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Old 05-23-2013, 07:21 PM   #61
cashtown
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Finance a Suzuki through HSBC - they don't require full coverage insurance during the loan term. I paid less than $200 a year for limited liability on a hayabusa.
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Old 05-23-2013, 07:32 PM   #62
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Old 05-23-2013, 07:55 PM   #63
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How was your credit cash town?
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Old 05-23-2013, 10:15 PM   #64
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Credit was pretty good, I guess. I was gonna put a couple thousand down but I got the whole thing financed with like 2% interest over 5 years. I think that HSBC (the bank who finances Suzukis through their dealership network) was the only of the major lenders that didn't require full coverage. FC for me on a new busa would have been more than the bike payment every month. It was nice to get strictly limited liability and be able to pay for a whole year's coverage with one check.
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Old 05-23-2013, 10:55 PM   #65
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Old 05-23-2013, 11:10 PM   #66
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Establishing good credit is important and fairly easy. First, as you can guess, don't overload your budget. Buy a car or motorcycle you can afford, and make each payment on time. Never be late. If you cannot manage to make a $100-200 payment each month, stick with cash deals. After a year, you will find your credit score reflects your demonstrated responsibility. Obtaining future loans will be easier and your interest rates will be lower. Banks want to loan money to people who will pay it back, and they will compete for your business...as long as you're not some joker who skips out on debts and has repossessions.

I was about 29 before I started taking my credit seriously. Since then, if I need to buy a motorcycle, boat, car, or house, it's a really smooth process and the interest is very reasonable.
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Old 05-24-2013, 12:03 AM   #67
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Quote:
Originally Posted by Posterchild2 View Post
Look bud, plain and simple, if you take out a secured loan with a lien holder you have to have full coverage insurance, Comprehensive and Collision. Until the bike is paid off, the bank owns the bike, you don't! Just because it sits in your garage and you ride it everyday doesn't make it yours. Banks are all about protecting their interests, and if something happens to their investment and they have no way of recovering that money they are screwed! No bank in the world operates this way! Getting an unsecured loan with no assests or credit is next to impossible without a co-signer. So your options are to get a conventional loan with a lien holder and pay out the for full coverage, or get mommy or daddy to co-sign for you on an unsecured loan that doesn't require full coverage; but if something happens to your bike you are screwed if you only decide to carry liability. Don't feel bad about having a cosigner! I know a 44 year old man that had his daddy co-sign for him for a V-Max!
INCORRECT:

Microcredit/Microfinance

http://en.wikipedia.org/wiki/Muhammad_Yunus

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Old 05-24-2013, 09:54 AM   #68
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No money no honey. Do not finance on something you want. Finance on things you need.

If you can't even afford to purchase the bike new, how will you be able to afford full coverage insurance?
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Old 05-24-2013, 11:06 AM   #69
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This is true. Whatever way you go, do yourself the biggest favor you can do to yourself and get full coverage. If you can't afford to buy full price, then you shoukd not even consider financing if you're not going to insure your " investment"

Call my good friend alex (badassvmax in the forum) at tejas motorsports on 1960
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Old 05-24-2013, 11:09 AM   #70
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Quote:
Originally Posted by ormand View Post
INCORRECT:

Microcredit/Microfinance

http://en.wikipedia.org/wiki/Muhammad_Yunus

no stateside bank operates this way....unless the OP wants to go to Bangladesh for a 3k loan.
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Old 05-24-2013, 11:56 AM   #71
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Quote:
Originally Posted by Lucar View Post
This is true. Whatever way you go, do yourself the biggest favor you can do to yourself and get full coverage. If you can't afford to buy full price, then you shoukd not even consider financing if you're not going to insure your " investment"

Call my good friend alex (badassvmax in the forum) at tejas motorsports on 1960
Yeah he can tell you how to get his daddy to co-sign for him on his V-Max! He is at Houston Motorsport by the way.
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Old 05-24-2013, 05:48 PM   #72
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I have financed Suzuki's through HSBC I do no recall the full insurance issue coming up.
I have financed Hondas through Honda I do not recall the full insurance issue coming up but maybe I have poor recall. I do recall Honda finance being low interest - I think since they are making money on the bike they can go easier on the loan interest.
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