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Discussion Starter #1 (Edited)
I am getting ready to pull the trigger on a new bike; and would like some input on financing.

Does anyone have any recommendations on where to get a good rate on a new bike? Preferably a TX lender.

Have you financed lately? What was your rate?

I know a lot of people are going to post; that they do not take loans on bikes! Good for you! :)

Scott
 

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I put down about 1/2 on my last new bike, the rest I borrowed at 4% from the local Credit Union where I do my banking.

Presuming the dealer or Kawi don't have any no/low interest stuff going on at this time?
 

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Discussion Starter #3
I put down about 1/2 on my last new bike, the rest I borrowed at 4% from the local Credit Union where I do my banking.

Presuming the dealer or Kawi don't have any no/low interest stuff going on at this time?
Thanks Who,

I plan on a financing about 8k.
The Kaw incentives are (either/or) currently and I will benefit more taking the cash.
My credit union's rate on bikes right now is about 7%; I am sure I can get better; If I shop around.
 

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When I got my V2K back in April I borrowed a little over 6K and I got a 9.?? from a local bank. But my credit is still suffering from some financial hardships from years ago. The Branch Manager/Loan Officer is related to me and he has been helping me rebuild credit. Right now the going trend here with local banks are if you don't have plenty of down payment money or you have unrealistically good credit they do not want to lend on "Toys" as they put it. I wish you luck in getting your new bike. What are you looking at getting?
 

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You could try your luck at the local casino too :p
 

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Discussion Starter #6
When I got my V2K back in April I borrowed a little over 6K and I got a 9.?? from a local bank. But my credit is still suffering from some financial hardships from years ago. The Branch Manager/Loan Officer is related to me and he has been helping me rebuild credit. Right now the going trend here with local banks are if you don't have plenty of down payment money or you have unrealistically good credit they do not want to lend on "Toys" as they put it. I wish you luck in getting your new bike. What are you looking at getting?
SWVA,
I have seen those rates too; some lenders do not want to lend money for "Toys". I work with a guy that just financed a HD @ almost 20%!!:eek:

Keep at building your credit; it WILL pay off. Several years back I had ruined mine.

I do plan on putting more than half down trade+cash; and I do have VERY good credit.:)

I have a white 2012 Voyager picked out!


@RBS2; if I spent any time in those casino's I wouldn't have the money or the credit to buy!:p

Scott
 

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I have a white 2012 Voyager picked out!
Those are nice looking bikes. I think they have a good mix of aggressive lines and the white and beige gives it a touch of class.
 

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Scott,

A quick google search and I found First National Bank Texas wants 10% down and 7.69% interest rate for a min of 30 months. It seems to me that with a larger down payment, that you plan on, you should be able to shop around a little. I understand wantting to use a local bank, but maybe you'll find better rates some where else.

I would try to make the dealer work for me too. After all hey get a cut of the loan also good luck. I hope you post pics of your new ride.

Ron
 

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Discussion Starter #9
Scott,

A quick google search and I found First National Bank Texas wants 10% down and 7.69% interest rate for a min of 30 months. It seems to me that with a larger down payment, that you plan on, you should be able to shop around a little. I understand wantting to use a local bank, but maybe you'll find better rates some where else.

I would try to make the dealer work for me too. After all hey get a cut of the loan also good luck. I hope you post pics of your new ride.

Ron
Hey Ron,
I don't really care if they are based in TX; as long as they do business here.
I have seen a couple of lenders that don't.

I am just, a little suprised at how many big banks either do not make motorcycle loans, or charge inflated rates.

The dealer I am using is kind of small, the only lender they use is Ma Kaw, and it looks like they are going to low ball me on my trade in. I may be waiting a couple more weeks to get it after all.


Scott
 

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what ever you do don't use capital one .if you get in a bind they will go out of their way to make it hard on you.they will tell you to skip a payment then make it up at the end of the loan.after that if your not back on your feet they keep telling you to wait 6 weeks and get back with them.i offered to pay $200 a month and they said wait 6 weeks.after all the six weeks they have you in such a hole you can't get out.finally the wore me out and i told them you want the bike that bad just come get it.didn't take six weeks to come get the bike.so if you like to get screwed get a loan with crap ass one.
 

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Hi Scott,
When I bought my Voyager, Kawasaki was offering 4-1/2 percent interest for 5 years. My credit union wanted 8%. I told my credit union of Kaw's program and they beat it giving me 4% for 5 years. Don't be afraid to try and cut a better deal than what is first offered. Best of luck with the financing. Enjoy your new ride.
Safe ride,
Dubi Loo
 

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I am getting ready to pull the trigger on a new bike; and would like some input on financing.

Does anyone have any recommendations on where to get a good rate on a new bike? Preferably a TX lender.

Have you financed lately? What was your rate?

