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Hi guys, new member here. I sold my old 09’ Harley rocker about 2 years ago and have been wanting a new Scout Bobber. I was undecided between used and new but after doing the math it doesn't make sense to buy used if I can get the 1.99% financing on a new one. I don’t want the dealer to do a hard pull on me only to approve me at a higher rate. My credit is ok, i have a 683 fico and 662 transunion and have never had so much as a late payment, its just I am lowering my credit card debt, currently at 37%. My friends say that it’s as hard as qualifying for as a 0% car loan but then again they have never bought a new bike. Does anyone here know if I would qualify for the 1.99%? Also, if I do qualify, should I take advantage of that and the $500 rebate or wait for a better sale on the 19s in September? Can I still negotiate the price with the dealer? Last I checked, a new Bobber abs was out the door at around $15.5k which seems a little high but I contacted a few dealers and they all charge freight and setup.
 

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well sometimes the banks look at what amt your putting down example 5% , Bikes, RV's are recreational so banks look at these items differently than buying a car/truck. It's easier to qualify for a low rate on car/truck as they are now classified as needed. another part of the equation is how long at your current job. under a yr or something like 5 yrs ect.. A home owner usually gets better verse a renter. What type of credit you now carry.
any credit cards or gas cards ect. They look at how many companies extended credit to you along with Lenth of payment history. Factor all that in an get a rough idea on how close you get to the 1.99%.
One of the best things to do is say you have a cap one card min payment is $25. pay that min an a week later pay another $25. do this a few times an that helps. Or if you pay an extra $10 bucks on all your bills every month that helps.
 

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My guess is that you would not be approved for the 1.99% offer. Typically this tier is reserved for "excellent" credit user (guessing >780 credit score).
If it were me, I'd wait for the 20's to come out and buy a '19. I don't think there would be any difference between those two model years other than the color options. Unless you were hooked on a specific color.
 

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As others have stated, banks look at other factors, not just your credit score, although that's certainly important. How long have you been at your current job? What is your debt to income ratio? Ever been convicted of a crime? Are they financing the entire price or will you be making a down payment? Knowing nothing else about you, I would say mid to high 600s probably wouldn't qualify for the advertised low rates, especially on a "high end toy" (as opposed to practical transport like a car). My best guess would be 720 plus for that rate.

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Yep high 700's and up are most likley needed for the 1.99% And most look at the Trans Union as it is the lowest of the big three credit reporting.
 

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One of the problems for the motorcycle industry, (especially the retail front end), is that about 70% of the perspective buyers don't qualify for anything, due to either sub-standard credit, some are too young to have established a decent credit record, can't come up with a down payment, previous missed payments on other items, the list goes on.

These 1.99% and 0.00% offers usually come up towards the end of the year for vehicles, or when a company has too many vehicles in overall inventory and the next year models are already stacking up in the lots of the factory.
That being said, I would think that this offer is because Polaris realizes that there are still too many 2019's on the dealer floors and the 2020's are only a month or so away. Nobody wants to repeat the mistake that HD made back in 2016 when they released the 108 big bikes with thousands of 103's still on the dealer floors.

It depends on how desperate the dealers and manufacturers are. Chevy has been in a bit of pickle for quite a few months now, with way to large of inventories of their vehicles on the dealer's lots, especially trucks. People are cutting great deals on Chevy trucks now. And you almost never see a GMC truck commercial.

So I think it would not hurt to try.
You might be surprised how creative these dealers can be to get you the rate you desire. With 7 out of 10 buyers being turned down as kind of a standard, you can bet that the dealer has a few tricks up their sleeve to get the bike out the door, and make you happy.

What is the worst that can happen? You get up from the desk and walk out with a friendly wave? I did that when I purchased that 05 Yamaha Venture recently - they came back with a few hundred off, and lowered the percentage rate on the loan by 30%.
Just make sure they want to sell it more than you want to buy it...
 

