Financing a motorcycle

[Juicy]

For you folks that don't mind sharing, how much are your payments, and how long is your term? Aren't APR's typically higher for motorcycles compared to cars?

I'm not sure if I should save up longer and just pay cash for the bike or put down about 50% and have tiny monthly payments that I won't notice. I paid cash for my current bike since it wasn't much.

Also, what's the deal with insurance? I keep hearing/reading different things regarding whether or not a bike needs to have full coverage if there's a lienholder on it.

Spanks.

[Solracer]

having as much down is always best, while your at it, get your gear financed as well, have em throw it in the mix. As far as insurance....it depends on leinholder and what company you go with. Most cases if its 5000 and under, liability is fine.

[EG6]

does anyone know how much credit you need to finance a bike like 10k range

[SecretAgent]

these questions vary with each dealership, and each manufacturer. it's best to talk to a saleman, finance manager about these things.

but as with any new vehicle purchase, a pretty decent amount of credit is needed...

and i'm still trying to find hard proof of the insurance rumors, i haven't been able to get progressive on the phone, and state farm doesn't have a listing for the 04 1000rr, so i can't get any info from them.

[that_guy]

man why not just by a 1 or 2 year old used bike for cash. On cycletrader.co i can find a 2001 or maybe even a 2002 R6 for 3k or less. Man I have financed a car before and it is not fun. Not trying to stir stuff up but I would just save for a few months and pay for it in cash then all the money you make in the future just goes to acessories for your bike.. :thumb:

[Juicy]

man why not just by a 1 or 2 year old used bike for cash. On cycletrader.co i can find a 2001 or maybe even a 2002 R6 for 3k or less. Man I have financed a car before and it is not fun. Not trying to stir stuff up but I would just save for a few months and pay for it in cash then all the money you make in the future just goes to acessories for your bike.. :thumb:

True, that's a good option...but the SV1000 has only been out for ~1 yr and I don't see them very often. Not on the street or in the classifieds, hell not even very many on Ebay.

Guess I could keep my eyes peeled and be patient.

[that_guy]

True, that's a good option...but the SV1000 has only been out for ~1 yr and I don't see them very often. Not on the street or in the classifieds, hell not even very many on Ebay.

Guess I could keep my eyes peeled and be patient.

well i mean financing IS always an option but man to be honest I just would not recommend it. You always lose.

[Din]

i would just save up. 02 r6 for 3k or less? where?

[Screenz]

When I bought my bike I looked into every bit of a way to get the cash my las and best resort was my bank I got a loan on my line of credit You can get it for up to 5 years and my interest was 5.99% so that worked out pretty damn good might want to look into it

[bhzrex]

same here, I got a loan @4%

[grnlude97]

No way you're gonna get an 01 R6 for 3k in any decent condition. I paid for both of my bike cash so I don't know how the financing thing works. From what I understand you can get liability even on a financed bike. I think there used to be a 5k lein limit on that but it might have changed.

Daniel :)

[egg]

i thought if u were financing a bike u HAD to have full coverage?

[bhzrex]

the last time I went to the yamaha dealer they told me if I got a bike under 9 or 10k I could get liability if I financed through them. That was 2 years ago, I dont know whats changed since then.

[Din]

word 2 of my my friends got bikes finaced they both only have libality.

[JDMek]

man why not just by a 1 or 2 year old used bike for cash. On cycletrader.co i can find a 2001 or maybe even a 2002 R6 for 3k or less. Man I have financed a car before and it is not fun. Not trying to stir stuff up but I would just save for a few months and pay for it in cash then all the money you make in the future just goes to acessories for your bike.. :thumb:


that's exactly what i'm seriously thinking about doing. I'm struggling with myself debating on wether to go ahead and order a few things for my car (means spending about $700 this weekend) or just keep it and keep saving and buy a bike cash. I already know there is no way i can get any bank to finance a bike for me. hmmm...

