Horrible advice . You don’t waste money on a depreciating asset. That money can be invested a million ways to make you more money . That gain should easily pay your loan note .
I really appreciate this. Although this should be common sense, u sharing this creates a connection and feelings of trustworthiness with potential customers. 👍🏽
@@EDPowersports In my state, motorcycles are considered "recreational", not a mode of transportation. Mind you, I live in a state that has a lot of sunny weather. I have one auto repo on my credit (ex-wife). So, you're saying that I should give up on my dream of owning a new 🏍?
@@TheMFStudios that’s ridiculous. I agree it’s better to purchase outright but saying, “oh, they can’t save up $20k for a new bike (a toy) then they’ll never make their payments”… be realistic
@@TheMFStudios I didn’t realize we were talking about only first bikes here. In that case, I completely agree with you. A new bike for your first bike is a huge no go
Best way pay it fully because they will charge you a lot on interest , only things to buy with with interest maybe house , car or motorcycle not worth it only if you work with like Uber lift Uber eat
Get pre approval from your lender, then compare to the dealership. They will add on a point to the interest rate, without you knowing. Ask me how I know.
Buy privately, simple as that. I've bought 7 Harleys and all were bought privately. Negotiating is usual much, MUCH easier and I've never over paid or had to deal with dealership "bs extra fees" Remember Harley dealerships have been bailed out 4 times throughout history and it is for a reason. The dealerships are completely unreasonable, and they will 100% scam you, sad but true... 😅
These are stupid ass rules, educate them properly, MAKE SURE you have 20% down, and make sure that if they run your credit and come back with the down payment already there and it’s high af like mine was to let ‘em know that you will not be doing their 50% down like I did. INSTEAD suggest 20% and then if they don’t go for it they’re being greedy and want a lot of $ for you stopping in. The DOWN PAYMENT doesn’t go towards your bikes PRINCIPLE.
#5 ask for the BUY rate b4 signing any contracts. Dealers like to hold 2 points on interest rate so if u get a 5% you might get 7% if u don't know 😉
Everyones saying dont finace but ima finace anyways because that credit will look nice on my score 🤷🏽♂️
This is what I was thinking but idk if it’s worth it. Have you done it?
Well how did that go? Was it worth it for you? , im debating on doing the same
Number one rule for financing a bike:
Don’t
Why not
If you can’t afford to pay off a bike in cash, then don’t get one
Horrible advice . You don’t waste money on a depreciating asset. That money can be invested a million ways to make you more money . That gain should easily pay your loan note .
@@stadhorn7708between increased insurance cost and the interest rate of the loan, good luck making that up with investments.
@@harroop100ur saying if I can’t save 12 k then I shouldn’t get a bike?
I really appreciate this. Although this should be common sense, u sharing this creates a connection and feelings of trustworthiness with potential customers. 👍🏽
Thank you sir!
@@EDPowersports
In my state, motorcycles are considered "recreational", not a mode of transportation. Mind you, I live in a state that has a lot of sunny weather. I have one auto repo on my credit (ex-wife). So, you're saying that I should give up on my dream of owning a new 🏍?
Mines is finaced, couldnt just putright pay 18k cash. I tip my hat to anyone who can outright buy a bike though.
What type of model did you get?
how’s the insurance?
@Man-Man-223 24 has the aluminum light weight wheels heated grips akra slip on. Pretty much a white m bike but it's black
@juancxmilo less than 100 a month. Mid 30s florida living, clean driving record.
Number 5!!!! and the most important one is to have auto financing history!!!!!
I just pay 100% out right lol
Literally. If someone can't successfully save, then there is no way they can be trusted to pay the loan.
@@TheMFStudios oh I agree, I just like not having to owe anything or stress about, “What day are all my bills about to get ripped out of the account?”
@@TheMFStudios that’s ridiculous. I agree it’s better to purchase outright but saying, “oh, they can’t save up $20k for a new bike (a toy) then they’ll never make their payments”… be realistic
@@crakka5150 If it's a first bike then it shouldn't be $20k it's should be $2500-5000 A TOTALLY SAVE-ABLE AMOUNT.
