Motorcycle Loans

[ar0ck]

Do you guys with bikes have any good recommendations for Loan companies?

I'm about to purchase a motorcycle soon, and I have been researching getting a loan for the bike. While I was browsing on Yahoo Autos/Motorcycles I saw the average APR for a Person to Person: Used was about 10.75% I have good credit & I currently use Commerce Bank (and have for the past 6 years), but before I sit down with someone from my own bank I wanted to see if you guys have experience with other sources (online). When my dad bought his 04' Acura TSX he got as low as 7% APR for a new car so I was curious if 10%+ is what I should expect to pay. I was looking to do 60 (5 years) to get the lowest price per month and pay it off way before then. I have a steady job, and I'm going to be doing more work over the summer to help pay everything off in a reasonable time frame.

The bike I'm looking at is 6,500 btw.

[maroman88]

IMHO thats purely a toy, just like a quad, dirt bike etc... i wouldnt go about getting a loan on a toy. and if its your first bike i think 6500 is a little much in case something happens. but do watcha want obviously

[Mike]

try and get a signature loan from the bank, you should be able to get a better rate than that

[WildBillyT]

Originally Posted by maroman88

IMHO thats purely a toy, just like a quad, dirt bike etc... i wouldnt go about getting a loan on a toy. and if its your first bike i think 6500 is a little much in case something happens. but do watcha want obviously

I agree. I wouldn't get a loan on a toy either.

[alexm]

know lots of guys that have bikes and it is going to depend how much you use it yamaha are $79 for the first 24 months i think just now if you have good credit, i'm planning a new bike very soon and tbh i'll happily buy it on a loan i dont have car payments to make so i can happily spend the cash towards the bike and i know how much i use it i.e most of the time when im not working etc throughout the summer. and its just not going to be something ill get bored of had a bike for years and keeping one for many years to come

[Mike]

i dunno, its a mode of transportation so its not purely a toy. the other things you mentioned arent street legal and you cant use them to get around...on nice days he would be able to commute at about 2x the gas mileage his cars get....

and if the bike is fully insured.....then whats it matter what he pays *obviously depretiation would be accounted for*

i took out a personal loan when i bought my bike, paid 9300 for it new in 03, when it got stolen in 04 i broke even on insurance and bought the trans am with the check.......it worked out for me in the end.

what it comes down to is "can you afford it?".....do you have a steady job where you make enough to pay the loan every month without cutting out anything you normally do? if not, dont do it, if so....take a shot.

[Mike]

Originally Posted by alexm

know lots of guys that have bikes and it is going to depend how much you use it yamaha are $79 for the first 24 months i think just now if you have good credit

yeah.....whats the interest rate after those 24 months?

like i said, when i bought mine in 03, i did the math and took all the rebates and came up with the number it would have cost me with honda financing....then i went to the bank and got the information that it would cost me to get a 10k personal loan from them... even though the honda financing looked prettier at the begining, the bank loan averaged out to save me a bunch of money over the course of the 4 years........

[alexm]

Originally Posted by cbrrmike

yeah.....whats the interest rate after those 24 months?

like i said, when i bought mine in 03, i did the math and took all the rebates and came up with the number it would have cost me with honda financing....then i went to the bank and got the information that it would cost me to get a 10k personal loan from them... even though the honda financing looked prettier at the begining, the bank loan averaged out to save me a bunch of money over the course of the 4 years........

yeah i know exactly why i aint going for it but he did mention that he would probably pay it off sooner rather than later so if he could do it in 2 years even better. commerce is who ill be using more than likely unless capital one come back with a good offer

[ar0ck]

I would personally try to use the bike as regularly as possible. I'm going to sit down with someone @ commerce tommorow since the bike is used I need to learn as much as possible.

I've already taken the written test & passed. So as soon as I secure the bike I'll be taking the riders education course at one of the local colleges.

[wrong generation]

motorcycles are not toys well not to some of us anyways mine is a daily driver

on a side note TransAm4Life what type of bike are you looking for ? im selling mine pretty cheap sense im looking to upgrade and with 5 motorcycles already in the garage i need to sell mine before i can get a bigger one

[alexm]

Originally Posted by TransAm4Life

I would personally try to use the bike as regularly as possible. I'm going to sit down with someone @ commerce tommorow since the bike is used I need to learn as much as possible.

I've already taken the written test & passed. So as soon as I secure the bike I'll be taking the riders education course at one of the local colleges.

if you ever want to go out on a ride before/after your test let me know i'll come out any excuse to get out on the bike lol

[ar0ck]

I have my eye on two local GSX-R 600's. An 03' & an 05'. I'm kinda partial to the blue & white color schemes.

I've ridden a few bikes in my life, and have bicycled for a very long time. A guy I work with has a brand new 07' GSX-R and the bike fit me like we were meant to be.

[oh one ls1 SS]

http://capitalone.com/autoloans/moto...1_H1_04_T_ALMC

[heavy_chevy29]

i dont know how much different car loans are from bike loans. but i just bought my 04 GMC sierra 2500hd for a nissan dealer. there rate was something like nine percent. my insurance company(state farms) got be approved for 7.6 percent. so i took the loan from the dealer just so i could get it home, and im going to pay it off with the other loan from the insurance company. im 21 years old and i have excellent cedit so i knew that i could get a better rate than 9 percent. good luck.

[Squirrel]

65...why not pay cash?