How to Finance a Motorcycle - Motorcycle Financing Explained
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- เผยแพร่เมื่อ 9 ต.ค. 2017
- This is a quick video explaining how to finance a motorcycle and motorcycle financing explained. I get a lot of people interested in motorcycles that have no clue how this works or really how to go about getting set up to make payments on a bike, so I thought I would throw some info out there to help out!
Leave ANY QUESTIONS in the comment section, I am here to help!
Financing a motorcycle is not a big deal at all, most people need to do it to get the bike that they want, and I think it's important to understand how this works so you can get the best deal and lowest motorcycle payment possible! This goes along with all of the help I try to give you guys on how to buy a motorcycle, motorcycle buying tips, and just motorcycle tips in general.
We can make this part of the Ask a Motorcycle Guy series, since I get this question a lot. Hope this helps!
6 years later and this vid is still helping ppl like me :)
Yo same! I’m tryna get a ninja 400-500
w@@Weezwr
Same here, started loving bikes around 16, and working to get a bike around 18yrold
I know this video is old man, but I’m going through this now and feels great to get this input thank you man
No worries thanks for watching! I’m thinking about doing a new updated one soon
this is all bullshit I pay all my bills always on time and my credit sucks all the time no matter what. You got bad credit they'll fuck you up with 25% interest rate you got excellent credit you are rewarded with 2% apr you know what fuck all banks!!!!
@@Voltomess uhh that’s how credit works you’ve had to do screwed something in the past? Do you take out a lot of credit cards, late card payments, don’t pay your student loans, credit isn’t hard if you know what you’re doing with your finances
I have NEVER financed anything. Felt so mysterious. I really appreciated this breakdown!! Thanks! 😁
In 1978 I bought a new Ford pickup, plain for 4000.00.that and a tv have been my only purchases on-time.
Who ever disliked must didn’t get approved
It happens haha
Alex Simmons apparently bad grammar too.
😂😂😂😂😂that made my day
For sure 🤣🤣🤣
Emotional damage 😂😂😂
short, simple, and to the point! thank you so much! my family isn't really keen on financing or taking out loans on ANYTHING, so i had no clue how to do any of that for when i buy my bike or car.
Awesome video. Looking forward to getting a bike soon with this new information, so definitely appreciated.
I was on the edge of my seat the entire time, thanks bro!
This video answer my questions like I he actually heard my questions 👌🏻 very accurate info. Thanks
No worries Oscar, glad to help! Let me know if you ever have any questions that I didn't answer!
Very good and real advice thanks again for making this informative video
Man you're on a roll watching, thanks!
Appreciate you putting out both of ur finance videos!! Helped me out a ton wish u we’re in Phoenix I would come buy a bike from u ASAP! Thank you!!
Thanks bro...you made it easy for me to understand.
Thanks for your speedy response, I really appreciate your knowledge.
Now worries man, always here to help if you need anything else!
Nice vid, this summer is gonna be lit 🔥
Wow dude your really helpful I'm subbing dude !
It was the perfect video, I was looking for
This helped me a lot bro thanks👍
Thank you !! It really answer my questions !!
Any time!
Honestly this video helped so much!!! I understand a lot now
Glad to help, have a great day!
Thanks man for posting this. I'm looking to finance a part of the bike I want to purchase, my credit is excellent but I was surprise how much higher the interest for a bike is. I'm still doing my research to see what's the best interest rate and monthly payment I can get... again thanks
Awesome video. I’m looking at the Honda 450L. This is helpful.
This is great information thank you so much.
This video made me more comfortable with financing a bike.. never financed anything so this is gonna be fun. Time to go calculate my budget
Very very very informative video thanks a lot. 👍
No worries Demetrius!
You are really helpful ,thanks so much
Very helpful, thanks man 👍🏻
Glad to help any time Gareth!
Hey bud u did great. Thank u. Good job
Thank you so much man i just turned 18 and i plan on trying to get a ninja650 by next year
Nice video bro! 👍🏾
Bro great advice!! Great vid
Nice weed bro.
@@markwalker6692 lol thanks bro
bro this was so useful i appriacte this so much
This answer lowkey my question because I’m barely 17 I want to get a bike for my 18 and I don’t have so much credit thank you for this video!
Great video bro thanks
Thanks Ronnie!
Very helpful thanks man 👍👍👍👍👍
No problem Eric thanks for watching!
Good information kind sir, my credit score is kind of meh, but the dealership kept asking about a co-signer, but I did go in with the intention of not putting any money down, as I have done this with my car.
