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Discussion Starter #1
I have heard different things about having to get full coverage when taking out a loan on a used bike from the bank? Can you take a loan out from the bank on a used bike and be able to get liability or do you still have to get full coverage on a used one just like on a new one?
 

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S370HSSV 0773H
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I would say that pretty much any time that you have a lien on the bike, you will have to have full coverage. It protects the lien holder (in your case, the bank) if you happen to wad the thing up after making only one payment.
 

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It generally holds true, but there are ways around it. If you have good credit with a bank you could do the lien unsecured, or put up something else as collateral. Of course if you are dealing with a big bank, this may not work. That is the glory of small banks that know their customers. A local Kawasaki dealer told me that if you finance a new bike through them, you don't have to show proof of insurance at all.
 

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Here in AZ if you take a loan greater that 2500.00 you must have full coverage. ( at least with my credit union) I think most places have some sort of limit like that.
 

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As I was saying before. You have still signed a promissory note. Just because you have totaled the bike does not mean you don't have to pay it back if there is no full coverage insurance. It makes the bank take a little more risk because you may not want to pay for something you do not have. That is where your credit comes into play. If I had someone that had a 600 credit score and wanted to finance 100% of the bike without full coverage, I would say no. If I had someone with a 750 C.S. that had 10% down, and made good money, I would do it. Even if you die in a crash, the money will come out of your estate.
 

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Discussion Starter #8
I'm just wanting to take out a loan $6000 or under on a used bike. I'm 20 years old and I am trying to establish credit using a credit card that I have had almost a year. I have a brand new truck with a $450 monthly payment thats in my dad's name which isnt helping my credit with $195 monthly insurance as well. If the truck was in my name my insurance would be twice that much so thats why its in my dads name. I'm just wondering how much more credit will I need to build to be able to go into my bank and get a personal loan by myself without a co-signer? I would love to get full coverage if i can find somewhere really cheap and a good deal..right now I just want to be able get approved for a loan. Does the bank look into things like how much you make and where u work when ur talking to them about getting a loan? Or just mainly about what kind of credit you have and how long you have had it?
 

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S370HSSV 0773H
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Did your dad cosign for your truck, or is it completely in his name? If it's cosigned then it is on your credit as well. Even if you need a cosigner to get a bike it will still help you build credit.

As far as what they look at, it's a combination of income, debts, revolving credit (which it sounds like you have very little, which is good), etc. They also look at how many times your credit report has been accessed in the last 6 months or so. Multiple requests on it can indicate that you're trying to open all kinds of credit lines. I'm not sure they so much look at where you work as they do how much you make and how long you've been there.
 

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I would highly recommend getting full coverage on your bike. If you cannot afford that, get liability, comprehensive, and medical. Collision is going to be the highest part of it. comprehensive will cover theft, which bikes are prone to, and the 2500 medical will be used in the first 24 hours following your accident, should you have one.
 

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Strength and Honor
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Vash said:
I would highly recommend getting full coverage on your bike. If you cannot afford that, get liability, comprehensive, and medical. Collision is going to be the highest part of it. comprehensive will cover theft, which bikes are prone to, and the 2500 medical will be used in the first 24 hours following your accident, should you have one.
That's kinda interesting. When looking at my insurance, I wondered if my health insurance through my employer was sufficient to cover any injury, thus negating the need for medical. Thoughts?
 

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Chances are you will have to pay deductables thru your employers health insurance.
However if your wreck is remotely serious, you will still have to use it. In my case the medical covrg from statefarm was enough to cover the emergency room visit and the MRI. being a college student at the time, I could not afford the treatment and therapy and had to go without it.
 
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