I know a lot of people are going to post; that they do not take loans on bikes! Good for you! :)

Scott
I just got 4.25% for an '08 Nomad from my local credit union. Lots of factors affect the rate: income to debt ratio, credit score, amount of down payment, term of the loan, and I suspect the region of the country we're living in. Out here 4.25% is an excellent rate but I've seen them lower. The baseline in Texas might be higher. Most banks and credit unions post their rates: Go to their websites and use their best rates as your baseline.
____________
IntheWind
'08 Nomad
 

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Don't be afraid to make a lender compete for your business.
Kinda funny the car before last that I bought my salesmen said the lender I wanted to go with wouldn't give me as low of rate as Chase would. I told him to call the lender back and tell them Chase approved me for the lower rate, do you want the business or should I have him go with Chase? They conceded and matched the rate.
Play them off each other , if they want the business they got wiggle room.
The last car I bought in Dec the rates were so low I ended up at 2.8% for a 2010 from my choice of 3 lenders. I believe the rates are still pretty low , go fishing ;)
 

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Discussion Starter #15
I would take 4.25% on a bike.
Since I am going to need to sell my bike outright; I am probably going to wait and see what Ma Kaw is offering next month.
Maybe, they will have cash + financing???

Thanks for all of the input!

Scott
 

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I financed the wifes bike at 5.7% at my local bank (she has zero credit, never even had a credit card or anything. I know people say it's good not to go in debt and I agree, but you gotta have credit! I got a credit card when I turned 18. Never carried a balance over, never paid interest, kept the balance below 30% at all times. Sure helped me out when I needed to finance things for the first time!) My bank doesn't differentiate between 'toys' and any other autos. I just have an auto loan, and happened to qualify for their lowest auto loan rate. Other banks have lower auto loan rates but have a seperate motorcycle rate that is much higher! Not knowing any better I just put in an application at the dealer. They ran 11 hard inquiries on my account (which is more than enough to drop your credit rating a few points!) and came back with a best offer of about 15%. I wouldn't buy it if I had to pay that much for financing. Luckily for my wife, the local bank (where I should have gone first!) took care of us.

The way to go seems to be the smaller banks and credit unions, especially if they don't differentiate and just have a simple auto loan.

My bank, and most I or family/friends have dealt with, will pay 80-90% of the value of the bike. My bank, for example, will pay 80% of the NADA. I ended up not needing a down payment (did anyway just to make it a smaller loan, but didn't HAVE to) because I had negotiated a deal on the bike that put it below 80% of the NADA value. So, basically, if you bought a $10,000 bike worth $10,000, they would expect a $2,000 down payment.
 

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Discussion Starter #17
I financed the wifes bike at 5.7% at my local bank (she has zero credit, never even had a credit card or anything. I know people say it's good not to go in debt and I agree, but you gotta have credit! I got a credit card when I turned 18. Never carried a balance over, never paid interest, kept the balance below 30% at all times. Sure helped me out when I needed to finance things for the first time!) My bank doesn't differentiate between 'toys' and any other autos. I just have an auto loan, and happened to qualify for their lowest auto loan rate. Other banks have lower auto loan rates but have a seperate motorcycle rate that is much higher! Not knowing any better I just put in an application at the dealer. They ran 11 hard inquiries on my account (which is more than enough to drop your credit rating a few points!) and came back with a best offer of about 15%. I wouldn't buy it if I had to pay that much for financing. Luckily for my wife, the local bank (where I should have gone first!) took care of us.

The way to go seems to be the smaller banks and credit unions, especially if they don't differentiate and just have a simple auto loan.

My bank, and most I or family/friends have dealt with, will pay 80-90% of the value of the bike. My bank, for example, will pay 80% of the NADA. I ended up not needing a down payment (did anyway just to make it a smaller loan, but didn't HAVE to) because I had negotiated a deal on the bike that put it below 80% of the NADA value. So, basically, if you bought a $10,000 bike worth $10,000, they would expect a $2,000 down payment.

John,
You are right. If you don't have any debt, your credit score will suffer. Kind of an oxymoron.
I don't like paying interest, and I am careful what types of loan I will take out.
My credit score is over 800; and I won't take an inflated rate.

If Maw Kaw does not offer cash & financing in September, I plan on taking a deposit secured loan at EECU, currently under 4%.

I am really hoping Kaw has a good incentive next month. :fingers-crossed:

Scott
 

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John,
You are right. If you don't have any debt, your credit score will suffer. Kind of an oxymoron.
I don't like paying interest, and I am careful what types of loan I will take out.
My credit score is over 800; and I won't take an inflated rate.

If Maw Kaw does not offer cash & financing in September, I plan on taking a deposit secured loan at EECU, currently under 4%.

I am really hoping Kaw has a good incentive next month. :fingers-crossed:

Scott
Yep. The idea in most peoples mind is that someone with excellent credit is someone who rarely uses credit. In fact it's quite the opposite. An excellent credit score comes to someone who has used alot of credit in the past (without negative marks) and currently has several open accounts of varying types!

Under 4% sure sounds nice! And I thought I got a good deal! hehe.

