motorcycle financing.. rates etc

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Jan 22, 2009 | 08:17 AM

#11

Seafordguy

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Joined: Sep 2008

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RE: motorcycle financing.. rates etc

Quote:

ORIGINAL: supersnake83

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.

HOLY CRAP - you need to find a new insurer. I insured my F4 for full liability, collision, theft, etc..... I had NEVER owned a bike before, and didn't even have my license at that point, and my rate was 197/year..... IN MY OPINION on bikes that aren't brand new and worth 10 grand you are crazy to pay for full insurance. If you make a claim it will be on your record and cause you to pay higher rates in the future on other things you might insure - my feeling is better to pay to repair it out of pocket because otherwise you will pay it in the form of increased rates in the future for other toys, or worse - difficulty in insuring other items in the future because of your previous claims.

"Dachamp" don't kill yourself on the rate - just find someone that is easy to deal with. The rate doesn't matter on 5,000 - the difference between 5 or 8 % is just over 10 bucks a month.

If you own a house - use a HELOC. My HELOC is under 4% right now and the interest in tax deductible making the true net of taxrate somewhere in the 2.5% range. That is cheap money if you have access to it.

Jan 22, 2009 | 12:02 PM

#12

compulady5

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RE: motorcycle financing.. rates etc

Quote:

ORIGINAL: D2VW14_20

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

If not less than that. You're only option there I think would be more on the lines of a personal loan.

Jan 22, 2009 | 06:15 PM

#13

dachamp312

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RE: motorcycle financing.. rates etc

i wont get too strung on rates... im not a member of any credit s or anything but i will go to my bank on saturday morning and apply for a line of credit... i like having money available for withdrawal whenever i need it.. just in case of an emergency! plus that way i can buy from whomever, whenever i find a good deal...