Motorcycle.com

greggypetty · 02-15-2010, 09:30 AM

I'm sure pretty much everyone on here knows this, but motorcycles can be expensive haha. I wan to start with something kind of smaller, a 250cc Honda Nighthawk. But I don't have money laying around to just buy a motorcycle. I have to get a motorcycle loan to do so. I've checked out prosper. Any other good places? I'm gonna go with something online.

Kenneth_Moore · 02-15-2010, 09:32 AM

Good luck. If you have outstanding credit, you might get one online. Your best bet is to go to the dealer.

The_AirHawk · 02-15-2010, 09:53 AM

Buzz'll co-sign, if you'll wear that Bear Suit in to get the Loan..........

mugwump58 · 02-15-2010, 11:01 AM

Try your insurance agent. That's were I got a loan a while back at way better rates than a bank. Or a credit union. Dealer financing is fraught with peril, there are horror stories. Save some money your life will be much simplier in the long run.

acecycleins · 02-15-2010, 11:18 AM

1- Unless you're banking a 650 or above FICO you're not getting a loan at a decent APR. You will most likely be in the 18-24% area.
2- You're not financing a bike unless the loan is worth more than $3000, lenders don't need to do short term, low dollar loans in today's credit market.
3- If you can't afford to pay AT-LEAST $3000 cash for a bike you can't afford to operate that bike. Add up parts, maintenance, insurance and gas- you would surely spend $1500 or more annually to keep it running and you legal with the state.

You have good questions, but before you buy the bike or sign a purchase order for a bike price the insurance and see what the APR is. Take the insurance and the total cost of the interest and add those together. Then look at the NADA Value of a bike that is 1 yr older than the one you just bought/want. If that bike loses 30% or more of it's value for that 1 model yr then I'd skip the deal.
Spend about $2500 in cash and buy something you can afford to lose if you break it. Pay for liability coverage. Why? Simply- it brings the words "You break it. You fix it." to life. Only buy something you can afford to fix with cash when you get into bikes under $4000. Trust the insurance guy on this one. It may seem cheap month to month for your insurance, but if you make a claim then your bike, auto, home and what ever else you insure will certainly go up on renewal.

Kenneth_Moore · 02-15-2010, 12:27 PM

Quote:

Originally Posted by mugwump58

Try your insurance agent. That's were I got a loan a while back at way better rates than a bank. Or a credit union. Dealer financing is fraught with peril, there are horror stories. Save some money your life will be much simplier in the long run.

You're right of course, but I'm thinking he has crappy credit (and thinks online loans are the answer). The dealers will do immoral and illegal things to get a loan through.

mugwump58 · 02-15-2010, 12:55 PM

What Ace said.

A Star Ride · 02-15-2010, 02:32 PM

Not to rain on anyone's parade but I say if your financing 2500-3000.00 you need to just wait. I dont believe in financing anything other then houses. A February boat or bike payment would make me feel like a fool.

02-15-2010, 09:30 AM	#1
greggypetty Registered Member Join Date: Feb 2010 Posts: 5	Getting a Motorcycle Loan Online? I'm sure pretty much everyone on here knows this, but motorcycles can be expensive haha. I wan to start with something kind of smaller, a 250cc Honda Nighthawk. But I don't have money laying around to just buy a motorcycle. I have to get a motorcycle loan to do so. I've checked out prosper. Any other good places? I'm gonna go with something online.

02-15-2010, 09:32 AM	#2
Kenneth_Moore Registered Member Join Date: Jun 2007 Location: VIsiting the GIft Shop in the Pit of DIspair Posts: 7,118	Good luck. If you have outstanding credit, you might get one online. Your best bet is to go to the dealer. __________________ www.kennethmoore.org

02-15-2010, 09:53 AM	#3
The_AirHawk Founding Member Join Date: Jun 2007 Location: Leanin' Tower O' P-P-P-P-POWAAAAAAAAA!!!! Posts: 11,423	Buzz'll co-sign, if you'll wear that Bear Suit in to get the Loan.......... __________________ *Parfois, on fait pas semblant* Sometimes, it's not pretend Oderint Dum Metuant Let them hate so long as they fear политики предпочитают безоружных крестьян Politicians Prefer Unarmed Peasants Nothing to see here, Citizen. Move along now...

02-15-2010, 11:18 AM	#5
acecycleins Founding Member Join Date: Jun 2007 Location: North Georgia Posts: 4,129	1- Unless you're banking a 650 or above FICO you're not getting a loan at a decent APR. You will most likely be in the 18-24% area. 2- You're not financing a bike unless the loan is worth more than $3000, lenders don't need to do short term, low dollar loans in today's credit market. 3- If you can't afford to pay AT-LEAST $3000 cash for a bike you can't afford to operate that bike. Add up parts, maintenance, insurance and gas- you would surely spend $1500 or more annually to keep it running and you legal with the state. You have good questions, but before you buy the bike or sign a purchase order for a bike price the insurance and see what the APR is. Take the insurance and the total cost of the interest and add those together. Then look at the NADA Value of a bike that is 1 yr older than the one you just bought/want. If that bike loses 30% or more of it's value for that 1 model yr then I'd skip the deal. Spend about $2500 in cash and buy something you can afford to lose if you break it. Pay for liability coverage. Why? Simply- it brings the words "You break it. You fix it." to life. Only buy something you can afford to fix with cash when you get into bikes under $4000. Trust the insurance guy on this one. It may seem cheap month to month for your insurance, but if you make a claim then your bike, auto, home and what ever else you insure will certainly go up on renewal. __________________ "Slack" - a state of being in which everything flows smoothly.....a frame of mind so at ease that the universe naturally cooperates.

02-15-2010, 12:55 PM	#7
mugwump58 Registered Member Join Date: Jun 2007 Location: 43.47N-76.48W Posts: 589	What Ace said. Last edited by mugwump58 : 02-15-2010 at 12:56 PM. Reason: He said it all much better.

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02-15-2010, 11:01 AM	#4
mugwump58 Registered Member Join Date: Jun 2007 Location: 43.47N-76.48W Posts: 589	Try your insurance agent. That's were I got a loan a while back at way better rates than a bank. Or a credit union. Dealer financing is fraught with peril, there are horror stories. Save some money your life will be much simplier in the long run.

02-15-2010, 02:32 PM	#8
A Star Ride Registered Member Join Date: Oct 2009 Location: central Va Posts: 1,126	Not to rain on anyone's parade but I say if your financing 2500-3000.00 you need to just wait. I dont believe in financing anything other then houses. A February boat or bike payment would make me feel like a fool. __________________ White Trash Hick from Appalachia