First Purchase Guideance
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Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
"Shop the bike price" means stop focusing on the monthly payments. Get the otd price as low as you can, get the financing as low as you can, and the payments will be what they will be. Salesmen love guys that go in there saying "I want to pay $400 a month." They will make it so you pay $400 a month for 7 years ($33,600). You could take the same price, same interest rate, and cut to a five year loan. Your payments would be a little more a month but would save thousands over the life of the loan.
In full disclosure, I am just learning all this **** myself. My interest rate on my bike? 18.49%!! 7 years!! Total I will pay if the loan goes full term? A little over 26,000 for a 16,000 bike. Basically, the first 3 years of payments is the interest.
"Learn from other people's mistakes, because you'll never live long enough to make them all yourself"
Edit: that was the advice I would give a friend. Me personally, I would do it again tomorrow. I am also a fan of the philosophy that you only live once and tomorrow is not promised.
In full disclosure, I am just learning all this **** myself. My interest rate on my bike? 18.49%!! 7 years!! Total I will pay if the loan goes full term? A little over 26,000 for a 16,000 bike. Basically, the first 3 years of payments is the interest.
"Learn from other people's mistakes, because you'll never live long enough to make them all yourself"
Edit: that was the advice I would give a friend. Me personally, I would do it again tomorrow. I am also a fan of the philosophy that you only live once and tomorrow is not promised.
Got it!! I had to Goggle "shop the bike price" a couple times, lol! I gave my credit union a bike which was underpriced based on NADA, they explained how the $$$ is disbursed and it all made sense on how much I can negotiate with seller vs. what I have to put down. So now I can see how it would apply with dealership, except they will "play" with APR% to get their earnings and make you feel you got a great deal. Never heard of shopping bike price, will do a little more homework on it though, just to see some other people experiences.
Believe me when I say I am just like you when it comes down to live once and do as you want, has gotten me in trouble before but cannot deny it is a thrill, life is life and I am not planning to be the richest man in the graveyard. The main reason I started the thread was to learn if there were any other methods I could use, the way some others would've tried, or the sharing of personal experience such as yours, thanks for sharing!
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Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
You sure are spoiled one!! Let me take over your payments with that %! lol, kidding. By the way, great profile picture! (thumbs up).
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Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
Just thought it might be helpful to some folks to know that "rate shopping" and applying for the same type of loan at different places does NOT hurt your credit. If they're done in the same general timeframe then it's calculated as one hard credit inquiry. You don't get dinged for every place you apply for your motorcycle loan.
I've heard this before but wasn't sure if it was true. Credit cards do not fall into this same "one hit" since bureaus get skeptical applying in different institutions for different uses correct? Like Lowes, Macy's, NTB, etc. Rather than being the same type of loan (motorcycle, home) but different institutions.
Would you know how long the timeframe is? I believe credit cards are able to see the application after seven days if I am not mistaken.
Thread Starter
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Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
Thanks everyone that has chimed in into the thread, I have learned and read some new stuff that I will definitely do some more digging and some other I have to consider. My next step will be contacting USAA to see if I got approved or not and compare their terms. Second, my mother in law works at Honda (titles department) and said she could make sure and assure I get lowest APR% if I can find an HD bike at one of their dealerships using their finance agency. I will definitely try that route as well and compare.
Quick update, HD dealership called back yesterday and had no trouble matching my credit union terms, but my gut still says no and that is what I went with.
I will keep my Vstar for a little longer, use it riding season then sell it once it gets a little cold, couple of my friends are very interested in buying it already, they have seen I've treated her good. With school classes starting pretty soon it will be a little hard to attend demo rides but will try to, and schedule a few test rides in between. Once I save a little more cash for down payment I will be able to buy something that won't give me buyers remorse, not to mention it will also put me in the terms I want to be.
Browse and do some research around these forum to see how much the costs are for add-ons, the DIY's (I am a great fan of this one), flaws or problems, etc. (103ci Street/Road Glide, Road King, Fatboy Lo).
I greatly appreciate the time in the thread you guys put, I will keep it updated and post before settling on a bike to get some feedback and hear some pros/cons.
Quick update, HD dealership called back yesterday and had no trouble matching my credit union terms, but my gut still says no and that is what I went with.
I will keep my Vstar for a little longer, use it riding season then sell it once it gets a little cold, couple of my friends are very interested in buying it already, they have seen I've treated her good. With school classes starting pretty soon it will be a little hard to attend demo rides but will try to, and schedule a few test rides in between. Once I save a little more cash for down payment I will be able to buy something that won't give me buyers remorse, not to mention it will also put me in the terms I want to be.
