Devils Advocate Posted April 18, 2005 Report Share Posted April 18, 2005 Looking to get myself a new bike this summer, as Watching everyone riding by is enough to torture a former bike owner to death. I'm wondering what would be the best way to get a loan for the bike... Should I go to a bank and get a loan from them, or should I finance the motorcycle through the dealer, using their bank? I would almost certainly be purchasing a bike from Classic cycles (unless I find a hell of a deal on a privately owned steed), and am looking to spend no more than about 6k. Thanks in advance, guys. Quote Link to comment Share on other sites More sharing options...
AngryBMW Posted April 18, 2005 Report Share Posted April 18, 2005 Seriously, PM my dad, Kohones. This is what he's done for the past 25 years -Marc Quote Link to comment Share on other sites More sharing options...
Crash1647545504 Posted April 18, 2005 Report Share Posted April 18, 2005 When I was looking at getting a dealership bike, the main thing I looked at was there finance deals they had going on. It all depends on who is willing to give you money. I got my finance throught the bank and I ended up paying the same amount through the bank as I would of the dealership. Also if you take out a $6000 loan for a bike from the bank, walk into a dealership with that cash you can usually get a few hundred dropped off the price because you are paying them cash, insted of payments over years. Quote Link to comment Share on other sites More sharing options...
Kohones Posted April 18, 2005 Report Share Posted April 18, 2005 Saw Marc's post / Ok, here's my suggestion = 1) Dlrs typically like to do the financing because they get "participation / $$" from the lender. The days have gone by where you get better deal because you already had the cash - 2) if you have a decent established credit record, the rate the dlr gets you is normally as good as you'd get going to the Bank yourself 3) if you have limited credit history & or bruised credit history, coupled with purchasing bike / you aren't going to like the rates even if you get a left handed approval! Hope that helps -- Quote Link to comment Share on other sites More sharing options...
Orion Posted April 18, 2005 Report Share Posted April 18, 2005 try a credit union first. generally they will give you the best rate the first time, and, they are generally better about lending to people with lesser credit scores. Quote Link to comment Share on other sites More sharing options...
Devils Advocate Posted April 18, 2005 Author Report Share Posted April 18, 2005 Originally posted by Orion: try a credit union first. generally they will give you the best rate the first time, and, they are generally better about lending to people with lesser credit scores.Thanks, Honeycakes. Quote Link to comment Share on other sites More sharing options...
carl1647545492 Posted April 18, 2005 Report Share Posted April 18, 2005 2nd the Credit union. Quote Link to comment Share on other sites More sharing options...
RedRocket1647545505 Posted April 18, 2005 Report Share Posted April 18, 2005 Do a search for Universal 1 credit union. They could probably help you out. Quote Link to comment Share on other sites More sharing options...
Bam Posted April 18, 2005 Report Share Posted April 18, 2005 I got a bank loan thru Telhio last summer for 4k, my first ever loan, no money down, 6% for 30 months. I was 18 at the time w/ no credit history. 3rd for the CU Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.