I am trying to finance a motorcycle. It is $5100 dollars and Nada book on it is $5100 dollars. I got approved for a motorcycle loan but their minimum is $6000 so they say they cannot do it, to try as a signature loan for $5100. So I have re-apped for a signature loan which is a slightly higher rate. I am betting that I get turned down because it is much more risk for them. I don't understand why there would be a minimum loan amount? Does anyone have a clue? I asked the CSR but She did not know.
Penfed Motorcycle loan
Started by
kcguy
, Apr 26 2011 07:11 PM
4 replies to this topic
#1
Posted 26 April 2011 - 07:11 PM
#2
Posted 26 April 2011 - 07:21 PM
They dont want to do the legwork of writing up the loan unless they will make enough off of it.
If the personal loan doesnt go through and you are buying it from a dealer maybe they could throw in your gear and finance it all as a package?
If the personal loan doesnt go through and you are buying it from a dealer maybe they could throw in your gear and finance it all as a package?
#3
Posted 26 April 2011 - 07:35 PM
Yeah that or I'm going to have to find a more expensive bike.Dealers credit union will do the loan but at 36 months,which puts the payment higher than I want.They dont want to do the legwork of writing up the loan unless they will make enough off of it.
If the personal loan doesnt go through and you are buying it from a dealer maybe they could throw in your gear and finance it all as a package?
#4
Posted 26 April 2011 - 07:52 PM
It shouldnt be a big issue to get 1k worth of gear thrown in on the deal. A good jacket and helmet and some boots would probably push you over the 6k mark and maybe even save your life some day 
#5
MarvBear
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Posted 26 April 2011 - 08:41 PM
I am trying to finance a motorcycle. It is $5100 dollars and Nada book on it is $5100 dollars. I got approved for a motorcycle loan but their minimum is $6000 so they say they cannot do it, to try as a signature loan for $5100. So I have re-apped for a signature loan which is a slightly higher rate. I am betting that I get turned down because it is much more risk for them. I don't understand why there would be a minimum loan amount? Does anyone have a clue? I asked the CSR but She did not know.
The ROI on lesser dollar amounts make them less palatable, hence, the established minimums for a securitized RISA.
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