Anyone have any advice or experience with getting a motorcycle loan when buying from a private seller?

One of my company's executives is selling his '09 road king classic and he wants me to have it instead of selling it to some stranger. None of the 3 banks I have accounts with offer loans for motorcycles. It'll be a few months before I can pay cash for it so if I want to get any riding done on it this year, I'd need to get a loan.

Anyone on here know of resources for someone in my situation?

Thanks a bunch.

 

Will one of your banks give you a signature loan for the amount? Much higher interest rate, but if you pay it off in a few months (provided there's no pre-payment penalty), you can minimize the extra expense.

 

Pen Fed has motorcycle loans. New and Used. I called with the Vin number and in 2 days had a check for the seller.

 

I got my loan from my credit union. Maybe you can join one that offers motorcycle loans.

 

Said in here time and again,, Credit unions will usually beat banks on loan % cost...

 

I did a buyers assist through Harley. And you could get warranties etc.

 

DH buyer assist, Credit union, Capital one...Go to cycle trader.com they also have some resources.

 

Hey travisrusselldc
I may be wrong but I believe Harley Davidson has a program for private sales visit there web site and /or contact a reputable dealer , through eagle-mark I think Harley can help

 

Credit unions tend to have best rates. I checked more than a dozen before choosing the MSU federal credit union from Michigan State University. I did everything online and by phone, no need to go to branch. My 5 yr rate is 3.99% I'm not sure what current rates are set.

 

Stay away from Harley unless you have to, the dealer charges you to do the deal and down here the local wanted $500 to process the deal


I just bought mine last week, called a local credit union (that I didn't even have an account with yet) they took care of everything after my application was processed (which took all of 5 mins on the phone)

the private seller and I met at the branch, they had already contacted Harley for his payoff amount, they did a quick verification on the VIN and visual inspection on the bike, we went inside, did my paperwork and within 45 mins from start to finish the bike was mine, AND all at no charge to me or the seller.

They collected sales tax, charged me $75 for title transfer (which is the fee the state of FL charges anyone) charged my $78 for tag transfer (b/c I had my own tag coming off my bike I had just sold) and that was it we were done.

rate was 6.25 for 48 mos