Hey everyone, I sold my R6 last year summer. Now I am back with a job and looking to get back on the wheels.

I am looking to buy through private party, which means I have to go through a bank and look for a loan. Where do you guys recommand? Keep in mind that my credit score is a 720, but I don't have a long employment history since I just started 2 weeks ago. What kind of rates am I looking at?

 

I am guessing my credit union wouldn't even issue a loan without at least 6 months employment. Just checked their rate schedule - bikes are 7-8% now. Damn. I got a hell of a deal in 03 when rates were rock-bottom.

 

Talked to my bank today, they said 11.5%. Ouch.

 

I know its a bad idea but are school loans an option.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by yimmy &raquo;</TD></TR><TR><TD CLASS="quote">I know its a bad idea but are school loans an option.</TD></TR></TABLE>

Haha, I wish! Been out of school since March. However, I will be starting law school in fall of 06.

 

Are the rates lower for a personal loan? Compared to a "auto" or "motorcycle" loan?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by backlash &raquo;</TD></TR><TR><TD CLASS="quote">Are the rates lower for a personal loan? Compared to a "auto" or "motorcycle" loan?</TD></TR></TABLE>

No, they're higher because a personal loan is unsecured - the bank has no collateral if you default on the payments, thus the risk is higher. The more risk, the higher the lending rate.

It's been said before but worth saying saying again, buying a bike on finance usually isn't a good idea. Save for a few months and use cash if you can.

 

I prefer to purchase bikes outright. Nothing wrong with financing though as long as you can afford it.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ASteele2 &raquo;</TD></TR><TR><TD CLASS="quote">

No, they're higher because a personal loan is unsecured - the bank has no collateral if you default on the payments, thus the risk is higher. The more risk, the higher the lending rate.

It's been said before but worth saying saying again, buying a bike on finance usually isn't a good idea. Save for a few months and use cash if you can.</TD></TR></TABLE>

Exactly, it's all about risk involved in the loan. I work for a bank too, haha.

The reason I don't mind financing is because I only plan on keeping the bike for 6 months until school starts again. I am gonna sell it before summer ends.