motorcycle payments?

[Qfactor]

guys,

As I have been looking into picking up a brand new SS and financing 60% of the OTD price.

For the guys with financing,
-What "can" you do about insurance during winter (storage) months?

-How much did your insurance increase because of comprehensive insurance?

-Did you go thru the dealership or go to a bank by yourself, got a bank check to bring to the dealership?

Any advices when buying new?
so far I have only bought 2 used bikes, a CB550 ($500) and an SV650 ($3,900). All paid in full.

any feedback is appreciated!

Q

[Awesome]

find the best rate you can and go with that. Pull the full coverage in the winter but be sure to keep theft/fire on it, don't notifiy insurance DON'T ride it without the insurance re-instated.

[benVFR]

If you can pay the loan early to reduce the interest.

You know, you come across some extra cash one month, make a double or triple payment on the loan.

[gonzo6]

Originally posted by hessogood
find the best rate you can and go with that. Pull the full coverage in the winter but be sure to keep theft/fire on it, don't notifiy insurance DON'T ride it without the insurance re-instated.

hey jay, i do the same thing,
i am guessing you have allstate...

[LiononaLeash]

make sure you find out what the dealer owns the bike for. Give them a modest profit... say 500-600 bucks over that amount.

email all the dealerships in the area with your offer and make sure they can see in the header that you have sent the email to multiple dealerships. Let them fight it out and don't haggle. Stick to your guns and you will get a great deal on a new sportbike.

One of the resources to find their cost:

www.atvprice.com

[Qfactor]

Originally posted by LiononaLeash
make sure you find out what the dealer owns the bike for. Give them a modest profit... say 500-600 bucks over that amount.

email all the dealerships in the area with your offer and make sure they can see in the header that you have sent the email to multiple dealerships. Let them fight it out and don't haggle. Stick to your guns and you will get a great deal on a new sportbike.

One of the resources to find their cost:

www.atvprice.com

thanks for the info. They ask $13 per report...

I'll do it once I make up my mind on which bike to get.

-honda 600rr
-kawa zx6r

Are there any rumors about those being replaced anytime soon?

Q

[Awesome]

Originally posted by gonzo6
hey jay, i do the same thing,
i am guessing you have allstate...

yes sir. The bike is all payed off now but i still do the same thing.

[highsider]

Originally posted by Qfactor
thanks for the info. They ask $13 per report...

I'll do it once I make up my mind on which bike to get.

-honda 600rr
-kawa zx6r

Are there any rumors about those being replaced anytime soon?

Q

Wrong question - they'll both be replaced in the very near future because they are 600cc SS bikes.

[kmobrien76]

For my Warrior, I shopped 4 dealers,

AC wasn't interested in my trade ('03 R1 in July), really wanted to buy from them and I think he would have done the deal I wanted when it came down to it but he sold the bike a few days before I called back. They don't sell a lot of used sportbikes there so I understood unless they could take it in cheap then they wouldn't take it in.

PC was a little aggressive and wanted my bike for the day to appraise it which I thought was very unconvienant and a bit of BS...

Local dealer, SS, good but my business went to the farthest dealer out of the 4 from my home, Cycles128, called ahead, confirmed bike was in stock, brought my title and a blank check, made the offer, he countered, we made a deal $1,000.00 better then my local dealer and 10 times more efficiently then PC dealer.

If you're trading a sportbike I highly recommend Cycles128, they had a bunch of them for sale and don't blink at giving good trade values for them.

Bottom line, find the bike you want, go to a few places over a week's time period and you'll get a great deal at a fair price, I wouldn't be concerned at what the "invoice" is or on a used bike "what they own it for" the dealer deserves to make a fair profit on the bike...

[BostonSVkid]

Q I am from Waltham and you can NOT pull the isurance down to fire and theft unless you turn in your registration. Check wiht you insurance company. They wouldnt let me pull my insurance till i turned in my plate and proved it to them.

[gonzo6]

yea,
the answer to this post would really depend on where you live and who you carry for ins...

[Qfactor]

Somerville, MA

Safety Insurance

how soon will they be replaced? less than 2years or less than 5years?

I am not trading in my SV, I'll either keep it or sell it privately.

Q

[beet]

dont finance keep what ya got till you have the bread ........
after ya finance the price of a bike goes way up .

