Never tell them you are taking out a loan to buy a bike. They will never give it to you. Just say its a car loan. Less risk on their part to lend for a car vs. a bike. A friend of mine in the banking industry told me this.

 

Yes, I'm sure lying to them is the perfect route to go.

I already got approved for a personal loan at TD bank, I'll check some credit unions though.

 

Truth be told, I know a couple people who have done it and it never be an issue. Basically they just transfered the funds and then its up to you to go to the dealer to make the payment. As long as you insure and don't default on the loan, they have no way to find out. Maybe things are different in the states, but thats how it works up here.

Not saying lying is the way to go, but sometimes these institutions have stupid rules that prevent good people from getting fair service. We are all just numbers to banks, though.

 

If the bike is inexpensive enough and their max can cover the cost, a personal loan also might be the way to go. And if you have something else to use as collateral (other than the vehicle), you will not have to have full coverage.
If you take a loan out for a vehicle of any sort, it's considered a 'lien' and you are required to carry full coverage on the vehicle until it's paid off.

 

Thanks, I'm financing my 250 through Honda and I carry full coverage on it. I'll continue to carry it on the Duke, or whatever bike I buy next just to be safe. At least for a few years. I can get a loan at a good rate for a bit more than I need to buy the bike, which will cover the registration and other fees nicely. Plus I have money saved up if a few months for some reason pop up with unexpected costs.

I should be all set, just have to get the parents approval!