[SecretAgent]

that's exactly what i'm seriously thinking about doing. I'm struggling with myself debating on wether to go ahead and order a few things for my car (means spending about $700 this weekend) or just keep it and keep saving and buy a bike cash. I already know there is no way i can get any bank to finance a bike for me. hmmm...


i love you...so very very much.

[JDMek]

i love you...so very very much.


:roflmao: I love you too sweety.

[ToMaNyTiCKetS]

i got my bike aprilia rs 50. I just got it to the pocket rocket peeps lol i got it at ex-import for 3500.00 i was paying 101.00 a month but i just payed it off fuck payments blah!

[Solracer]

i love you...so very very much.

Go get a room.....


....or at least your own forum....lol

[Juicy]

I don't know why...must've been that CBR vs R1 thread, but for some damn reason I've completely changed my mind about what I wanted.

Looking for a used F4i now, doesn't hurt that they're about $2K cheaper used than what I initially wanted.

[SecretAgent]

Go get a room.....


....or at least your own forum....lol


ur just jealous bc i have a chick that's so fkn cool she wants her own bike, and you don't. hehehehe, sucka.

[Solracer]

ur just jealous bc i have a chick that's so fkn cool she wants her own bike, and you don't. hehehehe, sucka.

:( My ex wanted her own bike :( sob, sob.

[the Queen]

i love you...so very very much.

I think that is so sweet! Yall make a great couple!

[JDMek]

I think that is so sweet! Yall make a great couple!


why thank ya;)

[yufool]

i got my bike aprilia rs 50. I just got it to the pocket rocket peeps lol i got it at ex-import for 3500.00 i was paying 101.00 a month but i just payed it off fuck payments blah!


???? how did you get that aprilla for 3500. ex-imports rips u an arm and a leg

[SecretAgent]

???? how did you get that aprilla for 3500. ex-imports rips u an arm and a leg


3500 is what it retails for man. it's a 50cc sportbike. they use them as rental scooters in florida.

[Medang]

Okay now I'm going to use Yamaha as an example because I know that they are one of the hardest people to get a bike from. Your credit score needs to be a 600 in order for you to get approved for the money for the bike and to have the option of putting 0 down. Now of coarse you don't want to take the 0 down option because then your going to have to pay extra money for the financing charges for the money you finance. Put down as much as you can on the bike to where you payments are as low a possible, you don't need a large monthly payment to help your credit, you just need to pay it on time. I noticed somebody said something about having your gear thrown in with your purchase of the bike, that’s a wise idea because the sales people will usually work a nice deal on your equipment when your buying a bike so that means you can spend less on new stuff than you could on used items. But if your score isn't that perfect, then you can sometimes get buy, buy putting down a nice sum and try to even it out with the credit that you have. Just long as you can pay for the damages you cause to somebody else items (liability) then your cool, but on the other hand how will your stuff get paid for if it isn't your fault and the person that mess your stuff up has no insurance and can't pay for it to be fixed, I would get full coverage just to be safe rather than sorry down the road.

[Kinny]

I want to know this as well.. Just checked with Progressive.com and they quoted me $2074 a year for a new 04 CBR600RR Is that too much?

[SecretAgent]

I want to know this as well.. Just checked with Progressive.com and they quoted me $2074 a year for a new 04 CBR600RR Is that too much?


yes, progressive rates are excessively high when it comes to full coverage. if you want full coverage by far the cheapest place is going to be state farm.

[Kinny]

yes, progressive rates are excessively high when it comes to full coverage. if you want full coverage by far the cheapest place is going to be state farm.

Cool.. Not that I need it or anything.. Hehe.. But thanks.. :)

[Solracer]

I want to know this as well.. Just checked with Progressive.com and they quoted me $2074 a year for a new 04 CBR600RR Is that too much?


Kinny, no offense, but I think youd need a 750 at least....

[SecretAgent]

Kinny, no offense, but I think youd need a 750 at least....


the 600rr runs low 11's with a 190lb rider. i'm sure it will be plenty.

