Anyone have motorcycle financing reccomendations?

[Jamiemac]

I found a brand new 07 FJR AE at a dealer locally at a good price. Trouble is, I haven't bought anything on credit since My last car which I paid off in 05. The dealer offered financing, but at 19%. That is just unacceptable, and could result in Me changing my mind. I'm retired and just can't afford payments approaching 200 a month. If I can find a better rate, and get My payments down closer to the century mark. I'll pull the trigger on this.

Anybody Have any financing recommendation, I would sure like to hear it. Anyone that thinks I'm going about this all wrong, I'm open to those opinions also. All options will be considered.

Thanks folks. Jamie.

 

[Gramps]

I found a brand new 07 FJR AE at a dealer locally at a good price. Trouble is, I haven't bought anything on credit since My last car which I paid off in 05. The dealer offered financing, but at 19%. That is just unacceptable, and could result in Me changing my mind. I'm retired and just can't afford payments approaching 200 a month. If I can find a better rate, and get My payments down closer to the century mark. I'll pull the trigger on this.
Anybody Have any financing recommendation, I would sure like to hear it. Anyone that thinks I'm going about this all wrong, I'm open to those opinions also. All options will be considered.

Thanks folks. Jamie.

Have you started with your bank or credit union? I did a quick check at mine & found these rates.

Click on the motorcycle tab at the top...rates are about what I expected.

 

[Scoobyvroom]

Might find that the smaller banks have better rates. Check out the ones in the boonies. I know the credit union that I've been a member of for about 13 years has alright rates. I think motorcycles where in the 5-6 range at the credit union.

 

[Denver_FJR]

I'm a bit of a saver (aka tightwad) and had some money in savings. I setup a CD at local credit union and used it as collateral for a loan that was used to purchase the bike. The CD rate sucks, but the loan rate was better than a vehicle loan and there is no lien against the bike. At the end of the loan, I will have a paid off bike and still have the CD that is making some money.

 

[charismaticmegafauna]

I found a brand new 07 FJR AE at a dealer locally at a good price. ... The dealer offered financing, but at 19%. That is just unacceptable,... If I can find a better rate, and get My payments down closer to the century mark. I'll pull the trigger on this. Anybody Have any financing recommendation, I would sure like to hear it. ... All options will be considered.

Thanks folks. Jamie.

S.O. rercently bought a new Yamaha and used Yamaha financing which is through GE Money Bank. There are different rates for different bike purchases and I think her's was 3.99% (I think there's a minimum, $5K?). Check out the Yamaha Corporate web-site for more info.

You're welcome.

 

[Jamiemac]

I'm a bit of a saver (aka tightwad) and had some money in savings. I setup a CD at local credit union and used it as collateral for a loan that was used to purchase the bike. The CD rate sucks, but the loan rate was better than a vehicle loan and there is no lien against the bike. At the end of the loan, I will have a paid off bike and still have the CD that is making some money.

Cool idea. Thanks much. Glad I made this thread.

 

[Big-D]

Depending on what state you live in, banks and credit unions tend to be very different between states on their loan rates. I actually bank with three different banks in three different states. Many motorcycle manufacturers are offing low rates on left-over prior year models, so be sure to check there first. Credit Unions are generally better on loan rates than banks and many credit unions are not members of the big three credit bureaus, so your loan may not effect your credit rating. Credit Unions fall under different rules and laws than banks and seem to have less restrictions. Although rates vary a lot, it seems obtaining a rate of 7% @ 48mos and 6% at 36mos is about the best you're find.

Now if you happen to be one of the many independent wealthy forum members, you just buy whatever you want and don't think about it. If you fall into the category of middle-class working individual, if you don't finance, you'll never have much.

 

[Jamiemac]

Checking with a local credit union has been the best so far. They offer motorcycle specific secured loans, and at a much better rate that the dealer. This just might work.

Now all I gotta do is get the Connie a new home.

 

[Happy Rider]

Cash is King. Check out some of the deals on used GEN 1 bikes that have already been farkled. Spend the money you would have paid the bank in interest on gas. Dave Ramsey has the right idea. :good:

 

[fljab]

Cash is King. Check out some of the deals on used GEN 1 bikes that have already been farkled. Spend the money you would have paid the bank in interest on gas. Dave Ramsey has the right idea. :good:

Very true, or even do a deal on a Gen II; it would be the smart thing. With that said, I bought a new '09 last fall because a) I couldn't seem to find an acceptable used bike near me (except after, then they all showed up!), and B) I like new stuff.

I had the money saved, and had a decent loan arranged from my credit union. When I went into my local dealer, I had them check on Yamaha finance just to see and they offered me a traditional loan - can't remember the rate now, but it was competitive - and a 180 day/same as cash/no interest/no payments. That's what I did, took the money I had and put it in a high interest account (which isn't much these days). I just paid if off a couple of weeks ago.

So, depending on your credit, there are a number of options; I would check on several. If you use Yamaha credit, keep that separate from the actual deal on the bike; prearranging your loan is the way to go IMO, you don't have to use it if Yamaha has something better. On bikes, I like to have at least 50% down, and even if I have it all, I still do a loan that I always pay off early, just to build credit/keep it good/high score.

YMMV, JMO, etc...

 

[Aasland]

Screw the loan. Buy a cheaper bike for cash. After being loan-free for five years you'll hate the new loan.

I used to be one of the middle-class types who financed things and used stuff which was actually owned by the banks. Then I had the epiphany that if I financed something it meant I couldn't really afford it, so I stopped financing things and then I had less stuff until I save up for things and now I have stuff again.

Besides ... if you're stretching to finance a new bike, will have enough $$$ left to farkle and travel ?

 

[Jamiemac]

Much wisdom in that last post. Thanks for the candor. I'm still on the fence. Hell, if I have to drop my Connie down to chump change to sell it, I'll just keep her. Been a good machine and I'm just wanting to upgrade, but don't have to.

 

[phroenips]

I always like seeing someone (at least considering) just paying cash and flipping the bird to the banks and their loans good job!

Also, the bike rides a lot better when it's yours

 

[guyver60]

On one bike I bought, I borrowed against my vehicle that was paid for. I got a better rate against a use vehicle than for a new bike. I am also a big fan of credit unions. At least in my case, the interest has been as good or lower than most; and they don't push the credit life insurance like some banks.