I wanna buy a new bike. I was wondering what your opinions of taking a loan would be. Like a 60.00 dollar a month? is that good or bad. Can i sell a bike in the middle of a loan? and what is good apr financing stuff. whjat are your experinece with getting loans.
Buying a new bike
- Thread starter maxkiks77
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gwcrim
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- Oct 3, 2002
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Personally, I wouldn't finance a dirtbike. Or at least not much of one. If you can pay it off in a couple of years, that's one thing. But to take a 4-5 year loan on one would be foolish IMO.
Sure you can sell one out of the loan but if you don't get as much as you owe on it, you are, as they say, upside down.
Sure you can sell one out of the loan but if you don't get as much as you owe on it, you are, as they say, upside down.
Yeah, I would not finace a dirt bike uless you just dont have all the scratch. Best thing to do is put as much as you can down, and pay it off as quick as possible. Stealerships will nail you with like %18 interest, wich is bad. Dont get stuck in debt when your young, wait a year, put that years worth of savings down on the bike or, better yet, buy one that is a year old with lots of mods for less $$$. Lots of dealers re-sell thier soponsered race guys last years bike on thier used bike floor and will also finance them.
Also, if you dont plan to MX race, trail bikes hold thier value much better. Bikes like TTR's and XR's. Belive it or not, probably the best resale value dirt bikes out there are kids dirt bikes like PW 50s and XR 50's. Not that your going to get one of those, but the lesson is family bikes have great re-sale since guys look for them for thier wifes, or kids getting into riding.
Also, if you dont plan to MX race, trail bikes hold thier value much better. Bikes like TTR's and XR's. Belive it or not, probably the best resale value dirt bikes out there are kids dirt bikes like PW 50s and XR 50's. Not that your going to get one of those, but the lesson is family bikes have great re-sale since guys look for them for thier wifes, or kids getting into riding.
Moto Squid
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- Jul 22, 2002
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I financed my 04 crf. I also technically financed my 02 cr but that was one of those 90 day deals with no payments, no interest and I payed it off at the end of that period. Back to my 04, I financed 3500 and got ~9% interest rate through honda. I did 3 years at $107 monthly payment but have been doing $200 lately. Don't go for those super low monthly payments and don't drag it out for 5 years or something stupid...they don't even give you the vaseline to go along with those interest rates :uh:
- Dec 19, 2002
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I did it, I'm still paying and won't do it again. My intresest was at 6% and now it's up to 18.5%. I have that loan through Honda. I'm being charged a daily interest rate of 35cents, and then a "periodic" charge of $55. So if I send them $150, only $100 goes toward the balance. My cousin got a loan through the credit union, with a fixed rate of 7%. I also only paid the minimum for the first year and a half...so all of that interest showed up. I've decided that from now on I'm buying bikes w/cash only. That's how I bought my street bike.
I bought two bikes last year on credit a KX125 and a KX250. Both bikes for $8400 3.9% for 3 years.
The secret is to pay the loan in 3 years. If you only pay the minimum, it really only covers the interest.
Use a loan calculator to figure out the actual amount needed to finish in the "promotional period".
Pay a little more just to be sure. A new 125 should cost about $150 a month.
The secret is to pay the loan in 3 years. If you only pay the minimum, it really only covers the interest.
Use a loan calculator to figure out the actual amount needed to finish in the "promotional period".
Pay a little more just to be sure. A new 125 should cost about $150 a month.
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