I need all of your opinions. Should i finance a bike through the dealership by my house, or should i buy privately? Another question i have is, is the best time to buy winter? Because alot of people trade in their bikes after the season, and sales will be down. So should i wait til winter and just save the extra money i'll make? Any suggestions and advice welcome! thanks guys!

Evan

 

new or used?

 

The stealership always has bad used bikes but as the finace goes the honda loyalty program or what ever they call it in you neighborhood is a great program. They could of got me a bike with $50 month payments for a 06RR. Didnt want a new bike so i got one used from a guy that really needed to sell his.

 

If you can save up money and buy independently, that's the way to do it. Dealerships have to make a profit, so dealer prices will be inflated. With financing, you'll have to pay the bank interest, you'll have to pay taxes, and the dealer will tack-on additional charges.
That said, I financed my bike, and bought it used through a dealer. I didn't want to wait one year to come up with the full amount, and I was able to purchase my riding gear in with the loan. Also, I was able to throw down half the bike's selling price, so ultimately the finance amount was relatively small with a good interest rate. Was it a good choice? It was for me at the time.
As for factory approved financing, if you don't have near perfect credit or your debt to income ratio is not outstanding, you probably won't get approved. Nonetheless, it doesn't hurt to try. Just make sure you read the fine print and that you're absolutely able to pay the bike off within the aloted time, otherwise you can really get screwed.
Buying during the Winter; I've heard that one before. There's probably truth to it. But right now is a good time to buy anything. People are desperate to sell. There's that recession thing going on...

 

Stunt, i'm talkin used, Drunkinmisit, they said it would be about $100 a month or so, so it wasn't as bad. but these guys are sellin 05 CBR600RRs for $5999 plus tax. they're pretty pricey. Incognito, although i'm young, i have awesome credit. and i don't think i should have a problem paying it off, but like you, if i were to finance, i would want a larger down payment so i could pay it off for less per month. i'm thinking i might just wait and buy local. but i'm still not sure. any more suggestions guys?

 

Holy christ are you ****tin me? You should tell him right the F where he can go. You can get a brand new litre for around 7-$7500 right now can't you?

 

What about doing both...ish Getting a loan through a bank for a used private bike? You get the ability to finance and the benifit of theoretically paying less profit to the dealer and maybe a better deal. My interest rate was better at a credit union for my bike than any dealer wanted to offer...plus buying cars at wholesale prices I can't pay retail for a bike

All the comments about reading the fine print on your contract I agree x5 - and will add make sure you know the purchase price. Buy a price, not a payment. They can make any amount at any interest rate whatever price YOU want to pay a month, and screw you in the long term.

 

Buy used buy cheap, since you can get a loan from a bank i'd buy from a single party most of the time you'll get a better deal that way.

 

The major problem with bank motorcycle loans is that the interest rates are around 11-12%, with older, used bikes commanding higher rates. The bank quoted 11.5% for a 2006 F4I, whereas the dealership got me an 8.45% rate. I think you just need to calculate how much your loan+interest will be and see if the extra interest paid to the bank offsets the extra dealership cost.

 

hmmm i'll have to go to the bank one of these days and see what they say about it. i'm already half way there as far as cash goes. and i could just wait a few more months and make the rest of the money, but i want it now! hahaa. you guys are so informed about this stuff. thats why us noobs come to you!