. I also paid off all of the loans early (as well as my car loan). Financing just let me enjoy them earlier than if I paid cash. The couple hundred bucks I paid in interest made that worthwhile IMO.

Saying you're worried about paying more than you could have is silly on a Ducati board. We all pay more than we could have...it's a friggin' Ducati!

[Dave R]

don't worry Slater,  I learned long ago not to take any forum dialogue to heart...especially negative reactions to comments I may have posted.  Don't like it, don't read it.. I really try and just lend positive relevant information that may or may not turn into a business opportunity at some time for us.  As a sponsor we appreciate the opportunity to share with a group of enthusiasts.  

This is my 32nd year in the m/c industry and I have seen every form of BS finance offers you could ever hope for....most were just stupid.  Revolving cards with 23%++ rates used for the down payment and then the rest at a higher variable rate loan for 72 months!  I saw this abused by a few of the Japanese manufacturers using high risk lenders but it all started clamping down a few years back.  I remember someone I worked with talking about getting his first m/c bank loan in the early 80's and he was unemployed!  Dealers were allowed to underwrite or guarantee the deals.  If it went to default it was up to the dealer to go get it!!  It has changed so much with truth in lending laws and full disclosure and privacy laws all for the better IMO. We have always encouraged sensible choices when it comes time to finance a bike..  10-20% down at minimum, reputable lenders or credit unions..  

In the end if you believe you can afford and justify the payments and have factored in all the expenses like insurance and gear that go along with riding and owning a motorcycle regardless if it is for transportation or just because you want the thrill of it in your life then I would agree with those who say go for it!   Go live some life, most everyone here knows what the excitement from buying that first bike is like!!  Encourage others to experience it, teach and share with them what you know and how it has effected your life but let them make their own decision ultimately how to get there.  Right now the motorcycle industry as a whole needs consumer confidence and support!!  Brick and mortar stores will only be around if you continue to support them.  I hate to speak for the industry but we all need your support right now if you want us around.  I am very thankful we represent a brand that takes the plunge and offers straightforward affordable finance offers to help spur on sales.  Not to mention the fact that they are producing some of the most coveted bikes out there right now and into the future by the looks of it..  

[muskrat]

I fell for the Yamaha trick of 2.99% in my late teens.  After the one year was up I got hit hard on the first payment so I took off to the bank......got saved and learned a valuable lesson in the process.  But damn did I have fun on that bike. 

[GLantern]

Probably better stated as don't finance things with engines in them, since by and large they're all depreciating assets.

You'd be better off buying used a cheap for a couple of rounds and socking away what you'd be spending on a loan for a new one in a money market account and use that as your "bank." The bank of you.  Yeah, 3% is lower than it has been in the past, but your still spending more for something than you could be.

Not when the 07 1098s had more problems then you could shake a stick at!  They had stalling issues that could not be resolved, I'll go with a new 08 thank you very much.  I even found a nice 07 with 800miles and full termis for 13k and i passed on it.

Besides if i never financed any of my bikes i would have missed TOB before the switch    I think that my riding would be completely different in the moto world if i didn't take that jump.

but if you compare the cost of transportation. a motorcycle is much more economical.
lower entry costs
lower maintenance costs
lower fuel costs

comparing new to new or used to used, it's the same.
that's one of the reasons in Europe it's a sea of 2-wheelers.
not because they are all toy happy here. because it makes economical sense.

I did the math once on my bike vs my SUV and well i only save something like $4 every 6 months, 4valves what can i say    Guess i should get that KLR650 or ninja 250 for commuting 

I am very thankful we represent a brand that takes the plunge and offers straightforward affordable finance offers to help spur on sales.  Not to mention the fact that they are producing some of the most coveted bikes out there right now and into the future by the looks of it.

So am i it is nice not to see the shady deals i have seen with some of the jap manufacturers!

[phildo]

I got my Monster from Dave on one of these same deals many years ago. 2.99% for three years. The best investmant I have ever made! I love that bike, had many happy outings on it, spent many a contented hour looking at it.
What would have happened if I had been "saving" my money for those three years, sticking it in say the stock market? Now that would have been the really costly way to buy a bike.

[muskrat]

   I actually made money in the market the last two years.  Investing is investigating.  Not for everyone I know but be patient.  If all these "economists" knew half about which they speak they'd have no need to keep their jobs.  Ever heard the expression Cautiously Optimistic?  Sounds like a weather forecast of 50% chance of rain to me.   I for one would not pass up the 2.99% when you can get at least 4% any day of the week on the open market. 

[Bharuch]

This offer is for qualified customers only... How do I know if I am qualified or not before I go to the dealership. I have had a bad expereince with a car dealer who lied to me about my score to get higher rate. So how can I be sure that I would get the rate that I deseve and the dealer is not going to put a spin at the end a offer higher rate?

It seems Freedomroad Financial is the company behind this....does anyone have any experience with them?

[JBubble]

This offer is for qualified customers only... How do I know if I am qualified or not before I go to the dealership. I have had a bad expereince with a car dealer who lied to me about my score to get higher rate. So how can I be sure that I would get the rate that I deseve and the dealer is not going to put a spin at the end a offer higher rate?

It seems Freedomroad Financial is the company behind this....does anyone have any experience with them?

The dealer will run your credit report to see if you qualify (Dave, please correct me if I'm wrong). But you should also already know, in general, what your score is before taking out a loan like this. You can get one free credit report a year via this site: http://www.ftc.gov/freereports (follow the link to annualcreditreport.com). Knowing your score can prevent a dealer from screwing you over and is a good financial practice.

Remember to read ALL of the loan paperwork before you sign it. That is your safeguard to ensure that you're getting the rate that was promised.

I've used Freedomroad Financial without any issues.

[barkertodd]

But you should also already know, in general, what your score is before taking out a loan like this. You can get one free credit report a year via this site: http://www.ftc.gov/freereports (follow the link to annualcreditreport.com)

good link for managing what is on your reports annually, but they will not give you the actual score for free. For that you will need to pay the individual reporting agency a fee for the score (they are only required to show you what is on the report).

Hope that helps!

[Dave R]

the dealer should give you the straight scoop.   Freedom road is looking for a 720 score or higher.  You can not obtain your credit score from the free reporting agencies.  You could certainly request to see your score when the dealerships gets back the approval.

The dealer will run your credit report to see if you qualify (Dave, please correct me if I'm wrong). But you should also already know, in general, what your score is before taking out a loan like this. You can get one free credit report a year via this site: http://www.ftc.gov/freereports (follow the link to annualcreditreport.com). Knowing your score can prevent a dealer from screwing you over and is a good financial practice.

Remember to read ALL of the loan paperwork before you sign it. That is your safeguard to ensure that you're getting the rate that was promised.

I've used Freedomroad Financial without any issues.

[JBubble]

good link for managing what is on your reports annually, but they will not give you the actual score for free. For that you will need to pay the individual reporting agency a fee for the score (they are only required to show you what is on the report).

Hope that helps!

Yeah, thanks, I got them mixed up. 

[dennisd]

Wonder if they will be doing anything on the 1198S?? 

[Bharuch]

720 is not a problem, I know my credit score. I hate when the dealer say that they have no clue as the finance is provided by a third party i.e. FreedomRoad. And you know you are trying to hit a moving target. If your score is 750 they make 770 as minimum and so forth.

I am yet to hear anything negative about FreedomRoad and therefore I am hoping my motorcycle purchase will be better than the car purchase experience.