Loan for a Bike?

Burton · Apr 2, 2012

Guys,

I don't know how much longer I can go without a Buell. With a wedding coming up in August, saving up the cash has been almost impossible.

What are your experiences with loans? What kind of interest would I be looking at roughly? I am 22. I would be able to put 2k down, and probably shoot for something that was about 4k.

Any bright ideas for "get rich quick" schemes for a kid to get an extra 4 grand!? The megamillions didn't work out... [smirk]

sak1782 · Apr 2, 2012

Check with TCF, they are awesome for small loans.

Burton · Apr 2, 2012

Sweet. Do I need to be banking with them to get a loan through them? Sorry, i am an idiot when it comes to this stuff.

Scott, when/if I get a Buell, I am going to be needing a ton of help from you to help me mod the thing.

MuSh · Apr 2, 2012

Your interest rate is based on your credit score, and length of your term. The more months you finance and the poorer your score, the higher your APR will be. Some banks require a higher APR if you are buying used vs new as well, some don't. Rates can vary from 2.5% to 7% and up. It all depends on who you go with and the info above. Nobody can tell you an exact rate until they run your credit but most places give you a general range.

Banks usually have a minimum amount you must borrow as well. Some may not even finance a 2k loan.

I have mine financed through USAA. They beat Harley FSD by a few good percntage points.

Burton · Apr 2, 2012

Thanks for the information, man [up]

I wouldn't have the term more than two years. I am just hoping to stay right around 3% or better for credit, buying a used Buell. I guess we will see what I can muster up.

A lot depends on how much I get for a year-end bonus as well. My Buell hopes are riding on that..

Stevenc150 · Apr 2, 2012

If you can save $80 a week, you'd have the needed $2K in 6 mons. Don't head into a marriage with more debt, believe me it comes much faster & bigger afterwards. Save the money, this is the most expensive time of year to buy anyways. Also get a Dave Ramsey FPU packet, or PM me...

Burton · Apr 2, 2012

Yeah, I guess I am hoping to possibly pay cash. I was just thinking a small loan might help me get there quicker.

There is a better chance I will bite my tongue and wait until late in the summer/early fall and hopefully have more cash saved.

sak1782 · Apr 2, 2012

Zach, you do not need to bank with TCF to go in and apply for a loan, and they do loans for alot of the smaller dealers in the region. I used to know the MN VP of operations from the corp finance stuff I was doing, and she actually was working with Simply Sport Bikes for their financing at one point. I dont know if they ever got it through them or not, but she was talking about it. She is a motorcycle rider herself

Just go into any local TCF and see what they can help you with.

Burton · Apr 2, 2012

Thanks for the information Scott. I appreciate the help. One way or another, I am really hoping to get into an "R" during these riding months in MN.

marko138 · Apr 2, 2012

My bank is currently doing 1.49% on auto (bike included) loans up to 36 mos. 36-72 months is 2.49%

treyflee · Apr 2, 2012

On a loan that small and that short term the rate will mean very little. your 2000 loan for 2 years at 3% is 86.00 /mn at 10% it is 92.00/mn. Does the 6 bucks add up sure, but it is minimal. I do not know which state you are in, but if the state does not require ins., remember that the bank will require full coverage as they want their collateral covered.

Burton · Apr 2, 2012

Shoot, i didn't even think about the bank wanting full coverage. I am in Minnesota. I suppose the price of full coverage on the bike for a 22 year old male would be insane.

Maybe I better wait and buy cash.

CrazyTexan · Apr 2, 2012

Remember financing a bike requires full coverage insurance. Which is nice to ha e regardless, but I prefer the cheap basic and if something g happens, its out of my pocket. I actually for my parents to finance my bike @ 4% Intrest for 24 months which is what the bank was giving me. And in doing that I have the title and can save a ton on insurance. Like mby 70$ a year is what I paid.

Burton · Apr 2, 2012

Yeah, I could definitely try to convince my Dad to put the insurance under his name and I could just pay him.

netty2424 · Apr 2, 2012

Burton, sometimes the best advice is the hardest to give and receive, but Steven offered up some good advice. Given your current circumstances with major life changes, wedding, etc, I would hold off just a bit longer. Going into a marriage and adding debt can make things just a little tougher than they already will be. These bikes will be here when you're ready. Who knows, maybe EBR will have something out thats affordable and after the dust settles and you get situated into your new living situation, maybe your financial situation will be more condusive to purchasing a toy, rather than trying to extend yourself to finance one.

Get on Dave Ramseys website and spend some time there. He talks about finances, debt, and how they coexist within marriages. Good stuff.

Just advice from some dude you don't even know, so take it how you want to!

Good luck brotha! [up]

Burton · Apr 2, 2012

Netty, you always come in with awesome advice.

I am pretty set on waiting until I can buy with cash. Loaning a bike takes some of the fun out of it, especially when I know that it's not the smartest move to add debt--especially over a toy for personal pleasure.

I have just been waiting so long and working so hard and I just want it now.

BUt hey, the anticipation is have of the fun! [up]

netty2424 · Apr 2, 2012

No problem Burton! Ive made some dumb finanical decisions in the past so I'm speaking from your side of the table. Weddings are crazy expensive and always seem to blow the top off budgets people set for them.

And I know how you feel on the anticipation on getting a bike to ride! Especially being on this forum and reading all the topics discussed. For me, that would make it much harder to wait!!! Plus, if you finance a bike right now, what's going to happen as soon as you get it.............MODS! And that's what gets expensive in a hurry! If you're like many of the forum members, the project is never complete.

Stay the course my friend, it'll pay off long-term.

Burton · Apr 2, 2012

Yeah, that's exactly it. once I get it, all I am going to want to do is mod the heck out of it. And if I have payments to make, that is going to be extremely hard to do.

I guess I am getting anxious because we have the wedding expenses covered (mostly) so i am starting to feel the Buell even closer to my grasp and I want to rush the buy. But I will be patient.

GAXB9R · Apr 2, 2012

I 2nd the Dave Ramsey comment. It is worth your time and will help you if you do the plan how it is supposed to be done. My wife came to me with it and I wasn't all for it, but when I saw what it could do I was on board. Now we are debt free and saving the money.

I see it this way if I don't have the cash to buy it I don't need it. Just my opinion Im not saying to follow it to the T.

Debt[down]Owning a Buell with no payment[up]

Good Luck with marriage.

CrazyTexan · Apr 2, 2012

Going into a marriage and adding debt can make things just a little tougher than they already will be.

MAKE SURE To get her to sign a contract saying you can have one after the wedding and your stable. lol. I hear Wifes can be VERY influential lmfao. I told my g.f before I give her a ring she has to swear an oath to never ask me to get rid of my bike. And that she should buy me a second one as an engagement present.

Loan for a Bike?

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