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Old 02-05-2009, 11:16 AM   #1
specterunseen
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Question Payments on a Bike (testing the water)

Sad story: My ninja 250 is dead and will cost more than I owe on it to fix it. Basically a new engine. It was my only source of transportation. I don't have a car, my wife has the only one. I am paying it off within 3 months due a deal in someone interested in the mangled remains. So bye bye little ninjette.

I've been borrowing for 2-3 months a Ninja 500 from my friend who's gone to basic. I'm fastidious about caring for my bike, so the amount of squeaks and rattles it has is crazy! Anyway, I'm done with it asap, don't feel quite safe riding that thing.

I'm interested in buying something like a SV650, a 600+cc Motard, Street Triple (good luck on that eh), anything not a straight out fully faired sport bike etc. I know the chances are really slim against this possibility, but does anyway have quite a few bikes and would be interested in selling by owner with payments? I started a new job and it means I'm getting back on my feet, but I don't have cash to pay the whole bike in full, and can't get approved for a loan because of one stupid credit card for 2005 that I let go after disputing unsuccesfully. Everything else on my credit is impeccable as I do NOT pay bills late. I'd even be willing to show a copy of my report (minus ssn of course) to someone interested in selling one of their stabled bikes for payments.

Is there anyway that would interested in this, since I know its not a common thing, as it does entail trust in the buyer to continue making those payments. Let me know via PM if you are interested in selling any bikes in the category above, trying to stay under $4-5k maximum for the bike. Be willing to make pmts via bill pay each month, and hopefully payoff early as my job stabilizes by end of the year. A contract and all proper procedure would follow.

Testing the water for any options.
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Old 02-05-2009, 11:26 AM   #2
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Old 02-05-2009, 12:07 PM   #3
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I agree with you houston, I was amazed at the insurance rates when I first got my bike. Especially if you finance a bike, my insurance company said I would pay almost $3000 per year for full coverage. If there wasn't a lienholder then it was less than $200 per year for liabilty. I just paid cash for mine when I found that out. Screw that financing , you basically are making 2 payments on a bike EVERY MONTH. I don't know how some of these folks do it. Must really need a bike. I just wanted one.
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Old 02-05-2009, 12:11 PM   #4
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how much are you willing to pay a month....
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Old 02-05-2009, 12:13 PM   #5
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Quote:
Originally Posted by houstonch73 View Post
No bike here but why don't you try a credit union? They're often more lenient with bad marks on credit and definitely buy used. Buying new is insane as there are often people who get rid of their bikes after a year or two of it sitting in the garage. Also the route you're going is correct. Stay away from the full fairing crotch rockets as the insurance is crazy. Go cheap as possible (small) so you get it paid off quick then keep saving to buy a nicer(?) bike and stay away from payments. I'm always amazed to see how people will finance a bike and then stunt on it and trash it. Then you're hung.

(Also while not very sexy but really practical and dependable, look at the honda 250 rebels. They're UBER cheap and most of time have next to no mileage on them)
Good advice.
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Old 02-05-2009, 12:27 PM   #6
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some financing companies dont require full coverage on less than 7k, but your interest rate is going to be a bit higher.
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Old 02-05-2009, 02:11 PM   #7
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Old 02-05-2009, 03:13 PM   #8
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Quote:
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man why wouldnt you want full coverage?
Why is liability an insurance option???

If the bike is paid for, then if someone hits you it is on their insurance to pay for the damage. If you damage your own bike, then that is your own fault. Repair to a third party's vehicle is covered as well as theft, so why would I pay a higher premium. People have already testified that if you really crash your bike, it usually totalled. Or cost a bunch to fix. What is the usual repair cost on popular bikes????? Compare that to what you are paying in coverage. $200 - $300 /month in coverage. Now add that to how long you have owned the bike. Insurance company is just basically giving you back your own money.
If you financed for 3yrs minimum, you would have paid $7200 - $10800 in insurance payments alone. You could buy a brand new bike with that money.
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Old 02-05-2009, 03:22 PM   #9
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Quote:
Originally Posted by Quicksilver View Post
Why is liability an insurance option???

