Mountain Bike Reviews Forum banner

1 - 20 of 47 Posts

·
Registered
Joined
·
172 Posts
Discussion Starter #1
Applied today. I got, You will be contacted in 7 to 10 business days. Is this a bad thing?
 

·
Registered
Joined
·
135 Posts
Yes, because you will likely end up purchasing a Trek.
Beyond that, not to worry. It just takes a few days to process your application for approval.
 

·
Registered
Joined
·
172 Posts
Discussion Starter #3
Yes, because you will likely end up purchasing a Trek.
Beyond that, not to worry. It just takes a few days to process your application for approval.
Lol. No, I'm getting 2013 stumpy FSR comp 29. Thanks for the reply.
 

·
since 4/10/2009
Joined
·
30,900 Posts
yeah I don't get it. cash only for toys. It might take years to save for that bling new bike, but you'll sure appreciate it more.
 

·
Registered
Joined
·
172 Posts
Discussion Starter #6
then why did you apply for trek financing, just to have it show up on your credit report?
That's what my LBS uses. You don't have to get a Trek.
 

·
Banned
Joined
·
19,198 Posts
Financing a toy? Have we learned nothing from the collapse of the world wide economy?
 

·
Registered
Joined
·
69 Posts
I just got a entry specialized with that credit at my LBS. It comes with a no interest for 6 or 12 months depending on what you spend. I was approved immediatly. Just get it paid off fast and don't let it get to bend-over interest payments.
 

·
Flow like water
Joined
·
711 Posts
Read the fine print. There is always fine print. Scary stuff.
 

·
Registered
Joined
·
70 Posts
That usually pops up when something in their instant approval process doesn't match (you move recently or something like that) or if they are denying you. If everything is a match then you get an instant approval.

I'm not saying you were rejected. There are definitely cases when the 7-10 day thing pops up and people get approved, in those cases the bank Trek uses wants more time. However, they also say that if they are going to deny you.
 

·
DFMBA.org
Joined
·
1,872 Posts
I did the same thing at my lbs to purchase my Felt. Its just an underwriting bank who could care less what you buy. The reason I got it was for 12months free financing. Why shell out cash when I can borrow $$ interest-free for 12 months?

Sent from my mountain bike while crashing
 

·
Registered
Joined
·
172 Posts
Discussion Starter #13
I did the same thing at my lbs to purchase my Felt. Its just an underwriting bank who could care less what you buy. The reason I got it was for 12months free financing. Why shell out cash when I can borrow $$ interest-free for 12 months?

Sent from my mountain bike while crashing
Exactly. No interest for one year.
 

·
Registered
Joined
·
172 Posts
Discussion Starter #14
That usually pops up when something in their instant approval process doesn't match (you move recently or something like that) or if they are denying you. If everything is a match then you get an instant approval.

I'm not saying you were rejected. There are definitely cases when the 7-10 day thing pops up and people get approved, in those cases the bank Trek uses wants more time. However, they also say that if they are going to deny you.
I hope I don't get denied.
 

·
Registered
Joined
·
172 Posts
Discussion Starter #16
May ask the APR?
I haven't been approved, so I don't know yet. But, I don't plan on paying any interest. I'll pay it off before one year.
 

·
Registered
Joined
·
1,666 Posts
I have a Trek card that I specifically applied for so that I could buy a Cannondale Bad Boy at the LBS that offers the 6-month interest-free promotion. Heed my advice.

**DO NOT get this card if there is a remote possibility you cannot pay off the debt before or by the promotion deadline.**

I applied for the Trek card for the main purpose of free interest AND I knew I could pay it off on time. I had the money to buy my bike in cash, but as CCMTB said, why shell out cash all at once when you can borrow money interest-free?

A year ago I had expensive dental work done. My dentist offered this credit card (GE Care Card or something like that) with a 12-month interest free promotion. I had the means to pay one lump sum, but I cringe at the thought of spending that much money at once. The no-interest thing appealed to me, so after some consideration I applied, got approved on the spot and paid using the card. I just paid off my last payment this month. Saved loads on interest.

These interest-free promotions are good ONLY if you know you can pay it off ON TIME. Ask yourself if you can afford to buy the stuff now in cash. If you can't, be smart about whether you should apply for the Trek card or other cards like it.

IF YOU PAY ONLY THE MINIMUM MONTHLY FEE OR IF YOU DO NOT PAY BALANCE OFF BY THE PROMOTION DEADLINE, BE PREPARED TO PAY RIDICULOUS INTEREST!
 

·
Registered
Joined
·
231 Posts
Never financed a bike, but I'll sometimes use those interest free store cards just to build up credit.

I used one to buy a TV a while back. Had cash in my pocket, but did the 12 month interest free card so I could get the credit rating boost.


I'm with the others though. If you don't have the money right now...I wouldn't do it. It's just a bike.
 

·
Registered
Joined
·
172 Posts
Discussion Starter #19
Never financed a bike, but I'll sometimes use those interest free store cards just to build up credit.

I used one to buy a TV a while back. Had cash in my pocket, but did the 12 month interest free card so I could get the credit rating boost.


I'm with the others though. If you don't have the money right now...I wouldn't do it. It's just a bike.
That's the main reason I'm getting this loan. I need to boost my credit score. I can pay this thing off easy within one year.
 

·
Registered
Joined
·
625 Posts
most likely you got denied. financing company would have informed you right away if they approved your card. sorry.
 
1 - 20 of 47 Posts
Top