Financing a bike and Finance rates?
#41
02-22-2012, 05:40 PM
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There is always one jerk off in this forum that has to be the one that says I DONT FINANCE MY TOYS. No one F#CKING ASKED YOU and your retarded opinion. If you dont have any advice for the OP about financing then don't post.
post *****
Finance rates are retarded low. I remember paying 12% on my first car with little credit. As my credit got better I paid about 8-9% on a bike. With rates as low as 3% anywhere you go dealer or not, that is still a good rate. Like myself, you probably dont want to wait until your in retirement age to purchase a bike outright.
Why would I plunk down cash while I can make my money work for me by investing?
post *****
Finance rates are retarded low. I remember paying 12% on my first car with little credit. As my credit got better I paid about 8-9% on a bike. With rates as low as 3% anywhere you go dealer or not, that is still a good rate. Like myself, you probably dont want to wait until your in retirement age to purchase a bike outright.
Why would I plunk down cash while I can make my money work for me by investing?
#42
02-22-2012, 05:47 PM
. . . read my post dude. I said IF you can afford the payments and are not upside-down. Something bad happens, you sell your scooter and go on down the road. No guarantees in life.
#43
02-22-2012, 05:51 PM
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#44
02-22-2012, 06:08 PM
Mountain America Credit Union
Loans Approx. Term Fixed APR
New Auto 60 Mos.
2.99%
New Auto 72 Mos. 3.24%
Used Auto (1-3 years) 60 Mos. 2.99%
Used Auto (4-5 years) 48 Mos. 2.99%
Used Auto (6-7 years) 36 Mos. 2.99%
Used Auto (8+ years) 36 Mos. 3.99%
Up to 144 Mos. RV Rates 4.99%
Loans Approx. Term Fixed APR
New Auto 60 Mos.
2.99% New Auto 72 Mos.
3.24% Used Auto (1-3 years) 60 Mos.
2.99%Used Auto (4-5 years) 48 Mos.
2.99% Used Auto (6-7 years) 36 Mos.
2.99% Used Auto (8+ years) 36 Mos.
3.99% Up to 144 Mos. RV Rates
4.99%I called them and these rates are for cars only, bikes start at 5.5% . This seems to be the case with all the Credit Unions people have mentioned on this site, They claim something very low but isnt for bikes, only cars. Also for those who are self employed do all banks want 2 years tax statements for income verification? I financed a car back in 04 with my bank and they didnt request any of that information, they simply ran credit.
Last edited by kalikali; 02-22-2012 at 06:11 PM.
#45
02-22-2012, 06:29 PM
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I'm going to go in to get myself a bike... thinking a Wide Glide but have a few more test rides to get through before that decision is finalized....
I was wondering about financing. I have pretty good credit, but was wondering what a typical rate might be? What's a good rate and what's an outrageous rate? Is a motorcycle loan usually 3 yrs, 4 yrs or 5 yrs?
I'm sorry for such a newbie question, but first time financing a bike...
PS I know some are going to say that you should never finance a bike but I'm going to anyway. I make enough to easily make payments, but impatient enough to wait to save up 15 grand and buy cash next year. I will have a Harley by mid April. And that is that....
Anyway, thanks for the info!
J
I was wondering about financing. I have pretty good credit, but was wondering what a typical rate might be? What's a good rate and what's an outrageous rate? Is a motorcycle loan usually 3 yrs, 4 yrs or 5 yrs?
I'm sorry for such a newbie question, but first time financing a bike...
PS I know some are going to say that you should never finance a bike but I'm going to anyway. I make enough to easily make payments, but impatient enough to wait to save up 15 grand and buy cash next year. I will have a Harley by mid April. And that is that....
Anyway, thanks for the info!
J
Search the internet, make some calls, visit some lending institutions. Get a feel for the rates. When you're ready to start negotiating do not be anxious. If you have a deadline in your mind they will use it to jack up the rates. Be calm and most of all go in with a low number in your mind and if they don't do it then WALK AWAY. Because until you walk away they will not take you seriously. Once you walk away you prove to them you have other plans and don't need them.
I financed my bike through my home equity line of credit. My rate is currently at 2% and has not been more than .25% above or below that in years and years. This also gives me the flexibility to pay only the interest if I want to or pay any extra amount directly towards the principle at any time. I can pay it off completely any time as well.
Wherever you finance make sure there is no pre-payment penalty. Even though you may never make a pre-payment it is good to know that you can pay extra towards the principle or pay it off completely at any time.
Also, before you talk about financing with your HD dealer make sure you negotiate the best deal you possibly can. The economy is still stagnant and motorcycle sales are slow. There are tons of bikes available everywhere.
My advice is to always take the lowest interest rate I can. You say you can pay the loan easily but you always have to hedge for the future and any unforseen circumstances. Plan for the worst and hope for the best. Too many people overextend themselves by hoping for the best under bad or unsure circumstances and then get screwed.
Good Luck
#46
02-22-2012, 07:26 PM
I called them and these rates are for cars only, bikes start at 5.5% . This seems to be the case with all the Credit Unions people have mentioned on this site, They claim something very low but isnt for bikes, only cars. Also for those who are self employed do all banks want 2 years tax statements for income verification? I financed a car back in 04 with my bank and they didnt request any of that information, they simply ran credit.
#47
02-23-2012, 04:08 PM
Cruiser
I belong to PSECU (Pennsylvania state employees credit union) their current rates for new and used are 2.49% for 60 months. Go to www.psecu.com I think anyone can join as long as you make a $10 donation to parks and recreation society. It's awesome!
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