Advice on buying??

TerraNick23 · 01-16-2013, 08:27 AM

Hello all, I am in the process of selling my 990 Superduke, which is posted up in the "Flea Market". But I am trying to buy a 690 Enduro R. All the bikes I have seen either on the internet or on this forum, even though used, are still within about a $1000 of a new model. Now many of these bikes have some tasteful mods made... but in my position money is money. Either way I would probably have to finance some money to get the bike of my dreams and quite possibly one of my last bikes ever. It seems to just do it all.

My question is have many of you financed bikes? is it a sound decision financially? I am on a steady income and can definitely afford the monthly payments. But I heard if your financing bikes you have to pay for full coverage with your insurance... is this true? Any 690 owners out there care to let us know how much insurance is really running you?

I am really just looking to see if any of you know any really good financing plans that maybe out there. Wells fargo? Regions? The dealership?

Thanks in advance to all

phoenixdoglover · 01-16-2013, 08:38 AM

Well, I think the real good financing deal is the one with the lowest rate (APR). I bought a Suzuki new and financed it; at 2.9% APR, the finance charges were really minimal. And I normally go for good insurance coverage, so that was not an issue. However, if you are financing a used bike, it is likely rates will be much higher, and choice of finance companies more limited. I recall seeing rates 3 or 4 points higher than the promo rates on new bikes.

wsmc831 · 01-16-2013, 08:49 AM

I financed my Enduro because I didn't want to sell another bike, and I work for a major bank so funding is easy and will be paid off in under a year. I also had a tough time finding an enduro and ended up buying one 1000 miles away. I think it added about 250 a year to my 690 Duke policy, full coverage, fairly high dollar amount coverage. It's not a sound financial decision, but then no motorcycle is. Won't be a good move to buy a 500exc in a couple months, but life is short :-)

TerraNick23 · 01-16-2013, 09:39 AM

^^^thats correct. My GF is super pissed I am even talking about financing. But thats cause she wants a ring and a house. All the married guys say to get all your toys before you do that, so thats what i am trying to do. Life is too short to always think about buying some thing. Just buy it and love it.

I am shopping all banks and will exhaust all my options, but right now buying a new bike, atleast with a 690 Enduro, seems to be the best plan of action. Atleast if I ever HAVE to sell it, I know they have good resale value. lol

TerraNick23 · 01-16-2013, 09:49 AM

Quote:

Originally Posted by wsmc831

I financed my Enduro because I didn't want to sell another bike, and I work for a major bank so funding is easy and will be paid off in under a year. I also had a tough time finding an enduro and ended up buying one 1000 miles away. I think it added about 250 a year to my 690 Duke policy, full coverage, fairly high dollar amount coverage. It's not a sound financial decision, but then no motorcycle is. Won't be a good move to buy a 500exc in a couple months, but life is short :-)

BTW how much is your full coverage running you?

wsmc831 · 01-16-2013, 09:52 AM

Ha! Just wait until you get older like me (43), are getting divorced, selling your second home and moving to a much cheaper area. New 500, gsxr track bike...or whatever I want actually. Not hearing 'NO' is a wonderful thing

She's right though, don't really want to add debt before buying your first house. Just wait until you close escrow, THEN buy something.

but yea, you have to get married before you can get divorced and buy more toys...lol.

wsmc831 · 01-16-2013, 09:55 AM

Quote:

Originally Posted by Lifeon2Wheels

BTW how much is your full coverage running you?

One policy for both 690's, less than 500 a year total. Full coverage.

Hesaid · 01-16-2013, 11:53 AM

Geez, I bought bikes just so I could finance something.

I didn't really have anything else in the way of debt/credit, so I wanted something to keep my credit score/history in good shape. I was going to finance a trailer I bought, but that ended up being too much of a hassle since I was buying it out of state. So another year went by with my credit stagnating...

What was I to do?

Luckily I was able to work with a credit union we deal with here at work, and they were able to help me out. Otherwise, I'm not sure what I'd have had to do. Maybe a boat?

MV

zxrider11 · 01-16-2013, 03:24 PM

KTM offers factory financing.

Last time I checked:

2.9% for 24 month
3.9% for 36 month
4.9% for 48 month
6.9% for 60 month

I pay $400 per year for full coverage insurance, $500 deductibles for my 2012 690R

TerraNick23 · 01-16-2013, 07:25 PM

awesome. ktms factory plan looks pretty good. thanks for the info.

