how did everyone here do their private party financing. In the past I paid straigh cash for my bikes, but now I want something a little more expensive...

 

You see the ads at the Honda shop for like $95/mo payments...well not for someone with average credit. I went through Honda financeand at first they came back with like 16% so I was going to walk out the door. Then the dealership called them back and they came down to 11% which is still steep, but the bank (who turned me down for a slow pay on a credit card), was only going to offer me 10%, soI went with Honda. Depending on your credit score, and your debt to income ratio, sometimes a bank or credit union is harder to get a loan from.

 

My interest is the same. And even with the $95 payments, your going to end up paying morem because they increase the interest rates when you do that also, and usually its only for the first year or two. And then after that, you'll have about $240+ payment. I did mine through Honda Finance and apposed to having a credit card. But Honda offers the revolving credit card or the bike loan.

 

Just went to my local credit union.

 

If you can't get a good rate because of less than perfect credit, get the best you can, then pay more than the required monthly payment. That will reduce your interest rate and at the same time build better credit for yourself. For instance, if you had the special payment of $95 per month for X number of months, send them $295 per month or something like that.

 

go with eloan. got 10,000 for 12% and that was the first loan i ever got so i dont think its that bad.

 

if you don't want to get full coverage on your bike then go through the bank and ask for a private loan but don't tell them what it's for ... tell them it's a motorcycle and most places require full coverage which can be steep if you don't want it. I'm about to spend 5 grand just to pay my bike off early so I can DROP full coverage cuz it's as much as the bike payment every month. I found out the hard way. I'll never do it again I know that much! My interest is only 10% every month though... I wouldn't do anything higher than a credit card... tell them you'll just put it on a card if they won't lower it.

 

The honda dealer gave me 6% on my bike. I put 3K down, and had minimal payments, but paid it off in a few months anyway. I kept full coverage cause it wasn't that bad, 635.00 a year, plus I'd be pretty but-hurt if it got stolen and I didn't have coverage. I've got decent to good credit, and a flawless driving record for 14yrs.

 

Did you mean that your interest is only 10% annually? Monthly or compounded interest of that would be .0083.

Anyway, back to the question. I paint bikes on the side save up the cash, add it to what I get when I sell my previous bike, get newer bike. Will never take a loan out for something like this. Bastardo's always will convince you to pay the total interest off before applying anything to principal, then if you miss payments, or get to the balloon terms of the loan, and cant afford to pay them, they repo the bike, sell it back for the principle and have now just made double on the loan. Unless you specify you want portions of your payment applied to the principle rather than interest, you can't win with the system they have in place unless you pay it off early and there are no penalties for that.

I don't need it that bad if I have to pay someone else to help me get something. But that's jut my .02.

 

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