[Qfactor]

Originally posted by beet
dont finance keep what ya got till you have the bread ........
after ya finance the price of a bike goes way up .

wtf are you talking about? how does financing affect the price of the bike?

please explain what kinda of financing you get?

Q

[beet]

where do you get free financing
is a better ?

[sahd03]

beet doesn't mean the sale price goes up.... he means that when you finance a $5000 bike at XX%, the interest you pay over the life of the loan effectively means you are paying more than $5k for the bike.

Just like a mortgage on a house or any other loan... unless you have 0% financing, in which case you end up paying exactly what the bike is worth.

[beet]

Originally posted by sahd03
beet doesn't mean the sale price goes up.... he means that when you finance a $5000 bike at XX%, the interest you pay over the life of the loan effectively means you are paying more than $5k for the bike.

Just like a mortgage on a house or any other loan... unless you have 0% financing, in which case you end up paying exactly what the bike is worth.

= price of bike .
ive never seen 0% on a bike loan but i may have missed it
bikes are the hardest thing 2 get a loan for ...
even if you 2nd mortgage your going 2 pay for it ....

[Qfactor]

Originally posted by sahd03
beet doesn't mean the sale price goes up.... he means that when you finance a $5000 bike at XX%, the interest you pay over the life of the loan effectively means you are paying more than $5k for the bike.

Just like a mortgage on a house or any other loan... unless you have 0% financing, in which case you end up paying exactly what the bike is worth.

Oh ok, I get it. I thought you meant that the OTD price on the bikes were different than whether or not you finance.

I know you pay more when you finance.

Is it better to save for 5 years and then buy the bike out right, 5 years from now.
OR
Is it better to loan it now and pay for it while you ride it, and pay $1K extra for the loan...?

Q

[slaps76]

[i]Is it better to save for 5 years and then buy the bike out right, 5 years from now.
OR
Is it better to loan it now and pay for it while you ride it, and pay $1K extra for the loan...?Q [/B]

That's up to you. Do you want to wait to save the cash for the bike you want, or do you want to buy now(finance), to have what you want knowing you'll pay extra in the long run? It's obviously "better" from a financial aspect to pay cash, but financing can also be easier and help get what you want sooner.

[sahd03]

Q, I'm in the same boat as you. Bikeless, I assume. I'm very tempted to just go out and buy another one and finance it. BUt you know what? It's an expensive toy that isn't required to sustain life... happiness, yes; life, no. I personally can't justify paying extra cash for something that I don't absolutely NEED. But I also have a house, car payments, a baby and a love of vacations. I have decided to save and suck up the bikeless part for a summer or two... three if need be. Then I buy it outright and all it cost me is a bit of ego and a few corners - which with $1000 I didn't spend on financing, I can make up for the lost corners with a few track days or buy new gear or maybe buy a nicer bike than I would right now.... The decision is yours, depends on YOUR priorities and YOUR other responsibilities.

[beet]

that has all the above + a scum bag sister who is leeching
of our mother . & taxes. i'm sure i will have 2 pay the bill for my mother that my sister racked up . or lose my moms house

[ZX-12R]

Let's run the numbers. Since you are financing a relatively small amount, total interest won't be a huge issue. First let's assume you are buying a $10,000 motorcycle. Since you are putting down 40% you will be financing a total of $6,000. Just doing a quick search, I've found a couple of credit unions that are giving a 5.6% rate on new vehicles on a 3 year loan. For the sake of argument, let's say the rate is 6%.

Over 3 years you will be paying about $183 a month and when the loan ends you will have paid about $570 in interest.

4 years = about $140 a month and $764 in interest.

5 years = about $116 a month and $960 in interest.

If you can afford to go the 3 year route, $570 is not bad at all. Consider it an investment in your credit score.

[ancosta]

Get a 0% credit card and pay that way if you cannot find a close to 0% loan on the bike. Don't do this if you will consume > 25% of your total available revolving credit or you will drop your FICO score substantially.

If this is not feasible - be sure not to discuss payment options until you have negotiated a price in writing for the bike. Otherwise dealers will try and use smoke & mirrors to make "low easy payments" seem to be all but too good to be true.

You can get copies of your credit report for free in MA; you really need a copy of your FICO score, if you get either the Experian or the Equifax you are fine.

Want the score for free? Eloan will give you your score when you try to pre-qualify for a mortgage. There's no obligation and it's free. Going in armed with your score lets you know what kind of a deal you are really qualify for.