I cannot believe the outrageous rates on bikes!!!

I was approved for 2.9% at Honda on our Element, my bank says I've got extremely strong credit, etc. etc and nobody can finance the bike for decent rates with at least 48 months as the term.

WTF?!

The Suzuki dealership said "14.x%" - no thanks.

I'm starting to get pretty frustrated with the whole process because I know I've got solid credit.

I'm starting to say "**** a bike" and just get my ******* K20A-R swap instead since nobody seems to want to finance bikes worth a ****.

Yes I know bike rates will never touch automobile rates, but 14%, 11.9%, etc. on a brand new 2005 bike is a far cry from the 2.9% and 4.9% etc. rates we were getting all day for our car.

Does anyone here know of a specific company/bank that actually knows about bikes and is willing to finance them at decent rates for a term of 48 months? 60 months?

TIA.

 

Have you tried credit unions? I've always gotten great rates from my local credit unions. You don't have to be a member to get financing, either.

 

Capitaloneautofinance.com shows a rate of 7.55% for a new bike but the minimum amount finanace is $7500. Most places have a minimum amount you have to borrow or charge a high amount because they have to make the cash somewhere.

How much are you looking to finance and why not just save some money and buy it outright? I mean, if you have the cash for a swap you must not be starting with nothing.

 

Another thought. Just finance it through whatever organization (make sure there is no PPP). Get a balance transfer w/ ZERO interest with a credit card company (Chase, Cap 1, etc). The zero % interest ranges anywhere from 6 months to 1 year. But make sure you pay off the balance during that period.

 

they usually have 3-4% for the first 24 months at the dealership then go to 12%+. if u can get it paied off by the 24 months then ur set. should be like 350-400 a month to pay it off in that time w.o a downpayment.

 

It's not all fico score.. even with stellar credit, you can have problems getting approved because of what is called debt to income ratio's.

 

get a ducati, and finance through them, my friend did and has pretty good credit he's 25 and he got 6.9 or 7.9%

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by sakums20 &raquo;</TD></TR><TR><TD CLASS="quote">get a ducati, and finance through them, my friend did and has pretty good credit he's 25 and he got 6.9 or 7.9%</TD></TR></TABLE>

werd i got 3.4% fixed for 72 months and im 20

thing about financing bikes is banks know chances of you dropping it are quite high, where's their collateral then?

 

Why not look at doing it on the Honda/Suzuki/Kawi/Yamaha card? It is a revolving line, but you can usualy get something like 4.9 or 6.9% for 4 years or so. Then it jumps up to a new rate.

Also, they dont require full coverage on that.

 

i tried capital one auto finance..

give it a shot or

eloan

 

Rules:

I want the term to be no longer than 60 months

I want to pay no more than 120-130.00 a month

No money down

My debt to income ratio isn't the hold-up either - my bank told me I could go out and buy another new car if I wanted to.

In terms of "if you can afford a swap you can afford to buy the bike" that's not entirely true. See if I was going with the K series I'd sell my B18C5 swap to cover a majority of the K swap, then take a out a loan for about half of what this motorcycle costs, so it's not a simple matter of me having a lot of cash and just wanting to finance.

 

Revolving lines of credit are the devil - I'll never buy into that again.

I'm looking for a fixed, simple interest loan that means I won't be penalized for paying it off early, the rate will be the same from beginning to end, etc.

 

Have you tried getting a personal loan through a bank or credit union? The CU where I got my car note through has pretty good rates. At least in the single digits

 

How do you expect to pay $130 max a month and no longer then 60 months with no money down? Thats at max $7800 after financing... maybe if you buy a 6500 dollar dirt bike.

Honestly, i got my bike at 21, with very low income but steller credit, 3 years $39 a month min payment, then up to 15%. I put no money down and i have been good about beating interest and only owe about 3900.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Phaze2 Mike &raquo;</TD></TR><TR><TD CLASS="quote">How do you expect to pay $130 max a month and no longer then 60 months with no money down? Thats at max $7800 after financing... maybe if you buy a 6500 dollar dirt bike. </TD></TR></TABLE>

Spot on with that one. You'd need a no interest loan on nothing over $8000 to get your wish. Good luck with that.

I see a used bike or swap in your future.

 

The revolving line the offer doesn't penalize you for paying off early or anything. In fact, some of these revolving lines you can get a fixed rate for ever. Or from 4.9% up to 7.9% over two years.

If you dont like the fact that it is revolving, just close the account once you buy the bike. That way you cant use it anymore.

