Motorcycle Loans

**BasicBlaq** · 10-23-2007, 06:05 PM

Hi,

I know there are car loans but does anyone know if there are companies besides the dealers that allow you to take out a Motorcyle Loan? If yes can you please provide me with the companies or Banks that do this. I know they do this in the States, but wasn't sure any companies or bank existed in Canada

thx

**bear22099** · 10-23-2007, 06:21 PM

Originally Posted by Basic_Black

Hi,

I know there are car loans but does anyone know if there are companies besides the dealers that allow you to take out a Motorcyle Loan? If yes can you please provide me with the companies or Banks that do this. I know they do this in the States, but wasn't sure any companies or bank existed in Canada

thx

Every financial institution that does loans will do this. Pretty sure if you look in the local yellow pages under banks, there will be a comprehensive list in your area.

**CdnVStar** · 10-23-2007, 07:45 PM

Originally Posted by bear22099

Every financial institution that does loans will do this. Pretty sure if you look in the local yellow pages under banks, there will be a comprehensive list in your area.

Yep all banks will do this. If you qualify, the easiest thing to do is get a line of credit and use it when you want to buy the bike. The rates are usually lower than vehicle loans (at least they were when I looked at them a few years ago) and can be the most flexible in repaying. Note: if you get a LOC, they will let you pay basically only the interest, this may sound great, but if you do this you will NEVER pay back the loan and end up paying a lot more for the bike over the years.

**HyRyze** · 10-24-2007, 12:41 AM

also you wouldn't be required to have full insurance on the bike if you get a LOC... as you need full insurance for a car loan....
the nice thing about a LOC is that you can use it for whatever you want... it's money that's available to you (ex. credit of 10,000) so you can take out $5 or $5000... and there are monthly payments that you make, which would be the interest rate on the outstanding balance.

but you can make payments to it whenever you please and put as much on it as you like... whereas with a loan, you are given the full amount and then have fixed payments on it, and again, you can add lump-sum payments to the loan whenever you prefer...

and yes, the interest rates on LOC are lower than loans... and would be even lower if you can get a secured LOC... like.. on your home for example, TD has HELOC -home equity lines of credit.... based on the value of the home... etc... but I digress... visit your local financial institution today!