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Old 12-21-2014, 12:59 PM   #1
srelegante OP
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Used motorcycle loans

Anyone have a source for used bike loans they can recommend?

I am top tier credit wise, and just kicking around some ideas.

If possible, was hoping for 1.99-2.99 area.

Maybe a pipe dream, but worth the question.

Thanks guys!

SE
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Old 12-21-2014, 03:10 PM   #2
NikonsAndVStroms
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Check with your local credit unions, mine is a local (MA) military one and their used vehicle rate is 2.19 for up to 120% of the value of the vehicle for up to 84 months (I did a uick WTF!? when I read that. I thought my 66 month loan was long).
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Old 12-21-2014, 04:01 PM   #3
spagthorpe
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In before a bunch of guys tell you never to finance a toy, and if you can't afford to pay cash for it, you can't afford it, etc. Fuck em.
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Old 12-21-2014, 05:43 PM   #4
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^^^^^^^^^^^^

True.........it is a free country and your free to fuckup your financial situation........banks love guys willing to pay for anything over 84 months on 120% of value ..........just don't bitch when your upside down after 48 months
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Old 12-21-2014, 06:15 PM   #5
trailer Rails
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Quote:
Originally Posted by spagthorpe View Post
In before a bunch of guys tell you never to finance a toy, and if you can't afford to pay cash for it, you can't afford it, etc. Fuck em.
I used to be in that camp, but I just bought a new bike with a credit card. Could not pass up 0% for 18 months. I'll pay it off well before then. I could have paid for it with cash but if someone is gonna give me free money, why not?
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Old 12-21-2014, 06:27 PM   #6
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Credit Unions seem to have good rates this time of year and often have good vehicle rates all the time. They often run specials. If the vehicle meets certain requirements, the rate can be even lower.
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Old 12-21-2014, 09:29 PM   #7
broncobowsher
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I bought one on a credit card years ago back when interest rates were nothing. I actually bounced it off 3 or 4 different cards that had free or nearly free balance transfers. I doubt I paid $50 in financing it over a couple of years. And I wasn't financing a toy, I was financing a daily driver. Those days are gone.

Before looking for special financing I would start with the simple stuff first. Have you tried your bank yet? Call up the credit card in your wallet, tell them what you want to do and if they will make you any special offers. It can be amazing how well they will work with you in order to get business. Also don't be surprised if they offer some hideous terms as well. Few minutes on the phone (or in person at the local bank) would be my starting point.
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Old 12-22-2014, 03:35 PM   #8
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Like Nikons said, go to your local Credit Union. The banks will F' you pretty hard on interest rates. Most credit Unions will either do a loan on the bike if it's a certain year or newer and if it's older most credit unions will have reasonable rates on a Signature Loan (sometimes called an "unsecured loan").

I've borrowed money once to buy a bike through a Credit Union, I'm pretty sure it was an unsecured loan with a 24 month repayment at around 4% interest rate or so back in 2008 or 9 on a Vstrom 1000. Financed a truck through that same CU for 2.9% a year or 2 later. Most banks can't even get close to CU rates.

People finance bikes all the time even used ones. More new bikes get financed for sure because of teaser rates offered by the manufacturers. You'll see 1.9% advertised for new bikes but that rate usually only lasts for a year or less and then the interest rate will balloon up to 12% or higher.
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Old 12-22-2014, 03:43 PM   #9
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Originally Posted by showkey View Post
^^^^^^^^^^^^

True.........it is a free country and your free to fuckup your financial situation........banks love guys willing to pay for anything over 84 months on 120% of value ..........just don't bitch when your upside down after 48 months
Yeah ask Harley financial how that shit was working out in '09 Nobody was working and turning bikes back like wildfire. To turn their ass around they cut that type of lending out, paid the former owners of MV to take it back, and gave Erik the shaft.

Their stock hit $14.00/share and I bought $5000.00 worth, wish I'd have had the $$$ to buy 100 times that now that it's $65.00/share.

To the OP, if you're top tier credit score wise and own a home get a home equity line of credit and float it that way, plus the interest is deductible.
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Old 12-22-2014, 07:13 PM   #10
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I have a line of credit with my credit union against a rental property. I use it for all kinds of things. So a line of credit against your house is best. The interest rate is the best you can get, anywhere (at the moment) and it is tax deductible making it a very sweet deal. I have even used it to buy stuff for resale. so paid ~3% for the money, bought an asset, sold the asset a couple month later at 25% return, wrote off the interest, total cost of loan, Almost nothing. You used their money to make money, lowered your taxes, and made money. Win-Win. So use it for your bike purchase, write it off your (way too high) taxes. You could see an effective interest rate of something less than 2%.
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Old 12-23-2014, 05:25 AM   #11
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Originally Posted by oldmanb777 View Post
I have a line of credit with my credit union against a rental property. I use it for all kinds of things. So a line of credit against your house is best. The interest rate is the best you can get, anywhere (at the moment) and it is tax deductible making it a very sweet deal. I have even used it to buy stuff for resale. so paid ~3% for the money, bought an asset, sold the asset a couple month later at 25% return, wrote off the interest, total cost of loan, Almost nothing. You used their money to make money, lowered your taxes, and made money. Win-Win. So use it for your bike purchase, write it off your (way too high) taxes. You could see an effective interest rate of something less than 2%.
That's all fine mathematically and in your case all you're risking is a rental property but ask the people who lost their homes in 2006-2008 about the wisdom of buying toys using your primary residence as collateral. Shit happens. Jobs get lost. Imagine looking your wife and kids in the eye and explaining how you just lost your house trying to save a few percentage points on a small dollar loan. I'm in the "pay cash for toys" camp, but if you're bent on borrowing money at least don't risk the roof over your head for it. Who cares if the an unsecured loan is a few percentage points higher? Over the course of a couple years that doesn't add up to much in real dollars. Certainly not enough to risk your house over. Think of the few hundred dollars extra as insurance against losing your home.
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Old 12-23-2014, 06:09 AM   #12
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^^^ agreed, even though I'm the first one that threw it out there.

To use the line I would not use it for something I couldn't pay off to prevent foreclosure. I borrow money to keep from using my own. Yeah, that usually occurs as a cost, but I keep my cash.
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Old 12-23-2014, 06:40 AM   #13
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I have above average credit and looked into getting loans everywhere I could think of....everyone offered me loans for 14 to 18% interest on like $4500......I eventually decided to sell off some other hobbies to go towards a used bike and refinanced my truck tagging on an extra $3000 which I took out as cash for a bike. The interest rate increased slightly, but the number of months remained the same. Basically my truck payment went up $60 more per month to have the $3k.....butttt at least now I can buy something as soon as I come across what I want. Sure I'll pay interest in the end, but at least I will be able to do it NOWWW and ride into the sunset! life is short
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Old 12-23-2014, 07:15 AM   #14
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^^^^^^^^^^^....Punkin understands risk...
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Old 12-23-2014, 09:39 AM   #15
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Originally Posted by Bobk0 View Post
I have above average credit and looked into getting loans everywhere I could think of....everyone offered me loans for 14 to 18% interest on like $4500......
Spread out over how long? That seems super high! I haven't had a loan over 4% in years; but I generally don't sign up for a repayment period of longer than 3 years.
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