Motorcycle Loans

[All 4 the Bay]

How hard is it to get a motorcycle loan? How do these loans differ from car loans? What are the interest rates like? How long can the loan be?

I will hit up my credit union later this weekend, but decided to ask those who have experienced bike loans.

I have a 700 credit score.

Edit: It'll be for a pre-owned bike. Most likely through a private party.

 

[Sneak]

The thing your going to get killed on is insurance if your under 25. If your going to get a loan any financial institution will require you to get full insurance. Insurance for a motorcycle if your under 25 is an ass rape.

 

[All 4 the Bay]

^^^all good I'm 25 turning 26 in July. I got full coverage on the lex @ 133 per month with 1 point. That point should disappear next year too. So whats the insurance looking like at the age of 25?

 

[Sneak]

^^^all good I'm 25 turning 26 in July. I got full coverage on the lex @ 133 per month with 1 point. That point should disappear next year too. So whats the insurance looking like at the age of 25?

When I was 23 I wanted full insurance on my 03 zx6r with progressive (I am now 26). They wanted close to 10K for the year. Keep in mind this is with no points on my record. Im not sure what you would be paying honestly. I have 3 vehicles with the same insurance company, plus I have the MSF course which gave me a discount. I know you can call up and get quotes though.

 

[All 4 the Bay]

damn 10k! thats 2 arms and 2 legs bro! Ridiculous. I have AAA. I'll check it out soon. Thanks for the info. You're definitely the one to talk to. I appreciate it.

 

[Sneak]

If you do go get the loan Id try a credit union also. They usually have lower interest rates than the big banks.

 

[dead4life]

under 25 and quoted me 5600 a year for full coverage on a 07 r6. good thing i had the cash, liablility only 700 a year

 

[All 4 the Bay]

Yeah CU's are the only way to go.

$5600 is still an arm and a leg though.

 

[GHP]

fuck it i'd just get a used bike cash and get liability.

 

[CHAPO GUZMAN]

my boy just told me yesterday.. dashers charges $75 a year to insure your bike.

 

[MOREBASS]

I would not finance a bike period ! Insurance is going to cost you more than the bike itself in the long run.

Start off with something that you can afford to pay in cash ! Thats just my opinion. Its just your first bike anyways...you don't really need to be flossed out. Get some miles under your belt first...then drop some good money knowing that its something you're willing to invest that kind of money in.

 

[Uzzle]

^ Exactly what he said. Don't get a new bike yet, Start of with a craigslist joint. On my bike now, all I did was get Liability with Geico and its 65 a month. When I get a newer bike, It'll still be liability and just Lowjack(sp?).

 

[FANATIKAL]

^ Ditto, I got a used CBR600, and I only pay $29/mo for liability, fuck that full coverage shit, and whoever had the 10,000 a year insurance, wow you got raped, that dont even make sense, I personally know at least 5 people wit financed bikes that aint payin nowhere near that. shoulda called the general or somethin.. lol If I could reccomend anything, get a loan through HONDA, they dont require you to have full coverage insurance on a finance..

 

[MOREBASS]

My advise would be to cop a salvage title...you can get 'em for hella cheaper...and if you get one that only had plastic damage...you'd be straight ! You can find 'em for a few racks cheaper than a clean title...

Great thing about bikes is that you can always get 'em off...especially if you have one for cheap...theres always someone thats in your current position...wanting to cop one without breaking the bank.

www.fremontcycle.com

^ Thats where I copped my first bike ! Ask for Mike...he's cool as hell...

 

[Uzzle]

^Thats right by my uncles shop. Copped my Framesliders and my Windscreen at, Dope shop for first bike riders.

 

[DeceptaKhan]

i got a bike have insurance through mcgrawer,its the basic and i think i pay 4 hundred a year

 

[All 4 the Bay]

So I went to my CU today to get a quote. $95 per month through 5 years @ 6.49%.

Cost of the loan is $4800.00 + $800 in interest.

Full coverage insurance is $114 mo and liability is $30 mo.

 

[Sneak]

So I went to my CU today to get a quote. $95 per month through 5 years @ 6.49%.

Cost of the loan is $4800.00 + $800 in interest.

Full coverage insurance is $114 mo and liability is $30 mo.

If you have extra cash and can make payments plus extra do this. Pay your regular monthly payment and after that make another payment but tell them you want it to go to the PRINCIPLE of the loan.

I would also try to call the insurance company. Ask them if they offer a discount if you take the MSF course. The course cost $150 I think? That 150$ will save you thousands down the road if you ride for a long time!

 

[All 4 the Bay]

^^^^yeah I have my company bonus + raise April 15th. And also up to $600 from the tax rebate in early may.

Tell me more about the principle sneak or maybe a link with information would be great.

 

[MOREBASS]

There is principal and there is interest. Principal is the amount of money you owe for the bike, minus the interest. The reason why its better to pay on the principal is so that you don't end up paying the interest that you would if you were making minimum payments.

The $800 in interest is assuming that you take the full 5 years to pay the bike off ( which is way too long IMO, and the bike will be long gone before you even get close ) making the minimum payments of $95