If the bike is paid for, then if someone hits you it is on their insurance to pay for the damage. If you damage your own bike, then that is your own fault. Repair to a third party's vehicle is covered as well as theft, so why would I pay a higher premium. People have already testified that if you really crash your bike, it usually totalled. Or cost a bunch to fix. What is the usual repair cost on popular bikes????? Compare that to what you are paying in coverage. $200 - $300 /month in coverage. Now add that to how long you have owned the bike. Insurance company is just basically giving you back your own money.
If you financed for 3yrs minimum, you would have paid $7200 - $10800 in insurance payments alone. You could buy a brand new bike with that money.
My thoughts exactly
April 06 bought a new zx-14 and had previous motorcycle insurance on other bike. 39 years young-no tickets-no DWI
First quote thru progressive $3900 year
Couple other quotes about the same
Friends girlfriend owns insurance company and got it for $1800
After crunching numbers I came to same conclusion as ^^^^above
For last two years have rolled with liability only, and although I would prefer full coverage it really does not add up in my favor
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Old 02-05-2009, 04:14 PM   #10
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Ive had liability from day 1, bought new in 2003. I layed down the bike after about 2 years and spent about $1000 bucks fixing it. Being just 21 when I bought it, full coverage was something like $5000 or $6000 a year. Even now with no tickets its still like $200/month and thats doesnt even include collision, just comprehensive(theft) rediculous. Better to simply have the liability and get a garage to keep it in.
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Old 02-05-2009, 04:27 PM   #11
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Im 21 and have a "full fairing crotch rocket" and pay 85 a month for full coverage, doesnt seem very insane to me. And its completely financed.

Last edited by Dr Strangelove; 02-05-2009 at 04:28 PM. Reason: addition
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Old 02-05-2009, 04:30 PM   #12
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Quote:
Originally Posted by specterunseen View Post
Sad story: My ninja 250 is dead and will cost more than I owe on it to fix it. Basically a new engine. It was my only source of transportation. I don't have a car, my wife has the only one. I am paying it off within 3 months due a deal in someone interested in the mangled remains. So bye bye little ninjette.

I've been borrowing for 2-3 months a Ninja 500 from my friend who's gone to basic. I'm fastidious about caring for my bike, so the amount of squeaks and rattles it has is crazy! Anyway, I'm done with it asap, don't feel quite safe riding that thing.
.

Just curious, cause you said that you are fastidious about caring for your bike. So how did your Ninja 250 become dead??? and need a new engine??
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Old 02-05-2009, 04:33 PM   #13
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To VividKing:
You got raped man, I'm only 18 and have had my r6 for a year and have never paid more than 80 with full coverage and theft/vandalism, now the price sits at 65 a month. You got taken by the insurance company's for sure
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Old 02-05-2009, 04:36 PM   #14
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Quote:
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Im 21 and have a "full fairing crotch rocket" and pay 85 a month for full coverage, doesnt seem very insane to me. And its completely financed.
what company? and in your name??
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Old 02-05-2009, 04:40 PM   #15
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In my name got it when I was twenty brand new bike through state farm. I dont know how yall are getting these ridiculous estimates, quess you just arent shopping around.
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Old 02-05-2009, 04:58 PM   #16
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Old 02-05-2009, 05:04 PM   #17
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Old 02-05-2009, 05:09 PM   #18
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its not a bad bike but if you want to pm me your number we can talk and TRY to work something out for the katana, if you really need transportation, if not good luck my friend............
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Old 02-05-2009, 05:37 PM   #19
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Old 02-05-2009, 05:58 PM   #20
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Quote:
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I'm always amazed to see how people will finance a bike and then stunt on it and trash it.
These are toys and some poeple buy them to ride. That is all.
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