Thanks for the help
Thanks man. I am a fucking engineer and this concept felt overwhelming to me. I was googling like do I go to MY bank do I talk to them etc etc this helps SO much. A+
I was told by a motorcycle dealer that it is easier to get approved for $200k mortgage than a $5k new motorcycle. And not to bother trying if your credit is below 700.
Great video I’m planning on buying a 5k dirt bike financing
Thanks a ton man!
Thanks for your help
Alex, I have been in the mortgage finance business in the past, so I know quite a bit about financing. I think you explained things quite well for the time allotted. I am glad you mentioned credit unions (good places to go) and shady loan officers. Most people do not realize that a loan officer makes money two ways those being a percentage of the amount financed and the rate they charge(with both items the more you finance and the rate they can get from you means more money in their pocket) A good example of a bad loan officer at a dealer. many years ago, I bought a new SUV, the finance guy at the dealer wanted to charge "X" (which was an outrageous number, I told that was a crazy rate, he said you have some bad credit(I had run my own credit and it was in the low 800's, which is very good) I went to my own bank and the rate was half of "X". Another example my daughter and her friends were all buying houses, my daughter had great credit and so did her friends. The loan officer said she could buy twice the cost of the house she was buying based on credit and income she said no her friends said yes then the market crashed, her friends or spouse lost their jobs. Because her payments were low the crash did not hurt them unless they had to move to another state, they may not get the price they paid, her friends that lost jobs could no longer make the payments and lost their houses. You summed it up well make sure you can make the payment or spend less
Thanks for watching and for the feedback Joel! Yes a good or bad finance person can make all the difference, and ethics are important (I won't hire or keep a shady finance manger at my shop). Thankfully in the motorcycle business most of our lenders do not allow a rate markup or pay participation, only a couple of our lenders do, and we don't use them much. I'm all about someone getting the best rates they possibly can so that they can just focus on enjoying the ride.
I'm pretty sure dealers lie about our credit scores all the time motherfuckers I had 720 and they told me that I have 640 I mean WTF DUDE!!
@Grossmesser1 Yeah I saved some cash and bought an old bike for 7k
Smart girl, you should be proud of her. People are always too willing to be upsold.
@@Voltomesstold me I couldn't get da fo wheeler I wanted so I be put down fo grand and then he say I could get it
This video really helped me rap my head around financing a motorcycle.! Thank you Alex! I have 1 question how would I finance a bike if I have absolutely no credit?
Co-sign
Great vid
Love your video
You helped me thanks 😊
Massive help thank you so much 👍🏻 just subscribed
Thanks for this video, very informative, Coming from a corvette owner every one would ask me "How much do you pay a month" ALL The time i get asked that question, However I tell them... Its not how much I pay a month, Its all based off your credit score, If you have good credit then your payments will be lower & if your credit is bad then it will be higher, However I know how frustrating that question is... ive never financed or bought a bike before & im actually doing a lot of research on bikes right now to see what fits me & stumbled across this video, Thumbs up!!
Yes when you rich they gonna kiss your ass and give you 2% apr and when you poor with bad credit they gonna fuck you up even harder with 25%. It should be opposite for fuck sake.
i appreciate it alot man
W video thinking about getting a R7 as my 1st bike
Get a 400. Wayy better and more manageable as a first bike.
Hey man thanks so much for this video can you give me more info on financing a 2018 ninja like how should I go about it in the dealer
Just pick the bike out and they should be happy to guide you through a credit app. Then when they get your financing back have them explain everything to you, and if the terms/rates/payments all work for you then you're good to go. Feel free to send me another message with what finance terms they come back with, and I can give you an idea as to whether it's good or not
I’m looking to get my first bike this coming year a Harley fxbb and more sure if I should. Go for a 2020 and finance it straight from a Harley dealer or go to my bank which is a credit union and take a loan ? Or go for a used fxbb like 18 or 19 idk but this video def help me in the right direction thank you so much brotha and if you can help with those few ? I’m all ears all the advice helps me man thank you
I can’t wait to be on two wheels haha🤙
Sorry for the late response... I was watching Atv Financing videos and came upon yours! I like how you really answer every question asked in your comments section. I hope you got a minute to answer one more question. I am 20 years old i have finally got my hands on some credit (I have fair credit) and looking to get a atv at $6000... are my chances pretty high to finance a atv with low interest rates or get approved at by myself. Thanks Again man
all*
Hi Cristihan! On a $6000 ATV with fair credit you should be able to get approved if your local shop has good local lenders. Most people at 20 years old don't have enough credit history to get approved by a big national bank, but local banks or credit unions (at least here) will usually give you a chance with a decent cash down payment.
