Is this true? - Sportbike Forum: Sportbike Motorcycle Forums
 
LinkBack Thread Tools Display Modes
post #1 of 10 (permalink) Old 07-12-2005, 11:06 AM Thread Starter
 
Join Date: Feb 2005
Posts: 20
Is this true?

I was told by some guys that you dont have to have full coverage on a bike if you finance or take out a loan only if it's under $10,000?
bighunterjt is offline  
Sponsored Links
Advertisement
 
post #2 of 10 (permalink) Old 07-12-2005, 11:17 AM
 
Join Date: May 2005
Posts: 97
I dont knwo about that..maybe thats policy for some banks...but I know every place I went to get a loan said I needed full coverage before I could get any money
Yosh750 is offline  
post #3 of 10 (permalink) Old 07-12-2005, 11:31 AM
 
Join Date: Jul 2005
Posts: 13
Yeah. It's totally up to the institute loaning out the money. The want to cover their arses.
mdfgeg is offline  
 
post #4 of 10 (permalink) Old 07-12-2005, 11:33 AM
Registered User
 
mac020's Avatar
 
Join Date: May 2001
Location: Colorado Springs, CO USA 80908
Posts: 1,430
That's a new one for me. Unless it's a personal or a no collateral loan. (Usually at a higher interest rate by the way). Be careful, You could total the bike and still owe the money. Don't forget bankruptcy laws are getting tougher. Get something you can afford (CA$H) including insurance/gas/gear and ride the sh!t out of it

A few ccs short of a full litre.
mac020 is offline  
post #5 of 10 (permalink) Old 07-12-2005, 11:42 AM Thread Starter
 
Join Date: Feb 2005
Posts: 20
so would you say it's much easier to go in to a dealership and finance a new bike thru them instead of a loan thru a bank? Just trying to see if I would get approved by a dealership since I have had credit for about a year now with no mistakes. I filled out a request a quote online from a dealership close to me and they said they would contact me shortly.
bighunterjt is offline  
post #6 of 10 (permalink) Old 07-12-2005, 11:52 AM
 
Join Date: Jul 2005
Posts: 13
If you finance thru a dealership that gives you a purchase credit card then you don't have to have full coverage insurance on the bike because it was bought with a credit card. A lot of times the interest rates from the dealership are higher than those from a bank. I would surely look around & ask questions before you dig too deep. Insurance is outragously expensive these days.
mdfgeg is offline  
post #7 of 10 (permalink) Old 07-12-2005, 11:56 AM
Registered User
 
mac020's Avatar
 
Join Date: May 2001
Location: Colorado Springs, CO USA 80908
Posts: 1,430
I'm saying you could pay $5000 in cash for a pretty nice bike, and get liability only insurance. Save some money now and pay cash when ya come across a good deal. A brand new $10000.00 motorcycle is gonna cost ya a lot. Prolly $1500+ for interest and insurance in the first year alone!

Get an older SV-650 (according to most everyone here) and ride the $h!t out of it!

A few ccs short of a full litre.

Last edited by mac020; 07-12-2005 at 11:59 AM.
mac020 is offline  
post #8 of 10 (permalink) Old 07-12-2005, 01:47 PM
 
Join Date: Mar 2004
Posts: 8,798
My understanding is that dealerships follow the $10k no insurance rule. Not that I would recommend it. It is far too easy to total a bike.

As for interest rates, dealerships gave me a better deal than my bank (2% on the z1k, %4 on the zx10. My bank wont drop below a 9% on a brand new vehicle)



Vash is offline  
post #9 of 10 (permalink) Old 07-12-2005, 09:13 PM
 
Join Date: Jul 2005
Posts: 13
Cool. I've always had the opposite of luck. I've had as low as 4% at the bank and seen 20% from the dealership. Of course go with the cheapest!! Good Luck!
mdfgeg is offline  
post #10 of 10 (permalink) Old 07-14-2005, 07:25 AM
 
Join Date: Apr 2005
Posts: 264
Vash, You need to change banks. 9% on a new vehicle is crazy.

Also, watch the dealership rates. Often they are low for the first year, and then jump up to a high rate. Plus if you use a credit card and make a late payment, you will likely be paying in the 24% range.
psudy is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Sportbike Forum: Sportbike Motorcycle Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome