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Discussion Starter #1
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?
 

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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
 

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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
 

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Discussion Starter #5
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.
 

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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. :cool:
 

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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!
 

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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)
 

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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!
 

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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.
 
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