Give it a shot! Worst that can happen is they do not get you approved, in which case you are right back in the same place! Another good idea is to have an older relative cosign with you on this first loan so that you can build even more credit for the future.
Let me know if you have any more questions!
Great info
Thanks Chance!
Thanks so much, I was so scared
👍
Thank you!
No worries, thank you for watching!
Thanks man
I've watched a few of your videos and I notice you say "like we do" alot lol. Not saying anything bad by the way. Just wonder if I should find your shop and come there to purchase my first bike. I know I'm 36, so I'm a little late lmao. Just had to give you crap about it. Love the videos by the way. Very informative. You explain things well.
Hey thanks Just, no worries haha! If you're anywhere even remotely reasonably close enough you're always welcome to stop by. It's in the Nashville, TN area. I don't mean to make the comparison so much haha...I just try to take good care of people at my shop so I guess I would like to expect every other bike shop to do the same...
Alex Simmons I used to live in Philadelphia, TN just south of Knoxville. To bad I didn't see your videos sooner lmao. I live in Michigan now lol.
Whereabouts in Michigin are you brother? I have a buddy from Livonia and a buddy from Traverse City.
Alex Simmons Southwest Michigan. About 30 to 40 minutes south of Kalamazoo.
I want to finance my first bike I’m 20 years old I want a crf450L ~10k I don’t have much to any credit and I have 2k to put down. This video helped a lot to understand
I’m 23 looking to finance a dirtbike. I never rode before but I was recommended going with a 250 or 230. I have been building credit since 18 and make around 3 grand a month I pay around 700 in bills. I was wondering what’s a comfortable price to finance?
Thanks bro
This is good advice but you need to cover the other popular offers that BMW and Ducati offer. Low monthly payment, but a large sum is due in the end.
Hey Alex, video helped me understand more about financing on motorcycles and other things to look out for. I'm 17 and live in New Jersey. I've started saving up for an upcoming motorcycle, which I'm thinking on getting a Kawasaki Vulcan S 650, and planning on saving for about 1 year. How should I go about it in the future since I have no credit? And what other tips should you give me on money and such when it's time to pick up the bike?
Is it worth it to trade in a motorcycle to a dealer? I know you'll get way less then sell privately but saving the time and hassle is it worth it in the end or just be patient and sell private before going to dealer to get next bike? Thoughts?
You make adulting very easy 😂 thank you :)
Hi ALex ,
I am looking to finance a Honda valkyrie . I have a good credit score( 725) but i have no history of loans or any previous history of finance. do you think i will get approved for the finance and how much do you think ill be looking to pay on a monthly bases if the total price for the bike is around 12k .
Thanks for these videos , they are very helpful !! good work !
My question is can you do modifications to the bike if you still owe? Would that effect the warranty on the bike? I just got a 2020 iron 883 for my first bike...i like it as is right now and dont want to dump a ton of money into it...but i mean louder exhaust, crash bars and new windshield would be awesome...but asking for a friend
thank you
Hey Alex! Great video I’m new to the bike world and I’m looking at getting my first beginner bike.
Can I get approved with zero down for a bike?
Thx bro I’m 19 Nd bout to rc390 I bought my first car straight up wish I built credit on that 🤦🏽♂️
Buying things outright really is the best way to go and is great to do if you can, it just tends to mess you up a little if you ever really need the finance unfortunately.
Nice video, ive been looking at a bike at my local shop tagged at 2900, i have bad credit at the moment. Would 1000 minimum increase my chances of being approved? Don't want to make a bigger dent in my credit and walking away with no bike.
Great video man! I have a 680-695 credit score but I want a new gsxr 600 I have 1000 down do u think they will want more down?
Depends on how long your history is, if you have a couple years of good solid payment history you should be fine with $1000 down. If you have a good score but short history they may want more down, won't know until you try!
Dealer fees, I have a spot I want to go to but more then one yelp review says by the time they were all done the place tacked on 3k+ all dealer “make ups” that couldn’t be taken off?
Which option is best to lower the total price of new motorcycle? Cash or finance?
Nothing wrong with my credit, but I got a job that included a small van for work and personal use. I put down half cash on the bike, sold my car and paid off the rest. lucky me. But I was half broke that summer buying saddlebags, windshield, funky mirrors etc
As a 69 yo retired metal worker on a fixed income of about 25k who would set up payments (auto pay) i think I would be a safe bet for a small loan that I would pay off quickly(3000.00-1200.00 (cash)) leaves 1800.00.
9 payments of 200.00 each. Plus some interest.
Do I need full coverage motorcycle insurance?
I have a motorcycle license.and a helmet.theres a new safety product for motorcyclists. A vest that has a sensor that senses the quick change that happens in a collision and Pop goes an airbag on your chest vest. And for one hundred dollars.