@@TheMFStudios I didn’t realize we were talking about only first bikes here. In that case, I completely agree with you. A new bike for your first bike is a huge no go
Best way pay it fully because they will charge you a lot on interest , only things to buy with with interest maybe house , car or motorcycle not worth it only if you work with like Uber lift Uber eat
Number 1 rule
Never loan anything
Pay as you go
The most common sense video ever
Don’t get finances you would be better to get second hand from auction 😅
some people wanna just have a brand new bike without any reliability or maintenance issues tho, i get it
Get pre approval from your lender, then compare to the dealership. They will add on a point to the interest rate, without you knowing. Ask me how I know.
?
I have a feeling this guy has heard it all lol
What would be a good credit score if I was looking to get a gsxr 600 0 down
Where you at ? I’m looking for that 300 l rally ?
How far back do you guys check paystubs
#5 don't finance a motorcycle.
Seriously car is a different story, that is a must. Bike is a joy..
Always ask for an OTD paper over the phone so you don’t have to go to the dealership and try to sell you bullsh!t that you don’t like.
Buy privately, simple as that. I've bought 7 Harleys and all were bought privately. Negotiating is usual much, MUCH easier and I've never over paid or had to deal with dealership "bs extra fees"
Remember Harley dealerships have been bailed out 4 times throughout history and it is for a reason. The dealerships are completely unreasonable, and they will 100% scam you, sad but true... 😅
What if you don't have credit?
just put a good downy payment and you will prob get approved
Can I finance a dirt bike without insurance?
I appreciate the very useful information. I now know not to be homeless. Almost messed that one up!!!
Or.... have a friend like you! Who has plenty money!
100% true
So if I have 1k income can I finance a 2-3 k bike
Yes
3-4k a month, less than 525 credit score with 50% down? What you think about that
Lets say I have bad credit but I want to buy that 20,000 bike for the full price. Will I still be approve?
I don't think they check credit if you are buying outright. They probably don't like it but there's nothing they could do.
You don’t get approved for buying it cash so you wouldn’t build any credit just purchase a bike you don’t need while still having bad credit
What about zero down?
You can pay in cash and just avoid interest from financing all together 😅
Sure. Lets all pull out $43k out of our asses for that new HD CVO bike. Lol
Do I need a license to finance? Or it doesn’t matter
Thought u said the 1st one was most important, so is it 4th or first.
How do I know what I make a month
There is a clever little thing called a payroll...
Bruh🤦♂️
I still got approval with my bankruptcy
Yessirrrr
There’s really only 1 step to finance a bike. Do not finance a bike
I don't believe on #4 I have finance multiple vehicles at a great rate after a BK
Do u need a license or registration or permit or insurance to buy a Motorcycle??
No when you finance a bike. They will add registration fees thru dmv. It will be registered. You can buy a bike with no license. I did.
As a nomad who lives full time on the road, the homeless part killed me.
I have a home, it's just not sticks and bricks like you normal folk
#5 don't pay ADM
#6 secured financing outside the dealership
What ab no credit haven’t started it but I have a bill in my name that hasn’t been late yet 😅😅😅
I thought this is common sense
Anyone in those 4 predicaments should not be owning a motorcycle in the first place😂😂😂
These are stupid ass rules, educate them properly, MAKE SURE you have 20% down, and make sure that if they run your credit and come back with the down payment already there and it’s high af like mine was to let ‘em know that you will not be doing their 50% down like I did. INSTEAD suggest 20% and then if they don’t go for it they’re being greedy and want a lot of $ for you stopping in. The DOWN PAYMENT doesn’t go towards your bikes PRINCIPLE.
This seems like general knowledge but if you made the video that means it happens 😂😂😅😅
Most importantly be a U.S. citizen
Make sure to have your parents come co sign is the only one that matters! If you DONT have a co signer DONT WASTE YOUR TIME
Or just bring cash
@@michaelroberts5644 do u need to bring your parents if you have enough cash for the bike?
What if they are dead?! ….and your almost 40?! /s
@@darthmocap im 17
Parents? That suggestion^ wasn't really aimed towards anybody above like 22??? Uhm
bro who finances a motorcycle lol
Rule #5 dont be married😮😮😮
It’s so sad you even need to say this.
Did I forget something?
lol all of these are far self explanatory
…and unless I’m missing something, not specific to motorcycles.
What a waste of a minute
Yeah, but see, your credit score is kind of what it is…