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Old 05-21-2013, 09:24 AM   #21
TheBeeDeeGee
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Here's what I did with my first bike. It was $3900, I didn't want to blow that at once. You know those balance transfer offers you get in the mail with the checks? Just write a check to yourself for the extra money you need for the the bike, then you got no interest for 12-18 months on that money. Pay down what you had to "borrow".....free money
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Old 05-21-2013, 09:26 AM   #22
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Which dealership did you go to Donte?
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Old 05-21-2013, 09:28 AM   #23
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Quote:
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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.
it's because it's not an auto loan, basically it's a personal loan.
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Old 05-21-2013, 09:30 AM   #24
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Quote:
Originally Posted by Donte View Post
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.
Its called Lien of Credit. Dealership gave you the option to basically applied for a credit card with skyrocket interests.
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Old 05-21-2013, 09:32 AM   #25
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I plan to pay it off within the year. Are those Lien of credit things horrible if I'm going to pay quickly. As long as I'm not paying a million bucks for insurance I'm cool with high rates because I will pay quick.
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Old 05-21-2013, 09:43 AM   #26
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ID check what full coverage costs before you finance...you might find it costs more then the bike payments. Saying that, buy a beater or go to a credit union.
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Old 05-21-2013, 10:29 AM   #27
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Thanks again everyone. Switching gears I own a car. How do y'all feel about title loans? Should I start a new post haha?
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Old 05-21-2013, 10:34 AM   #28
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Quote:
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Which dealership did you go to Donte?
Just so I reitterate this fact... Donte is paying like $300/mo for insurance, and his bike is a 600. The "big" bikes will be much more.


I'd be careful with title loans.

I'm not sure what your income situation is like right now (recent grad?, no college, etc)... but if you have a solid source of income loans arent terrible, but always a better idea to save up some.

If you dont have a solid source of income... then I would definitely stay away from title loans. Can ruin your day real quick.
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Old 05-21-2013, 10:40 AM   #29
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I never finance a bike unless it is 0% APR. I would rather hang on to my cash and earn some interest on it.
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Old 05-21-2013, 11:08 AM   #30
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Quote:
Originally Posted by chriscole View Post
Which dealership did you go to Donte?
Kawasaki of Pasadena
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Originally Posted by RACER X View Post
it's because it's not an auto loan, basically it's a personal loan.
So is it what the guy under you said a "lien of Credit"?
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Originally Posted by Schmidie View Post
Its called Lien of Credit. Dealership gave you the option to basically applied for a credit card with skyrocket interests.
I think my intrest rate is under 11% I pretty much paid 3/4 of the bike on my first bill, now im just dragging it out for a year.
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ID check what full coverage costs before you finance...you might find it costs more then the bike payments. Saying that, buy a beater or go to a credit union.
Full coverage is definitely a B***h on a super sport
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Originally Posted by chriscole View Post
Thanks again everyone. Switching gears I own a car. How do y'all feel about title loans? Should I start a new post haha?
Do Not under any circumstance do a title loan.
Quote:
Originally Posted by ZX-Dominance View Post
Just so I reitterate this fact... Donte is paying like $300/mo for insurance, and his bike is a 600. The "big" bikes will be much more.


I'd be careful with title loans.

I'm not sure what your income situation is like right now (recent grad?, no college, etc)... but if you have a solid source of income loans arent terrible, but always a better idea to save up some.

If you dont have a solid source of income... then I would definitely stay away from title loans. Can ruin your day real quick.
When my mom gets back in town from work, where looking at dropping full coverage, and im going to just call up Tuan and see what he can do.
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Old 05-21-2013, 11:11 AM   #31
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Quote:
Originally Posted by chriscole View Post
I plan to pay it off within the year. Are those Lien of credit things horrible if I'm going to pay quickly. As long as I'm not paying a million bucks for insurance I'm cool with high rates because I will pay quick.
Also you say that now, but when you look at what insurance cost for a year being so young. If I paid for full coverage for a year I could buy another bike. Sometimes I wish I would have went for a 650 instead of a 600, but I definitely love my bike.
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Old 05-21-2013, 11:21 AM   #32
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Quote:
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it's also a euro bike w 1/2 the cc's....
Yes. But addressed the issue of the ability to get a motorcycle loan which is considered as a secured auto loan with little/no credit while being 23. Pretty much OP's scenario. The only difference was the cc of bike and a price difference of about $3,000.

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Old 05-21-2013, 11:24 AM   #33
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Quote:
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Also you say that now, but when you look at what insurance cost for a year being so young. If I paid for full coverage for a year I could buy another bike. Sometimes I wish I would have went for a 650 instead of a 600, but I definitely love my bike.
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Old 05-21-2013, 11:26 AM   #34
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If you can't pay cash for one then you shouldn't finance one. I know it sounds backwards but if you don't have the cash you can't afford it. And when or if you do have the cash you probably won't want to spend it because you realize how much money $10k is when you are handing it over in a fat wad and not just signing a piece of paper.
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Old 05-21-2013, 11:36 AM   #35
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From experience, definitely make sure you have a majority of the money, if not all, like others have said. Insurance will lighten up when it's paid off. If you go to a bank or credit union, make sure there is no penalty for paying off early.

Mine is through Kawi, but I had good credit at the time. No credit, they are going to want a decent down payment or your interest will be higher. It's all personal preference. If you finance new though, you're upside down as soon as you leave the lot, and dont want to pay 500+ a month.

Shop around, plenty of lenders and dealers. Like several have said though, buying outright is much simpler and cheaper.

Good luck man.
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Old 05-21-2013, 12:15 PM   #36
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So the scenario of me putting my 3k with another 3k title loan and buying something cash off here or CL to avoid full coverage is a horrible idea? Feel free to talk me out of it haha
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Old 05-21-2013, 12:22 PM   #37
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title loan is a horrible idea
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Old 05-21-2013, 12:28 PM   #38
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Quote:
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So the scenario of me putting my 3k with another 3k title loan and buying something cash off here or CL to avoid full coverage is a horrible idea? Feel free to talk me out of it haha
What if you wreck it? Your stuck with payments on a wad of metal. What if you lose your job or have an unexpected bill? You may lose your car or pay a ridiculous interest rate because of missed payments. Unnecessary risks for a toy in my opinion. Just save up a couple thousand dollars and you can find a nice bike. Save the $10k new bike for when you are a bit older and can better afford it. You'll enjoy it more then. You're 23, you should be out bar hopping on your bobber, bringing home drunk women, and having Sunday Fundays that start at noon sharp. Your only worry should be about saving a little cash after you deduct your party expenses and not stressing over losing your car and making high interest payments on toys.
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Old 05-21-2013, 12:35 PM   #39
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Quote:
Originally Posted by chriscole View Post
So the scenario of me putting my 3k with another 3k title loan and buying something cash off here or CL to avoid full coverage is a horrible idea? Feel free to talk me out of it haha
Title loans are a very bad idea, its your life and your decisions. The interest rates on them are stupidly ridiculous though. Just save up another 2-3 thousand then buy your bike.
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Old 05-21-2013, 12:45 PM   #40
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Thanks guy I hadn't researched title loans at all so it was just an idea. I really just wanna build credit and figured doing in a way that gets me something I want would be good. But guess ill do what everyone else does and get a credit card haha
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