State Farm question

[Barnhartp]

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I recently looked into financing a new bike with my broker, As far as the insurance I already have, ( Auto, Bike, House and my pet monkey from some other country) I am happy, however Ive been told I cannot get financing unless the bike is of 2004 or higher in year. does this sound right? They have been good to me thus far yet I am skeptical of this insuing rule.

 

[Katherine]

That is correct.

 

[rbjeepthing]

I recently looked into financing a new bike with my broker, As far as the insurance I already have, ( Auto, Bike, House and my pet monkey from some other country) I am happy, however Ive been told I cannot get financing unless the bike is of 2004 or higher in year. does this sound right? They have been good to me thus far yet I am skeptical of this insuing rule.

Typically true when looking at sepcific financing of a vehicle. However you are much better off normally just going and getting a line of credit with your bank and purchasing it that way. Normally the interest rate is lower and no set payment if you run into any issues all you do is just pay the interest.

 

[VifferFun]

Typically true when looking at sepcific financing of a vehicle. However you are much better off normally just going and getting a line of credit with your bank and purchasing it that way. Normally the interest rate is lower and no set payment if you run into any issues all you do is just pay the interest.

Just be aware that maxing out a LOC can have a negative impact on your credit score (since you are increasing the utilization ratio of your revolving credit). In other words, to maximize your credit score for this particular variable, you want to have revolving credit funds available to you (i.e. credit cards and LOC), but you don't want to be using a lot of it. For example, having a $30K LOC but only using $2K of it is very good for your credit score. Conversely, having a $30K LOC and using $29K of it is very bad for your credit score.

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