Reply With QuoteDepends on the dealer. Bike financing is going to be high interest rate financing period. The lowest I've seen recently were Harley at ~4.9% and I think Kawi was in at ~5.0%
I used National Bank. Long term, ok interest, low monthly payment.
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Motorcycle financing?
Hey all,
Looking into getting a bike but I went to check for financing at TD bank and they gave me an interest rate of prime plus 13% which is like 16% and that is insane.
I was just wondering what you people did who financed the Bike. Do dealers provide financing at a better rate like car dealers?
Thanks
Depends on the dealer. Bike financing is going to be high interest rate financing period. The lowest I've seen recently were Harley at ~4.9% and I think Kawi was in at ~5.0%
I used National Bank. Long term, ok interest, low monthly payment.
2007 VRSCDX Night Rod Special - aka. The Bike I wanted in the first place.
2002 Honda Shadow 750 ACE
Straight Pipes 4 life!
Thanks for the reply. I will look into other places because 16% interest is insane. 5% is very manageable.
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.
Why did you finance it then?Originally Posted by CrazyKell
I know I should save up and I do have some money, just not the whole amount and I am not rich so I need some help.
Contact Karl Marshall from State Farm. I saw his ads before stating he does bike financing as well.
But I agree with CrazyKell..don't finance a bike. Correct me if I'm wrong but I'm assuming your a new rider and you want a shiny new bike? Everyone here will tell you that you that you are bound to drop it at one point or another so it's better to buy used. And another thing, financing it needs you to have full coverage insurance. If you buy used, you can save some coin and drop collision if it's not going to hurt your pocket if you write it off.
Just my 2 cents.
Winter: '04 Acura TSX
Summer: '06 Ninja 650R
Daily: Coming Soon
No I am looking to finance a used bike. Something like a 2008 or so. I am not spending much, I have $1500 and I want to finance $3500 max. Yes I know insurance will be more but what can I do if I don't have the cash? I am not patient enough to wait 2 years to save up the money.
I also sent a PM to Karl to see what he can do. Thanks
Because I was foolish.
It didn't "hurt" me to finance it. But I've done a lot to get myself on track financially and if you can't pay for it up front you can't afford it. It's a toy and nothing more (unless it's your only vehicle). I don't finance toys.
What kind of bike are you looking into by the way?
I was in the same bout as you not too long ago. I wanted to finance my bike as well.
Winter: '04 Acura TSX
Summer: '06 Ninja 650R
Daily: Coming Soon
What bike are you looking to get?
+1.
I never even thought about financing my bike. I've look at the overall cost of owning and operating a bike before I even wrote my M1.
Last edited by SVs; 05-31-2011 at 01:43 PM.
I am looking at a Ninja 500 or a SV650. Looking for something I can ride long distances, cheap on insurance and reliable. I was thinking SV650 because then I could keep it for many years to come and my friend recommends it.
So far, Rider Plus is telling me $2600 for the SV650, $1800 for the Ninja 500 and $1500 for the Ninja250 just for reference. I am 28 years old, had my G since I was 18 and accident and ticket free.
You may also try applying for a unsecured loan from the bank.
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.
2007 VRSCDX Night Rod Special - aka. The Bike I wanted in the first place.
2002 Honda Shadow 750 ACE
Straight Pipes 4 life!
I am with the rest in saying do not finance your bike. The bike is nice to have but not necessary to live. Save up more. You should also factor in insurance and gear. Or buy a cheaper bike.
If you insist on financing, get an unsecured line of credit, usually at prime + 2% or so, then work hard to pay it off quickly.
At the interest rates they are willing to give you today, I'd actually recommend financing the right bike.
Instead of tying up a bunch of cash into an investment that's only going to depreciate, use same cash to go make better than interest level money through investing. Hell, over the least two years that hasn't even been hard.
At the same time, get an open ended finance payment so you can accelerate your payments(when you choose) and pay less interest over the overall term... I just don't understand why people are so against financing things.
It's truly a cash vs. cash flow discussion. If your cash flow can support your lifestyle, then you're fine.
Keep yourself within the 30-35% rule of thumb for living neccessities and you'll be fine.
Last edited by Myztyk; 05-31-2011 at 12:55 PM.
2007 VRSCDX Night Rod Special - aka. The Bike I wanted in the first place.
2002 Honda Shadow 750 ACE
Straight Pipes 4 life!
I agree with most. But if you want to finance either do it at the dealer (they normally have lower rates).
If not Line of credit is a good option, there is mush less paperwork and you dont have to secure the bike as collateral. A bonus is its revolving so once paid off you still have the credit available for let say emergencies, no need to reapply for credit.
A fixed rate personal unsecured loan (is the rate they gave you) are considered most part for the bank high risk, that why you seen such high rates on them.
+1 to Kell, its a toy, save up the cash, then buy it
Hey all, I do have a line of credit but it's at 9.25% and if I can get a loan for like 5% or 6% that would be better as 3.25% adds up. Plus to borrow such a little amount of money at a good interest rate is only $600 or so which isn't bad. I don't have the cash for the bike itself but I do have the cash for the gear, classes and any tests I have to do. I am rying to spend max $250 a month and if I can't get close that to number then I don't buy a bike, simple as that. Thanks
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