01-16-2013, 08:27 AM	#1
TerraNick23 ^OP Adventurer Joined: Jan 2013 Oddometer: 16	Advice on buying?? Hello all, I am in the process of selling my 990 Superduke, which is posted up in the "Flea Market". But I am trying to buy a 690 Enduro R. All the bikes I have seen either on the internet or on this forum, even though used, are still within about a $1000 of a new model. Now many of these bikes have some tasteful mods made... but in my position money is money. Either way I would probably have to finance some money to get the bike of my dreams and quite possibly one of my last bikes ever. It seems to just do it all. My question is have many of you financed bikes? is it a sound decision financially? I am on a steady income and can definitely afford the monthly payments. But I heard if your financing bikes you have to pay for full coverage with your insurance... is this true? Any 690 owners out there care to let us know how much insurance is really running you? I am really just looking to see if any of you know any really good financing plans that maybe out there. Wells fargo? Regions? The dealership? Thanks in advance to all

01-16-2013, 08:38 AM	#2
phoenixdoglover Where to next? Joined: May 2010 Location: Muscat, Sultanate of Oman Oddometer: 86	Financing Well, I think the real good financing deal is the one with the lowest rate (APR). I bought a Suzuki new and financed it; at 2.9% APR, the finance charges were really minimal. And I normally go for good insurance coverage, so that was not an issue. However, if you are financing a used bike, it is likely rates will be much higher, and choice of finance companies more limited. I recall seeing rates 3 or 4 points higher than the promo rates on new bikes. __________________ 2009 KLR650 2009 Suzuki C50T 2011 Moto Guzzi Stelvio NTX

01-16-2013, 08:49 AM	#3
wsmc831 Gnarly Adventurer Joined: Jan 2006 Location: Los Gatos Mountains Oddometer: 204	I financed my Enduro because I didn't want to sell another bike, and I work for a major bank so funding is easy and will be paid off in under a year. I also had a tough time finding an enduro and ended up buying one 1000 miles away. I think it added about 250 a year to my 690 Duke policy, full coverage, fairly high dollar amount coverage. It's not a sound financial decision, but then no motorcycle is. Won't be a good move to buy a 500exc in a couple months, but life is short :-) __________________ 1997 TL1000S 2002 Ktm 300Mxc, 2008 Ktm 690 Duke, 2008 Ktm 530 Xcrw, 2010 Ktm 690 Enduro R 20+ years, 100k+ miles, 15 state's, 5 Countries, 3 years on asphault looking for the checkered flag, 7 dirt trying to stay on my minute.

01-16-2013, 09:52 AM	#6
wsmc831 Gnarly Adventurer Joined: Jan 2006 Location: Los Gatos Mountains Oddometer: 204	Ha! Just wait until you get older like me (43), are getting divorced, selling your second home and moving to a much cheaper area. New 500, gsxr track bike...or whatever I want actually. Not hearing 'NO' is a wonderful thing She's right though, don't really want to add debt before buying your first house. Just wait until you close escrow, THEN buy something. but yea, you have to get married before you can get divorced and buy more toys...lol. __________________ 1997 TL1000S 2002 Ktm 300Mxc, 2008 Ktm 690 Duke, 2008 Ktm 530 Xcrw, 2010 Ktm 690 Enduro R 20+ years, 100k+ miles, 15 state's, 5 Countries, 3 years on asphault looking for the checkered flag, 7 dirt trying to stay on my minute.

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01-16-2013, 09:39 AM	#4
TerraNick23 ^OP Adventurer Joined: Jan 2013 Oddometer: 16	^^^thats correct. My GF is super pissed I am even talking about financing. But thats cause she wants a ring and a house. All the married guys say to get all your toys before you do that, so thats what i am trying to do. Life is too short to always think about buying some thing. Just buy it and love it. I am shopping all banks and will exhaust all my options, but right now buying a new bike, atleast with a 690 Enduro, seems to be the best plan of action. Atleast if I ever HAVE to sell it, I know they have good resale value. lol

01-16-2013, 11:53 AM	#8
Hesaid Gnarly Adventurer Joined: Dec 2012 Location: Central CA Oddometer: 131	Geez, I bought bikes just so I could finance something. I didn't really have anything else in the way of debt/credit, so I wanted something to keep my credit score/history in good shape. I was going to finance a trailer I bought, but that ended up being too much of a hassle since I was buying it out of state. So another year went by with my credit stagnating... What was I to do? Luckily I was able to work with a credit union we deal with here at work, and they were able to help me out. Otherwise, I'm not sure what I'd have had to do. Maybe a boat? MV

01-16-2013, 03:24 PM	#9
zxrider11 Gnarly Adventurer Joined: Jan 2010 Location: West Michigan Oddometer: 112	KTM offers factory financing. Last time I checked: 2.9% for 24 month 3.9% for 36 month 4.9% for 48 month 6.9% for 60 month I pay $400 per year for full coverage insurance, $500 deductibles for my 2012 690R

01-16-2013, 07:25 PM	#10
TerraNick23 ^OP Adventurer Joined: Jan 2013 Oddometer: 16	awesome. ktms factory plan looks pretty good. thanks for the info.