[-=E36=-]

the 600rr runs low 11's with a 190lb rider. i'm sure it will be plenty.

I weigh 180 and I think 600cc will be probably too much for me until I get used to it. I am going to be taking it easy for a while. 600cc can lift me up so I am sure it can lift him as well.

Ryan

[bhzrex]

What do you honestly need for the street? Unless your an ego maniac or a amateur track star I dont see the NEED for a new Supersport.

[Solracer]

I can see it now. im picturing Kinny doing 80mph wheelies down 45, doing stopies and all kinda of other crazy stunts.......Im rolling over here.

[-=E36=-]

What do you honestly need for the street? Unless your an ego maniac or a amateur track star I dont see the NEED for a new Supersport.

There is no "need" for a 900hp Supra either, but people still have them.

Ryan

[SecretAgent]

There is no "need" for a 900hp Supra either, but people still have them.

Ryan


hitting a rock at 120mph in a 900hp supra won't kill you either. you can't compare fast bikes to fast cars. fast cars protect their drivers much faster than fast bikes. fast bikes TRY to kill you.

[-=E36=-]

hitting a rock at 120mph in a 900hp supra won't kill you either. you can't compare fast bikes to fast cars. fast cars protect their drivers much faster than fast bikes. fast bikes TRY to kill you.

very true, but he was basing it upon NEED. No one NEEDS a fast car either.

Ryan

[SecretAgent]

very true, but he was basing it upon NEED. No one NEEDS a fast car either.

Ryan


just curious, have you ridden before? if not give me a call when you get off, and i'll take you for a ride on my zepyhr. you can get an idea of what it takes to ride. it's completely different from a car.

[-=E36=-]

just curious, have you ridden before? if not give me a call when you get off, and i'll take you for a ride on my zepyhr. you can get an idea of what it takes to ride. it's completely different from a car.

haha O I know. I started about 2 years ago when I got to ride dirt bikes. Then I got to ride a friend 250cc something quite a few times. I think it was a sukuki but it was wrecked and repainted so it didnt say the maker. And recently I rode a 03 Suzuki Bandit. I havent gotten to ride a sportbike yet but I think I will be ok. As much as it may seem I am not one to make really dumb decisions. :hs:

Ryan

[SecretAgent]

haha O I know. I started about 2 years ago when I got to ride dirt bikes. Then I got to ride a friend 250cc something quite a few times. I think it was a sukuki but it was wrecked and repainted so it didnt say the maker. And recently I rode a 03 Suzuki Bandit. I havent gotten to ride a sportbike yet but I think I will be ok.

Ryan

that's the same thing candyblue600rr told me. he's lucky to be alive right now.

also a sportbike is completely different from dirtbikes and the bandit. you cant even compare them in what it takes to ride them.

[-=E36=-]

that's the same thing candyblue600rr told me. he's lucky to be alive right now.

also a sportbike is completely different from dirtbikes and the bandit. you cant even compare them in what it takes to ride them.

I just wanted to tell you where I started. I planned on test riding a few this weekend anyway (if they let me). I guess we will see how it goes from there. I am not saying they are similar at all really. I dont want to be buying another bike in the future though because I dont have the moeny to use/lose.

Ryan

[SecretAgent]

I just wanted to tell you where I started. I planned on test riding a few this weekend anyway (if they let me). I guess we will see how it goes from there. I am not saying they are similar at all really. I dont want to be buying another bike in the future though because I dont have the moeny to use/lose.

Ryan


they don't give test rides, until after you buy the bike. there are a few sellers that will let you take one for a ride before you buy, but not if you tell them you don't have a license.

[-=E36=-]

they don't give test rides, until after you buy the bike. there are a few sellers that will let you take one for a ride before you buy, but not if you tell them you don't have a license.

no I mean on friends bikes.

Ryan

[bhzrex]

I talked to a yamaha dealer this weekend and they said if you finance the bike through them or there underwriter, HISA(??) and the bike is under $10,000 you only have to have liability insurance.

