I was wondering if anyone on here that lives in Cali would know how i could work this out. i can get a steal of a deal on any brand new Honda that I want. and i mean dealer invoice or lower, but my problem is that if i buy the bike through them and finance then i will have to have full coverage insurance on the bike which is going to cost me over 1500 for 6 mo. so i was wondering if anyone had any experience taking out personal loans from either a credit union or a bank and buying the bike outright. Is there a minimum insurance that i would still have to have on the bike to meet the creditors demands? i mean i would have liability with some kind of comprehensive so i am not looking to totallynot have insurance, but i figured since it would be my secondary vehicle that if i did crash i would only need to make sure my medical bills were paid and anything that i damaged of someone elses property other than that the bike could sit while i pieced it back together.

So does anyone have any suggestions on how i can work this deal? i mean the money that i would be paying more financing through my bank or a credit union rather than honda credit would still be less than what i would be charged extra in insurance for full coverage.

Any and all suggestions and ideas are well appreciated. TIA.

 

you can try http://www.eloan.com/

basically you give them all of your info about income and all that good stuff. they look up your credit and if you get approve they will give you an apr for how much you want to borrow. lets say they give you like 10 % or something with a limit of 10k. they next day air you a blank check which you can write at the dealer. my friend financed his bike that way, so you can give it a shot. hope that helps

 

What's the insurance price difference between your full coverage and just liability w/bodily injury coverage?

Otherwise, you can buy the bike through their credit card type financing option. Then you won't need full coverage but you'll pay a high interest rate after the initial low interest promotion. Like Yamaha Financing and such.

 

Buying the bike with a personal loan means that it is yours - it is not collateral at all. You can insure it however you want.

No collateral is why personal loan rates are so high, btw.

 

A personal loan is about the only way you can go. If you get an other type of auto loan you have to have full coverage. Are you in school?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ScareyH22A &raquo;</TD></TR><TR><TD CLASS="quote">What's the insurance price difference between your full coverage and just liability w/bodily injury coverage?

Otherwise, you can buy the bike through their credit card type financing option. Then you won't need full coverage but you'll pay a high interest rate after the initial low interest promotion. Like Yamaha Financing and such.</TD></TR></TABLE>
if i get bodily injury and property, 5000 in medical payment, and a 1000 deductable on comprehensive i can get a full years coverage for 1745.

the same exact coverage except adding a 1000 deductable for collision adds 2286 dollars a year. so i would be paying 4031. there is no way i would be payin that much more in interest by going non honda for the financing.<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by yimmy &raquo;</TD></TR><TR><TD CLASS="quote">A personal loan is about the only way you can go. If you get an other type of auto loan you have to have full coverage. Are you in school? </TD></TR></TABLE>yea i was thinkin thats what the deal was. but this guy was telling me that you had to have full coverage on motorcycles here in california. i shouldnt have listened he is a moron. and no im not a student.

 

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