Looking at CRF250Ls. How hard do you think it would be to find a 2017 model that is still new and is sitting at a dealership somewhere for a thousand less than the 2019 model....?
What would you say a monthly payment would be if I financed around 5,000-5,500 and got great credit with 0 down? Credit is like 750. In trying to get it low as possible so I dont mind the interest.
Hey Alex, how does it work if you try to finance a bike that’s sold private seller? What’s the process on that?
Hey Alex is there any lenders you personally suggest with less than great credit?
Hey man once u get pre approve with financing but still need time to decide do they need to run ur credit score again?
Thanks as well. I do have a question, Do you believe in life after love?
Hey Alex, I’m currently 17 but turning 18 in July, I plan on trying to buy a Yamaha fz09 if I can find one brand new, hoping to put a 1500-2k down on it with no credit, any idea what payments might be? I was also planning on having my mom co-sign just in case. Thanks
Question, I’m looking at a $4995 Yamaha 2015 fz09. Looking to put down $1,000 down the shop/dealer has 4.8 stars reviews. I have a credit score of 695. I’ve been building credit for 7 months now. Would you think I’ll be approved and if so the interest rate here in FL? I’m 19 years old by the way
I want to buy a new or used (low mile) Honda CBR 500 2016-2017 or higher as my first bike so it's about $4600-$6500, I have no credit history but I have $2,000. Do you think I should finance the bike, so I can get a credit score (and pay more with interest) or should I just save up more money to buy the bike in full?
People like you are the people I wanna deal with. Give it to me straight dont fuck around im looking for a cbr650r I swear if you were in Texas I'd buy from you. If you are in texas let me no asap
Unfortunately not hahaha I'm in TN, always happy to lend straight advice though
@@AlexSimmons11c I was born in clarksville TN. Thats great man. U definitely got my follow
hey Alex, I am trying to get this used motorcycle that cost around 9000. I literaly don't have anything on my credit but a car that has been charged off by my old creditor. do you think this will affect my interest rate?
This was good advice but you always want to know the financied amount. Payments get trick when you just focus on the monthly price
Yes! My wife just bought a new car that had a sticker price of 26k. Multiply your monthly payments by the amount of time financed for, and you end up paying about 30k. This is very important.
Best way to get cheap insurance on a new 1000 for newer riders?
so i'm lookin to get a yamaha r3 here in the next couple days. my credit score was 541 about a month ago. i had a cable bill due that i had no idea about. i paid that off. anyway, what kind of interest would i be looking at with that credit score with a $1,000 down payment?
I recently got approved for a co sign with my brother (who is co signing me has 730+ credit) yet, I got a 22% interest rate... that seems a bit absurd to me. Should I take my money else where?
Nothing is wrong with financing I love it cuz if u successfully do it u r trustworthy
I’m looking into a 2018 Ninja 650, the bike is listed as 7,799. I’m looking at putting 1,500 to 2,000 down. I have no credit because I’m only 18 and haven’t really needed to pay for anything up to this point. How long does it take to pay off a bike usually? Also what do you think my interest rate would look like?
Hey great video! I have a question, I want to buy a $7,999 2017-2019 Honda cbr bike but I can’t buy it, can I finance it? If so, how much would I pay monthly?
im thinking to finance a indian scout MRSP its 10k, they offer 1.9% rate. what will be best? also if I wait to winter season will be cheaper?
Good info. I might ad though don't say I can only afford “$$” and then let them stretch it to 5 or 6 years though.
So I’ve been pre approved for a 6k loan. Bike with taxes and fees is 7k out the door. I’m willing to put 1k down and finance the 6. What’s my next step? Do I got to the dealer and tell them that I’ve been pre approved?
What if you don’t have a full time job making 15$ an hour? Say you have a part time job and you rely on tips versus an actual check. Would definitely make the payments higher and less of a chance of getting approved right ?
What's the average down payment you need for a 3k bike
Hey man loved your video! My question is. I have on the lookout a 2016 yamaha r6 for $8200 (60th aniversary) i have a 720 credit score(young credit line) what do you think my interest rate will be? and what do you recommend putting down??
I usually recommend putting down 20% if you comfortably can, that way it gets your payments down a little and give you some equity in the bike starting out, all good things! With your score it will depend on how young your credit really is, but with an over 700 score if you have more than a year of history you should be fine. Try to go with a credit union if you can, but you should be well under 10% more like the 6-7% range, again depending on how long your history really is!
Alex Simmons Thank you so much for letting me know the avg interest rate!
Okay. So are the sales tax included in my monthly payments?