[ThEshOcKeR]

I talked to a yamaha dealer this weekend and they said if you finance the bike through them or there underwriter, HISA(??) and the bike is under $10,000 you only have to have liability insurance.

What dealer was this? I'm also assuming you have to have excellent credit to go through them as well. That's a no go for me. :-/

[bhzrex]

Gulf Coast Yamaha? The dealer is located in webster and LaMarque.
Not sure on the beacon score required.

[ThEshOcKeR]

Thanks

[m_speedracer]

I talked to a yamaha dealer this weekend and they said if you finance the bike through them or there underwriter, HISA(??) and the bike is under $10,000 you only have to have liability insurance.
True, I just bouught the 04 Yamaha R1, still waiting for it to come in. They told me if you finance it under 10,000 then you can purchase liability for the bike. All I could do for now is put 1000 down on the bike but planned to pay it off in December of 04. And I got the 3.9% financing. The banks will only make about 300 bucks off of me. I don't beleive in paying all that intrested, just wasting money....

[RACER X]

so you don't have theft on your brand new R1..... :roflmao: , good luck........

[bhzrex]

yeah, theft cov is a must!

[SecretAgent]

i even have theft on the zephyr, lol.

[lowpro]

ok i know everyone says ex-import sucks but my boy got his there and i was refused,so my idea is to get him to co-sign for me think it is going to work?

[SecretAgent]

ok i know everyone says ex-import sucks but my boy got his there and i was refused,so my idea is to get him to co-sign for me think it is going to work?


trust us, go somewhere else. all of their bikes have a 1-3k premium over what they are worth.

[lowpro]

trust us, go somewhere else. all of their bikes have a 1-3k premium over what they are worth.
can u rec. a place? thanks

[bryan954]

i don't like to bash dealers but i have seen uneducated people get raped by eximports.

my friend Tommy works in their parts dept.

he's a straight up guy, talk with him before you sign anything or i'll even go up there with you...just be ready to walk away.

[ThEshOcKeR]

You guys recommend any used bike shops? I'm not looking to getting anything real old. Like 2000 or 2001 probably.

[BrentCRX]

:roflmao: :roflmao: :roflmao: Go get a room.....


....or at least your own forum....lol

[vrracr]

since i'm a loan officer, an insurance agent, and a MC rider, i thought i may be of some help to this thread.

first of all, a lot of MC finance companies waive the requirement of having full coverage insurance on bikes financed with them if the amount is under $10k. if you go through a traditional bank or some other funding source, especially if they are not based in texas, you will have to get full coverage insurance and list the lein holder as the "loss payee" on the policy. as an agent, i highly recommend that everyone get at least liability plus comprehensive coverage (i.e. THEFT) on every bike. that can go a long way.

as far as companies and rates go, there is not one company which is cheaper for the overall public. each one will give you a different quote which ranges dramatically. when you go to get an auto quote, most companies are usually within a few hundred bucks of eachother. with motorcylces, the difference is in the thousands. the reason why is because each company has their target markets. just get quotes with everyone and see what they can offer you. just because your friend found a good deal with a company doesnt mean you will too. Dairyland is usually the best for sportbikes. Statefarm is also good if you have other vehicles insured with them.

financing motorcycles, RVs, and other recreational vehicles always requires a higher credit score. the reasoning behind this is that if you had to make a choice on making a payment (if you went broke), you would more than likely make a payment towards your car or home before something you don't use daily (no matter if you do or not). interest rates can range from 0% to over 17% sometimes...just depends on your credit, the company and the dealer. most finance companies also require you to finance a minimum of $7500. they feel the deal isn't worth it to them if the financed amount is below that. first time buyers (of anything big), unless your parents have excellent credit, have a tough time getting approved for bikes. someone mentioned that you have to have a score of 600 and up...that's not correct. its more like 650-700+. a credit score of 600 is in no way good. there are many exceptions to the above statements, but all vary on a case by case basis.

safeer