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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
financing prices plus more?
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[QUOTE="biglou, post: 145687"] Moo-I don't know if you can get a rate close to this, but my bank (a small town bank) has secured loan rates of 8.9%. Unsecured rate is 14%. "Secured" means that the bank will want to know exactly what you are going to do with the loan money. "Unsecured" means they won't have to know, but you will be paying a higher interest rate. If you get a secured loan for the bike you will have to register it and have it insured. The bank will be on the title as a lien holder. That way if it is stolen or destroyed, the bank will get their money back for the balance of what is owed on it, since they will have a lien on it. The remainder of the payoff would go to you. Keep that in mind. For me, the insurance amount is minimal. But it varies quite a bit from area to area. There will more than likely be a "small" charge just for the bank to write the loan, roughly $50 or so. And once you register it, you will have to pay sales tax (in Missouri, you only pay for the "Trade difference". IE: you sell your bike for $2000 and buy a $5000 bike, you only owe sales tax on the difference of $3000. That may or may not be true for your state.) And you will be responsible for paying a yearly "Property Tax", which should be minimal. When that is paid also varies from state to state. My guess is that you will need about $500-600 on top of what you are buying the bike for to get rolling. Most banks will add that amount to the loan, especially if you are buying new. They will generally loan up to 90-95% of the value of the bike/car/whatever. Keep in mind that this will raise your payments over just financing the cost of the bike. For two years it should raise it around $25-30 a month. Is your dad willing to cosign for you? This is a good way to build credit for yourself and also to take advantage of your dad's (hopefully) good credit rating. Once it's paid off, you will have that as a reference for the future, when you may want to finance another bike, or a car, etc. When you are first starting out, there will always be some expense that you had no idea about. Your dad should be able to lay everything out for you and give you a pretty good guess as to what the costs are. And shop around at different dealers to get your best price. Good luck!:) [/QUOTE]
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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
financing prices plus more?
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