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post #1 of 7 (permalink) Old 07-21-2007, 12:11 PM Thread Starter
 
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Motorcycle loan

I've started shopping around for a motorcycle loan and wanted to hear from other folks about their positive or negative experiences with financing. Should I avoid the dealer financing? Capital One Auto Financing seems to have a pretty good deal. Once you're approved they send you a "blank check" which you use to buy the bike. Anyone use them before? Thanks for the advice.
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post #2 of 7 (permalink) Old 07-21-2007, 12:14 PM
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Originally Posted by TBone View Post
I've started shopping around for a motorcycle loan and wanted to hear from other folks about their positive or negative experiences with financing. Should I avoid the dealer financing? Capital One Auto Financing seems to have a pretty good deal. Once you're approved they send you a "blank check" which you use to buy the bike. Anyone use them before? Thanks for the advice.
Around here:
Dealer financing... High(er) interest rate, but on a revolving credit account. Means you DON'T need to carry full coverage, but pay more in interest.

Banks... Harder to get financing, but can get a lower rate. Bank will require full coverage on the bike until the loan is paid off.

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Originally Posted by drewpy View Post
they make the one i posted in a strap on version
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post #3 of 7 (permalink) Old 07-21-2007, 12:17 PM Thread Starter
 
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Thanks for the tip. I hadn't realized about the connection between the loan and the insurance I'll need. The bike will be new so I will probably get full coverage anyway.
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post #4 of 7 (permalink) Old 07-21-2007, 12:19 PM
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Thanks for the tip. I hadn't realized about the connection between the loan and the insurance I'll need. The bike will be new so I will probably get full coverage anyway.
Get a quote BEFORE you buy a bike... the numbers can be suprising.
I did a when i heard the difference between a 1K SS bike and a 1K SV.
it was like, a $2200 difference.

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Originally Posted by drewpy View Post
they make the one i posted in a strap on version
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post #5 of 7 (permalink) Old 07-21-2007, 03:55 PM
 
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If there is any way you can get a loan through a Credit Union-Their loans have the best rates.
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post #6 of 7 (permalink) Old 07-21-2007, 04:34 PM
 
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I work for a subsidiary of Delta and got my loan through their credit union, gave me a really good deal I feel. Getting a loan there is dependent on being an employee and having a checking account so I just opened an account with $20 which I promptly withdrew and closed as soon as I got the loan.

I have NO credit, as in never had a credit card or any credit, I pay cash or debit for everything I buy. Never liked the idea of debt.

Well they gave me the loan for the bike with 5% interest for 5 years, I'm paying around 160 a month. They also only require liability coverage even though I finally found a good deal and got comprehensive.

One thing I didn't know as a financing noob was that banks (at least this one) will only give you a loan for NADA value. That gets adjusted for accesories such as alarm, fairings, exhaust and electronics but they laughed when I told them about the rims.
I paid almost a grand out of pocket to cover the gap but that's less I have to pay off in the end so .

I'm sure dealer's will finance even for their outrageous markups on new bikes, which I personally will probably never buy even if I start making good money. I'll let someone else go through the hassle of breaking it in, getting the early servicing done and suffering the first big hit of depreciation thank you very much.


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Patience is something you admire in the driver behind you and scorn in the one ahead. ~Mac McCleary
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post #7 of 7 (permalink) Old 07-21-2007, 04:49 PM
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I financed mine when I first got it thru my credit union (worked part time). 5 year loan on about $8000. Paid it off 3 years early when I got a full time job to save a ton on interest.

Eric
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