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The financing (and insurance, together F&I) department in auto/moto/powersports is a profit center, not just means to move vehicles. Money is costing companies like PII about 1% (much more complicated, but stay with me) and is "sold" at 2-6%, hence the profit. Credit scores are a huge factor in the pricing because these loans are bundled into pools, rated by rating agencies and sold in a process called "securitization." By in large, FICO averages for pools drives the rating, and in turn the price the issuer (PII) gets for that pool. So a pool comprised of 1,000 loans with a FICO average of 780 gets a better rating than a pool averaging 650. To keep the profit margin on the securitization (oversimplification) constant among pools, since they are all sold together, the rate on lower FICO pools has to be higher than high FICO pool.

Same applies to insurance, mortgage, credit cards, etc. Has nothing to do with pencil pushers sticking it to the common man. No different from making sure your price is higher than your cost on physical goods.
 

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One of the problems for the motorcycle industry, (especially the retail front end), is that about 70% of the perspective buyers don't qualify for anything, due to either sub-standard credit, some are too young to have established a decent credit record, can't come up with a down payment, previous missed payments on other items, the list goes on.

These 1.99% and 0.00% offers usually come up towards the end of the year for vehicles, or when a company has too many vehicles in overall inventory and the next year models are already stacking up in the lots of the factory.
That being said, I would think that this offer is because Polaris realizes that there are still too many 2019's on the dealer floors and the 2020's are only a month or so away. Nobody wants to repeat the mistake that HD made back in 2016 when they released the 108 big bikes with thousands of 103's still on the dealer floors.

It depends on how desperate the dealers and manufacturers are. Chevy has been in a bit of pickle for quite a few months now, with way to large of inventories of their vehicles on the dealer's lots, especially trucks. People are cutting great deals on Chevy trucks now. And you almost never see a GMC truck commercial.

So I think it would not hurt to try.
You might be surprised how creative these dealers can be to get you the rate you desire. With 7 out of 10 buyers being turned down as kind of a standard, you can bet that the dealer has a few tricks up their sleeve to get the bike out the door, and make you happy.

What is the worst that can happen? You get up from the desk and walk out with a friendly wave? I did that when I purchased that 05 Yamaha Venture recently - they came back with a few hundred off, and lowered the percentage rate on the loan by 30%.
Just make sure they want to sell it more than you want to buy it...

There are a ton of 2019's on dealer floors right now, thus the 1500.00 trade in credit allowance. Hiking the price of the 2019's didn't do Indian any favors. At the dealer meetings they admitted they screwed up on the late FTR release and had significant deposits cancelled.
 

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Baron that is interesting. I knew they had a few deposits cancelled, but I didn't know how many. I do know that now, my local dealer Crockett usually has about 4-5 FTR's on their floor, which is not a good thing, seems to me.
 

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You'll need at least 760-780+ credit to get 1.99. They usually do a tiered thing though, so if you have say 710-759 they'll usually do 2.99 which is still pretty good. If you have under 650 they'll probably hammer you if they'll look at you at all. Contrary to popular belief how much you put down really doesn't have any bearing on percentage, it's not like buying points on a home mortgage. How much you put down can have a strong determining factor on whether you get the loan at all though. The thought process being that if you can't come up with at least 10% down you probably shouldn't be buying it in the first place.

How much of your credit you've used it taken into account in your score, but also your history of payment and how old your accounts are. The longer the better and fewer/more time between missed payments the better. They like to have a nice long history too see how reliable you are. If you have one missed payment in 10 years, they'll ignore it as probably a simple mistake on your part or the lender. If they see a pattern of missed payments you're hosed.

All the credit bureau's let you check your score free a couple of times a year. Go check yours and you'll know. I recommend a credit monitoring service, very useful if someone tries to steal your identity and open accounts in your name.
 

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It's all about your credit and the length of the loan . My unions rates for cars and m/c's are the same. Some info from their web page below. It's all about that pesky credit score. My FICO is higher than the one they got from Equifax by about 10 points but I still qualified for a 1% loan to purchase my 2020 JD Springfield.

No f'in way I'm gonna use one of those outfits that charge 5% or more for someone with "Stellar' credit rating

Loan Type Stellar Preferred Standard Rebuilder Maximum Loan Maximum term
New Auto 1.00% 2.50% 5.00% 8.000% $ 40,000 36 months
 
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