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Old 05-20-2013, 11:11 PM   #1
chriscole
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Finance Motorcycle

I would like to finance a motorcycle. Not completely sold on what. Leaning towards Zx-10, Zx-14 or a hayabusa. I have between 2 and 3k as a down payment but no credit. I'm 23 and have never financed a thing. Where should I go?
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Old 05-20-2013, 11:27 PM   #2
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You should get something cheaper to insure if you are already financing it. Those are literally the top 3 most expensive bikes to insure- for good reason. High theft rate, higher wreck rate.

Another route would be saving up another couple grand- you can get gently used 14's for around 6k- and neither 14 or busa has had major (difference making) changes in the last few years.

If you're set on financing, I'd start with my bank/credit union... Or call WWH
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Old 05-20-2013, 11:48 PM   #3
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As fars as banks go. Do motorcycles count as auto loans? Any bank you would suggest?
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Old 05-20-2013, 11:52 PM   #4
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just go to a dealership bro.
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Old 05-20-2013, 11:53 PM   #5
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most banks/lenders consider motorcycles as recreational vehicles so they are NOT considered like a car loan.
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Old 05-20-2013, 11:55 PM   #6
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just go to a dealership bro.
Which dealership?!?! That is the question
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Old 05-21-2013, 12:21 AM   #7
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Some banks will do it if they are less than 5 years old. Again- if you're financing you'll need full coverage... And depending on your ticket/driving record you could be making bigger payments to insurance than on your bike note.

Z1000, bking, sv1000/s, speed triple, fz1... Are all 100hp+ bikes that Can be insured for less than 1/2 of the supersport
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Old 05-21-2013, 12:23 AM   #8
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Quote:
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If you're set on financing, I'd start with my bank/credit union... Or call WWH
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Old 05-21-2013, 04:55 AM   #9
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Ill never finance a bike again......I made that mistake on my 600. But I was 20 and didnt know any better. Im sure I paid at least $2500-$3000 more over the life of the loan, but I also didnt go through the bank. I financed through Suzuki on one of their credit cards. If you go that route, make sure its paid off before the time period that state because the interest rate will jump to like 21%. Luckily for me I got it paid off before that...
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Old 05-21-2013, 05:09 AM   #10
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Unless a motorcycle is your only means of transportation, it's not smart to finance one, especially at 23 with no credit.
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Old 05-21-2013, 05:22 AM   #11
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It's hard to get approved to finance a bike. Luxury item. I had the same problem when I was ur age.
For ur situation, I DONT THINK u should finance one..just save a few more thousand n flat out purchase it used.
But to answer ur questions:
Motorcycle loan is not the same as an auto loan. Hhmmm. Just apply for a personal loan, Haha.

A friend got approved for a 3k motorcycle loan at Wells Fargo...but he was 27 with great credit. He told the banker the truth..that it was for a bike.
You.....If u insist, try a credit union.
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Old 05-21-2013, 07:16 AM   #12
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just save another 2-3k and buy a great bike outright, no financing.....
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Old 05-21-2013, 07:25 AM   #13
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A secured loan on a bike will be way easier to get than an unsecured personal loan.
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Old 05-21-2013, 08:22 AM   #14
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go to a credit union. I bank with Associated credit union, and know they do bikes. with 2-3 down on a 7k bike you should get approved, and not get totally boofed on the interest rate. Have a co-signer?
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Old 05-21-2013, 08:26 AM   #15
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but don't forget financed bikes have to have full coverage insurance, @23.... $5-6k yr

that's if you get an auto loan
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Old 05-21-2013, 08:35 AM   #16
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If you can get a decent rate (<5% APR) financing the bike is not a bad idea as you need to build up your credit. Try State Farm for your bike insurance, they were a lot cheaper for me than the others when I was less than 25 years old.
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Old 05-21-2013, 08:39 AM   #17
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Thanks for all the advice everyone.
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Old 05-21-2013, 08:55 AM   #18
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***RECENT EXPERIENCE***

Hey,

Moved down from Canada in August (sold my bike before I left). When I got here I obviously had ZERO credit. (I'm 24 now, moved here and got bike when I was 23)

Went to Members Choice Credit Union and they approved me for a loan on a 2012 Daytona 675R. They considered it the same as a secured auto loan. I'm paying 3.2% APR on the loan.

Tuan hooked me up with full coverage insurance for a LOT less than the "5-6k/yr" quoted in an earlier post. Way less than half that actually.

***NOTE: I had the cash in hand to pay off the bike at the time of purchase, however, I got approved for 3.2% APR so it was worth it to take out a 1-year loan to build up credit.***

Hope this helps dude! Good luck!

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Old 05-21-2013, 09:06 AM   #19
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it's also a euro bike w 1/2 the cc's....
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Old 05-21-2013, 09:12 AM   #20
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I to just financed my bike with my mom as a co signer. After signing all of the papers we found out that instead of a auto loan its pretty much considered a credit card. So my utilization rate is sky high right now so im having to pay that down quickly. I just wanted to build my credit to, also the dealer ship I bought the bike from said I don't have to have full coverage on the bike. It might be because the bikes not brand new, idk.
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