Motorcycle financing?

[CDNgsxr]

I financed my bike through TD and got 6.5%, maybe try different banks if they wont help you out. My CIBC branch wanted over 10% interest for the loan. I then went to close my accounts and mortgage with CIBC and transfer to TD. All of a sudden the rate was dropped to the same as TD, but I said suck it. Why would I stay with CIBC when they only will help when your a new customer or about to leave? Shop around!

[promac]

Walk into a bank with indifference and ask to see an account manager - tell them you are thinking about switching banks and want to know what they can offer you. You want low/no fee chequing/savings and other high interest savings accounts - then mention you'd like an unsecured line of credit - prime + 2% is reasonable. If they ask why you need it, say you don't really - maybe 5 or 10 grand to bridge finance an unexpected expense/purchase, until your investment matures and build a credit history. Then shut up and see what they have to offer. You want to make yourself out to be a disciplined saver and investor - they are the best credit risk given your age.

Even if you get the LOC, it would be prudent to wait until you can pay cash. If your priorities and or situation change for the worse, it would be unfortunate to get caught up in the soup because of a toy.

[DemonPig]

Many credit cards have low interest, short term, loan checks. We're talking about 6-12 months to pay it off, 2% and under interest + 1% off the total borrowed amount.

For 3G, that would be worth it. You pay $30 off the bat and than maybe $5 interest a month.

[pinter]

Well I decided not to go with a bike. Insurance is too much on anything other then a 250 so I will wait until I am 30 probably and then try again. I checked out my insurance rate assuming I lived in the US and it was $33.00 a month on a GSXR600 .... Not sure why it's $4000 more a year here but oh well

[rukus]

Not sure why it's $4000 more a year here but oh well

its well explained in the ins. fourm.

[ariesmars]

I financed through GE with a rate of 7% (through Kawi) that was pretty good at the time.

But even though you didn't ask for it.....here's some advice. I'd highly recommend NOT financing a bike. It's a toy. Pay for your toy. Save up the cash and buy "less" of a bike until you can buy one cash.

+1. I was getting desperate last year and thought to finance but instead lucked out and found an 06 ss for under 5000. I scrapped together every penny I could to get it but it was worth it. You never know you might find a gem.

[SunnY S]

Plug for BMW here as many new riders are discovering........

BMW has 1.9% financing on most 2010 models. Combine this with their "owners choice" programs, and you have a brand new bike at a no brainer payment plan.

Most of their bikes have exceptional fuel mileage, are easy on insurance, and have a 3 year unlimited miles warranty with free roadside assistance.

And you get the bonus of not riding another "me-too" jap bike.

The only downside, BMW only parts are costly. However, maintenance is quite easy on them too, and pricey dealership service isn't always necessary.

[ViperZ]

Quite honestly, if all you're looking to finance is a couple of grand. Go get a credit line.

Your interest rate will be in and around the same amount as any financing deal you'll get on a bike.

That's how I paid off my bike. Got the (unsecured) credit line from TD - they offered it before, so I just had it open. The rate on that credit line is hovering around prime+3, right now it's 5.75, which is not bad compared to the loan vultures.

[smergy]

have you factored in your cost of ownership? I'll assume your a new rider. I'm not discouraging owning a motorcycle, but there is a reality in maintenance costs and being pragmatic once you have the bike. Personally I'd rather eat soup crackers than not have a bike. Insurance + tires + oil changes + repairs + accessories all add up. Mostly tires. A set of Q2's on my 08 CBR1000RR goes about 3500 km (incl. a couple track days, trip to the gap). I used to drive an '03 ninja 500 which got about 5000 km to a set of tires. Tires are usually $300-$400+ a set, depending what you buy, all in.

If you can afford it, go for it! Just don't forget/cheap out on maintenance, neglect could be costly if things go wrong. I recommend buying/obtaining the service manual, doing the work yourself can really help you appreciate the mechanics, plus it'll save you some $$ and inconvenience over the long run.

[DemonPig]

Well I decided not to go with a bike. Insurance is too much on anything other then a 250 so I will wait until I am 30 probably and then try again. I checked out my insurance rate assuming I lived in the US and it was $33.00 a month on a GSXR600 .... Not sure why it's $4000 more a year here but oh well

Just don't get a super sport bike. You're 28, you'll be paying pennies for a sport touring.
SV650, SV1000, GSX650, Ninja 650, FZ6R, FZ6, FZ8, FZ1, CBF600 - all capable sport touring bikes that can be insured for little money. If you really want a super sport - the ZZR600 is not considered as one by Jevco even though it's an older ZX-6R under a different name.

All these bikes you should be paying between $40-$100/month one way and if you have no tickets.

[pinter]

Just don't get a super sport bike. You're 28, you'll be paying pennies for a sport touring.
SV650, SV1000, GSX650, Ninja 650, FZ6R, FZ6, FZ8, FZ1, CBF600 - all capable sport touring bikes that can be insured for little money. If you really want a super sport - the ZZR600 is not considered as one by Jevco even though it's an older ZX-6R under a different name.

All these bikes you should be paying between $40-$100/month one way and if you have no tickets.

All of these bikes with Jevco are over $4000 a year for me. With State, the 250 is $60 a month and a Ninja 500 is $110 a month and a SV650 is over $250 a month. Just not affordable for me. They keep saying when I turn 30, the prices should come down alot more but insurance rates will probably rise again within 2 years. I have a clean record and I am not sure how I see so many people on the street with bikes as its not cheap at all unless it was my main mode of transportation.

[unL33T]

All of these bikes with Jevco are over $4000 a year for me. With State, the 250 is $60 a month and a Ninja 500 is $110 a month and a SV650 is over $250 a month. Just not affordable for me. They keep saying when I turn 30, the prices should come down alot more but insurance rates will probably rise again within 2 years. I have a clean record and I am not sure how I see so many people on the street with bikes as its not cheap at all unless it was my main mode of transportation.

I'm younger than you and was paying $140/mo for a 650R full coverage at 26 with State Farm with one speeding ticket on record. It would've been cheaper if I had a 600cc SS as they charge purely by engine size. TD also had lower rates than SF after 25 but I started at 25 and TD was going to charge me the whole season at the below 25 rate while SF would change the rate when I turned 26 (it was 3 months before my bday).

Regardless, if all you can afford is a 250 just get a 250. You should probably start on a used 250 anyway and they're plenty of fun. Going insane speeds in a straight line isn't actually all that fun anyway IMO. It's more fun to ride a slow bike fast than a fast bike slow and a 250 will go fast enough to lose your bike and license on most roads anyway.