 

Yup, I was in the same situations as you. I searched everywhere and got declined. Even though got approved for 5% apr for my mom's tsx the previous week. For a bike is hella hard mang! My last resort was my credit union! Now, finally got my first bike.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by B18C5-EH2 &raquo;</TD></TR><TR><TD CLASS="quote">Rules:

I want the term to be no longer than 60 months

I want to pay no more than 120-130.00 a month

No money down

My debt to income ratio isn't the hold-up either - my bank told me I could go out and buy another new car if I wanted to.

In terms of "if you can afford a swap you can afford to buy the bike" that's not entirely true. See if I was going with the K series I'd sell my B18C5 swap to cover a majority of the K swap, then take a out a loan for about half of what this motorcycle costs, so it's not a simple matter of me having a lot of cash and just wanting to finance.</TD></TR></TABLE>

I bought my 05 600 RR two months ago for $8910 OTD and with my helmet, jacket and gloves and an extended warantee for 4 extra years the grand total was $10,2XX. I financed the full amount through honda at 6.9 for the term with no penality for early payoff and my payment is just over $200 a month. If you do decide to get a bike you will have to go with State Farm insurance if you dont already have them. They require you to have automobile insurance through them to qualify for Motorcycle insurance but its worth it. Progressive wanted $5,000 a year for full coverage on just the motorcycle. State farm was just under $600 a year for the same coverage so you can guess who I went with. State farm goes by the CC of the bike and not the model thats why they are unbeatable. I hope my rambling helped some and I hope everything works out with your purchase.

 

I got 3.9% for the first 36 months, with a payment of only $39/mo. Awesome.

Dunno why you're getting screwed. I don't even have a job.

 

i was just in a yamaha dealer today they offered me 0% for 6 months. 4.9% for 2 years and 7.49% for up to 5 years.

i am not sure where you are shopping but it sounds like you need a new dealer.

not to defend the dealer but cars are mass produced and dealers will do anything to get financing and get people to buy cars.

cars are a need where bikes are purchased for fun (mostly) the liability on a bike is higher. there are not a lot of people that go out and purchase bikes. i hate to say it but the dealer need to make money somewhere

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Ross R &raquo;</TD></TR><TR><TD CLASS="quote">I got 3.9% for the first 36 months, with a payment of only $39/mo. Awesome. </TD></TR></TABLE>

You're barely even covering the interest. What is the full term of the loan? 60 months? If so your payment is gonna be like $300/month for those last two years. Granted you probably won't have your bike for more than 3 months, let alone 3 years but there's a definite downside to your situation. (In case anyone else was wondering where the catch was.)

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Apocalypse &raquo;</TD></TR><TR><TD CLASS="quote">You're barely even covering the interest. What is the full term of the loan? 60 months? If so your payment is gonna be like $300/month for those last two years. Granted you probably won't have your bike for more than 3 months, let alone 3 years but there's a definite downside to your situation. (In case anyone else was wondering where the catch was.)</TD></TR></TABLE>

In my specific case, after the 36 months is up, the monthly payment converts to a certain percentage of the remaining principal amount, not less than $75 a month.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Phaze2 Mike &raquo;</TD></TR><TR><TD CLASS="quote">How do you expect to pay $130 max a month and no longer then 60 months with no money down? Thats at max $7800 after financing... maybe if you buy a 6500 dollar dirt bike.
</TD></TR></TABLE>

Have you even read the whole topic?

The bike is $5985.00 out the door - tax, tag, title.

If someone offered say, 8.0% for 60 months then the payment would be well under $130.00 a month.

 

You live in a town known to be a mecca for used bike deals!! I've heard of numerous times where people went to Atl to buy new or used and saved a bundle.

I like my older bike and I paid cash for it. I just like to own it when I buy, no payments for me. To each his own.

I have only bought used bikes, never needed a warranty, sure as hell don't care for the interest.

Just talked to a guy two days ago and he could never afford a 929 he stumbled on a steal! Networking with people and keeping in constant contact with them will get u a deal in due time.

Another time last year I heard about an 02 Busa brand new never been titled with
30 miles on it for $7000. And two weeks ago I was telling a guy about it and he
said "I know about it a friend of mine bought it". I know people that know them but I never spoke to them about the deal beforehand

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by B18C5-EH2 &raquo;</TD></TR><TR><TD CLASS="quote">Have you even read the whole topic?

The bike is $5985.00 out the door - tax, tag, title.

If someone offered say, 8.0% for 60 months then the payment would be well under $130.00 a month. </TD></TR></TABLE>

You never said how much the bike was spanky, just that it was an '05.

8.0% for 60 months is $121.35, that's hardly well under $130/month.

If your credit and debt/income ratio are as good as you say they are, I bet you could find 8.0%. It's beginning to sound like you're looking for a silver spoon more than anything and not willing to look hard enough.