hey guys! i've been gone for a long time since i sold my bike a couple months ago... anyways... i'm looking to get a 600 something between an 02-04 but im gonna need financing... i ahve very good credit according to my bureau report... i was just wondering what are some rates u guys may be paying now and where u got the financing from... i kno the traditional sources like the bank, citi, american general, etc... but i feel im very credit worthy even in these financial times so i want something with a very good rate...

any suggestions would be great... also do you know if any of these institutions will allow me to purchase from priavte parties if u ensure the lien is recorded properly...

 

Im not a finance mjor or anything but id say go to a credit if you can and get a loan. i think mines at like 4.75 and i got it about 10 months ago.

 

My loan rate from PNC Bank is 7.84% on a 4500.00 loan. I believe that dealerships can get you approved for less (somewhere around 4.5% - 6.0% probably).

I got a private loan because I wanted to have a good insurance rate by not having to buy mandatory full coverage, which would have ran $6000.00/year (only because I am a new rider). And that was the cheapest.

I only paid $185.00 for a full-year liability policy (I know I will hear it now about just getting liability), but I just couldn`t afford to pay for a full-coverage policy. After I ride for about a year, then I will buy a full coverage policy because it should be under $1000.00/year.

Sorry, I digress!

I would get a dealer quote and then see if a bank can match or beat it.

 

Id check with the bank for a line of credit.

If your buying an older bike, you might not even get financing. That or it will be at a high rate/short period. It might be in your best interest too at getting a new bike.

 

You cant finance anything over 6-7 years onld depending on the bank on recreational vehicles under a standard loan.

 

im a loan officer for a bank and my suggestion get a personal loan so you dont have to worry about the full coverage - and you can sell it way easier when times get tuff since you will have the title in hand -
now the rates are higher but on such a small loan 3k -5k the interested is so minimal even at a high rate you decision good luck !!!!

 

thanks for all the great suggestions... i think my best bet is the line of credit which im going to apply for when ever i get a chance.// (maybe saturday)... just so i can have the ability to purchase from a dealer or private party as well as more customizable and reasonable insurance rates...

thanks again!

 

here's a thought..dont buy unless you can afford. just make sure whatever the rate is, you can make payments. do research and then see what those rates are compared to what the dealership offers.

say they offer you 6%, well you say, screw you, I can get a loan for 5%, does the financing company want your interest money? YES they do, so they will adjust.

 

Most times credit s arent making points off you on a personal loan and they cannot adjust the rate. Dealerships, yes, they try to make points of the back but usually credit s have fixed rates.

 

Check out the Jan. issue of 2Wheel Tuner. Rickey Gadson has an article in there this monthabout the plight of new motorcyclists trying to buy new machines and can't because their credit is too low or peopledon't want to pay outrageous intrest.Rickey's solution?? He bought into a bank and is going to start offering installment contract loans that can be paid off in 4 years or less.He listed a website www.helpmeride.com I believe that is what it was I can't remember and as I'm at work I of course don't have the mag in front of me. Just thought it might be worth checking out as a possible option.