Chesapeake Cycles Finance Department
At Chesapeake Cycles, we try our hardest to make financing your dream ride a seamless experience. Depending on the brand and current incentives available, our finance department will pair you with one of the 4 finance company’s that we partner with to try and ensure you get the best deal.
Did you know, that you can also finance parts, accessories, apparel and after-market products such as GAP, Extended Service Plans, Tire & Wheel, and more!?
Yes, we always recommend our customers check with their own bank or credit union, especially when there are no promotional financing rates being offered by the brand. We will provide you with a signed buyers order that reflects the VIN and the full out the door price so you can show it to your preferred lender. All we ask is that you procure the loan check before you come in and to ride the bike home, because we do not at this time accept electronic transfers.
No, the lenders we use here at Chesapeake Cycles go by a tiered credit score structure. The APR rate you receive is based on your credit score and the amount of time you choose to finance the loan, rates for a 36 month loan tend to be lower than the APR rate on a 72 month loan. Please keep in mind that lenders do consider motorcycles a high risk loan and they usually come with a higher APR than a car.
It’s great that you’re starting the process of building credit!
Motorcycles are considered a ” high risk loan” and without having at least a 630 credit score means your approval odds are low. That doesn’t mean buying a motorcycle is out of the question! Adding a co-signer with at least a 730 credit score to the finance application will greatly improve your approval odds and usually come with a better interest rate.
A great way to safely build credit is with a secured credit card from your bank or credit union. With a secured credit card, you provide the upfront funds, that usually starts around $300 to $500 dollars and then usually after 6 months to a year, the bank or credit union will up your allowance and give you back your initial deposit. Try using it only for recurring payments, something as simple as a cell phone bill will really help to jumpstart your credit score. Just make sure to check that the card does report to the major credit bureaus, such as Experian, Equifax, and or TransUnion.
No, the lenders we use at Chesapeake Cycles do not charge an early pay off or prepayment penalty fee.
Credit Karma is a great tool to use to monitor your credit. Just keep in mind that it is not always accurate when it comes to reporting your credit score and in some cases, Credit Karma can be off by 20 to 25 points.
Credit Karma calculates your credit score by VantageScore, while almost all of US lenders use FICO Scores to determine their lending decisions. Your FICO score is determined by the following; Payment History, Amount Owed, Length of credit history, and a mix of current and new credit accounts.
Want to know more? Head over to this article that really helps explain why your score maybe different on Credit Karma but also why it is still a great tool to use!
Yes, we do have one lender that allows customers without a SSN to apply for a loan. What you’ll need to provide is either a Permanent Resident Card or a current and valid Employment Authorization Card. Stipulations do apply, contact our Finance Department for any questions.
When you place an order with us for a bike, financing paperwork cannot be done until we get a VIN for the motorcycle or scooter, and we usually receive that once the unit has been shipped out from the factory. You can of course always inquire about the process and current financing rates, especially if you wanted to use your own bank or credit union.