Sheffield Financial and Financing

[jimcrom]

Looking at the website for BRP I was wondering if anyone else has used Sheffield? I checked with my credit union and they are talking 6.9% and that was after a call because they didn't want to make a loan on a spyder. Even though they did my first one.

For those who did did it really only take 30 minutes?

 

[ironbuttdean]

Used Sheffield

Used Sheffield for both of my Spyders. Did the online application and had an answer in less than five minutes. Called the number in the email they sent and got instructions for what to tell the dealer and had an overall smooth transaction.

 

[ironbuttdean]

Rate

Forgot to add the rate. It was at 7%

 

[Brogers57]

No way. Shop around. I used them when I bought my RS. 3.49%. I currently pay 2.52% on my broken RTS =-/

 

[GearHd]

Is this on a new purchase? My dealer was able to use a local bank and got us an extremely low rate on our leftover ST.

 

[Pampurrs]

I tried Sheffield, but they offered me a ghastly rate of 7%. I told them, "thanks, but no thanks". I shopped around and found a credit union in Michigan where I got it for 2.99%.

It pays to shop around.

Pam

 

[arachnoid]

New/used? Good/bad credit? Got our used RT at 2.0% thru the sales guy's credit union (he "sponsored" us). Was originally told 2.5%-was even happier with 2% when I went to pick it up. This rate was with zero down with a lovely credit score. Shop around as that sound high to me.

 

[Deanna777]

I went thru a Credit Union/dealership to get my 2014RTS-SE6.

Shop around Deanna

 

[murphybrown]

Call Star Harbor CU

Looking at the website for BRP I was wondering if anyone else has used Sheffield? I checked with my credit union and they are talking 6.9% and that was after a call because they didn't want to make a loan on a spyder. Even though they did my first one.

For those who did did it really only take 30 minutes?

The rate is 1.49 and know several Spyders financed thru them. Star Harbor is located in CA

 

[SpyderAnn01]

The rate is 1.49 and know several Spyders financed thru them. Star Harbor is located in CA

That's where mine is financed. It is Star Harbor Federal Credit Union, Rancho Dominguez, CA

 

[Chupaca]

Credit....

I used shefield and had no problem but paid it off in six months. I see many good rates above so try them...:thumbup:

 

[ARtraveler]

Shop around. You can usually find lower rates than dealer or corporate sponsored financing. I usually shop for financing first. I give the dealer an opportunity to finance and take it if their rate is lower. My outside sources usually beat the dealer. Some, but not all dealers add dealer reserve to the rate and pocket the difference as extra profit on the sale.

 

[Saluda]

Had Sheffield in the past. Quick approval, no grief along the way and a decent rate. (At the time there were slightly lower rates available). It was through the dealer.

 

[Bob Denman]

I used Sheffield on my 2010... the rate was high, but the process was quick and easy...
For the 2014; I've gone with a local bank 3.29% for 4 years... :thumbup:

 

[viperryder]

Sheffield Financial

Had our 2011 financed through them and went to pay off using the rule of 78's, which is you only pay for money as long as you use, and they stated they do not do that. They charge interest for the complete length of the contract, no matter when you pay off. Bought 2014 with cash, best way. Good luck.:bowdown:

 

[Red RT-S]

0% with Sheffield

Purchased a 2011 hold over Suzuki V-Strom 650 in spring of 2012. Could have paid cash, but the dealer arranged 0% financing with Sheffield for 60 months. I'd already made the deal on price, so the financing was just a bonus.

 

[jimcrom]

I am looking at a new 2015 RT.
My plan was to go in with the financing before I went to the dealer. I understand that some dealer's will get a kick back on financing from the financial institution.

Is this on a new purchase? My dealer was able to use a local bank and got us an extremely low rate on our leftover ST.

 

[jimcrom]

Thanks for the info from you and Anne. I called them and they talked about having to be sponsored by a member so I am waiting for a call back from the loan dept to see what current rate is. I have good credit and plan on putting some down & financing the rest. Later I can always sell my current one.

But the key issue is a dealership that is nearby for servicing. That is the biggest stumbling block. That is why I am looking at the RT if only for the length of servicing.

The rate is 1.49 and know several Spyders financed thru them. Star Harbor is located in CA

 

[jimcrom]

Never heard of the rule of 78's but it is good info to know that if you try & pay it off early you don't get "credit" for that.

Had our 2011 financed through them and went to pay off using the rule of 78's, which is you only pay for money as long as you use, and they stated they do not do that. They charge interest for the complete length of the contract, no matter when you pay off. Bought 2014 with cash, best way. Good luck.:bowdown:

 

[jimcrom]

That is the part that I was thinking about, if they are getting more money for that, then I want something in return.

Shop around. You can usually find lower rates than dealer or corporate sponsored financing. I usually shop for financing first. I give the dealer an opportunity to finance and take it if their rate is lower. My outside sources usually beat the dealer.

Some, but not all dealers add dealer reserve to the rate and pocket the difference as extra profit on the sale.