Browse and do some research around these forum to see how much the costs are for add-ons, the DIY's (I am a great fan of this one), flaws or problems, etc. (103ci Street/Road Glide, Road King, Fatboy Lo).
I greatly appreciate the time in the thread you guys put, I will keep it updated and post before settling on a bike to get some feedback and hear some pros/cons.
Last edited by TAKITO SEXY; Aug 13, 2014 at 09:06 AM.
Outstanding HDF Member
Joined: Jun 2007
Posts: 3,364
Likes: 33
From: So Cal The Golden State
Not sure about the equity in your home, but if possible, look into a line of credit on your home.
If a line of credit is possible for you, whenever and wherever you run across the scoot you want, you can just pay cash for it. And unlike a conventional loan, any interest you pay on the money can be be deducted on your 1040 federal tax form.
Just a suggestion...
If a line of credit is possible for you, whenever and wherever you run across the scoot you want, you can just pay cash for it. And unlike a conventional loan, any interest you pay on the money can be be deducted on your 1040 federal tax form.
Just a suggestion...
You are working/going to school/have a house stay married to the right woman you can be rich by the time you hit your mid forties---stay away from debt. My unsolicited opinion $400.00 month is way to much for a budget. I would look in terms of $250/275 including lic and insurance. Again be truthful to yourself.
Think in terms of contingency, you never want be in a situation to HAVE to sell something.
Take care remember time and compound interest are on your side, you are at a great age
Road Warrior
Joined: Mar 2009
Posts: 1,471
Likes: 9
From: Toledo, Ohio
it seems at least that you are stepping back and thinking this through
.that is wise. But in a nutshell, $400 a month (long term loan) for a motorcycle payment is ridiculous. Your first bike most likely isn't going to be your last, keep that in mind. I"m sure you can find a bike you're perfectly content with in the $10k and under price range that is nice. You truly don't need the latest and supposedly greatest. Heck, I'm riding an 80 cu evo and lov'n it
wouldn't trade it for any of the newer twin cams I've owned. Something to think about.
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Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
Thanks for the wise advice, I don't think I can take an equity loan unless it was a life/death situation, even then hell I don't think I could. "Time and compound interest are on your side", never heard that but soo true.
Ultimate HDF Member
Joined: Jan 2008
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From: SoCal
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Thread Starter
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Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
An update, I have seen a few bikes that I considered to be a "good" deal but just not ready yet, I am holding back but still would like an honest opinion. There's a 2012 SG with some upgrades, bars, passenger foot pegs, some chrome here and there, sissy bar with rack, solo seat and aftermarket, matched paint inner fairing, extended bags/fender, lowered. I have not seen the bike personally but owner said it was originally orange yet he painted it red, not sure if because of the install of bags. You can see the scratches (from leaning is my guess) under the bags, other than that he said it is a clean bike. 6,500 miles I asked for the VIN and copy of title, my bank ran it and name/address match and Eaglemark lien is paid off, but the DPS shows a lien on it and my bank won't finance unless this is cleared. After explaining that to the owner he said he went into DPS office but would have to surrender the bike title and wait about three weeks to get a new one back for the records to be updated, but did not proceeded with it because he does not want to wait that long in case some other buyer comes along with $$$ in hand. It would put me right at $350.00 for 60 month including full cover (Geico) insurance and about $1,500.00 down including TTL.
Is this a scam? I am still looking for better deals but would like to know how you guys feel about it being a good/bad deal with the numbers I was given.
This is the link to the bike. I apologize in advance if the forum does not allow external links, not too familiar with the rules around here yet.
http://www.cycletrader.com/listing/2...CIAL-112887405
Forgot to mention the right bag gap seems tighter compared to the one on left, and I have never seen those kind of tail lights before, homemade?
Is this a scam? I am still looking for better deals but would like to know how you guys feel about it being a good/bad deal with the numbers I was given.
This is the link to the bike. I apologize in advance if the forum does not allow external links, not too familiar with the rules around here yet.
http://www.cycletrader.com/listing/2...CIAL-112887405
Forgot to mention the right bag gap seems tighter compared to the one on left, and I have never seen those kind of tail lights before, homemade?
Last edited by TAKITO SEXY; Aug 27, 2014 at 01:56 PM.
Road Captain
Joined: Oct 2009
Posts: 570
Likes: 0
From: Central IL
Might want to look at the used bike market. In my area you can borrow $10,000 for under $200 a month. With some down payment money you could end up with a real nice ride. You're going to need the other half of that $400 payment you're considering to do all the mods and upgrades once you get one. Trust me. If you're like most people I know you'll be putting money into the bike.
Bones
Bones