It amazes me what people will pay for interest. My banks top-of-the-scale interest rate is 11.4% if I remember right. If you walk in there with no credit at all, or with a handful of recent blemishes, that's the WORST they will do. Yet I see good income, good credit guys all the time buying with 15%+ interest. Seems like the very brand loyal people are the worst (doesn't matter if it's Harley or Honda). They won't consider anyone elses bike, they won't consider anyone elses T-Shirt, and for some strange reason, they are even loyal to the financing. I guess they don't realize that money is just as green anywhere, and "Kawasaki Good Times Financing" "Harley Financial Services", all that junk, is underwritten by a handful of credit unions and investors who you could probably get the exact same loan from with much less interest if you went directly to them.

But, then again, people do those stupid 'weekly' furniture financing places and payday loans all the time. I live in an apartment right now and I guess advertisers figure, since I live in an apartment and don't own a home, then I must have bad credit (the real reason is I'm moving in a couple of years when I finish grad school, I don't wanna need to sell something, and it's just me and my wife right now). I get ads ALL THE TIME for those places. I looked at one just to see how bad it was. They were advertising a 42" flat screen TV, similar to MY 42" flat screen that I paid $200 for on black friday, for a weekly amount. I did the math based on the weekly amount, and the number of weeks it said you had to 'rent to own'. It was up over $4,000 for this 42" television. WOW. Oh, and the fine print says 'other fees apply'.

Oh well, I'm ranting I guess. I feel bad for those who are in a bind, need a way to get to work, and get suckered into a $50/week buy-here pay-here for some old clunker. Financing a medium sized flat screen TV at interest rates that should be illegal, then, well, you might have a problem.
 

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Yep. The idea in most peoples mind is that someone with excellent credit is someone who rarely uses credit. In fact it's quite the opposite. An excellent credit score comes to someone who has used alot of credit in the past (without negative marks) and currently has several open accounts of varying types!

Under 4% sure sounds nice! And I thought I got a good deal! hehe.

It amazes me what people will pay for interest. My banks top-of-the-scale interest rate is 11.4% if I remember right. If you walk in there with no credit at all, or with a handful of recent blemishes, that's the WORST they will do. Yet I see good income, good credit guys all the time buying with 15%+ interest. Seems like the very brand loyal people are the worst (doesn't matter if it's Harley or Honda). They won't consider anyone elses bike, they won't consider anyone elses T-Shirt, and for some strange reason, they are even loyal to the financing. I guess they don't realize that money is just as green anywhere, and "Kawasaki Good Times Financing" "Harley Financial Services", all that junk, is underwritten by a handful of credit unions and investors who you could probably get the exact same loan from with much less interest if you went directly to them.

But, then again, people do those stupid 'weekly' furniture financing places and payday loans all the time. I live in an apartment right now and I guess advertisers figure, since I live in an apartment and don't own a home, then I must have bad credit (the real reason is I'm moving in a couple of years when I finish grad school, I don't wanna need to sell something, and it's just me and my wife right now). I get ads ALL THE TIME for those places. I looked at one just to see how bad it was. They were advertising a 42" flat screen TV, similar to MY 42" flat screen that I paid $200 for on black friday, for a weekly amount. I did the math based on the weekly amount, and the number of weeks it said you had to 'rent to own'. It was up over $4,000 for this 42" television. WOW. Oh, and the fine print says 'other fees apply'.

Oh well, I'm ranting I guess. I feel bad for those who are in a bind, need a way to get to work, and get suckered into a $50/week buy-here pay-here for some old clunker. Financing a medium sized flat screen TV at interest rates that should be illegal, then, well, you might have a problem.
I understand how those people get business. They prey on the desperate. I went threw a bad financial hardship around 5 years ago. When you have to live strictly off what cash you make and no one will give you credit, you start to get desperate. You start to reevaluate that old $50 42" CRT tv you saw classifieds papers and the $4,000 42 flat screen at those rent to own places. If you can hold strong and not make those decisions while you are down and out it, will be a lot better. Sorry that is another one of my soap box topics. Its easy to say I would never do that but when you get desperate a lot of times stupid things happen.
 

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Discussion Starter #20
I understand how those people get business. They prey on the desperate. I went threw a bad financial hardship around 5 years ago. When you have to live strictly off what cash you make and no one will give you credit, you start to get desperate. You start to reevaluate that old $50 42" CRT tv you saw classifieds papers and the $4,000 42 flat screen at those rent to own places. If you can hold strong and not make those decisions while you are down and out it, will be a lot better. Sorry that is another one of my soap box topics. Its easy to say I would never do that but when you get desperate a lot of times stupid things happen.
I have been there!
19" black and white TV that picks up three channels, no phone line, riding to work on bald tires because you can't afford new rubber. It starts to wear on you.
I thank the Lord everyday for the blessings he has given me.

If we were all "perfect" stewards of our money; we would not own motorcycles!:eek:
We would not pay a premium for a stranger to cook food for us.
Cable, movie night, art; all things of the past.

Humans need "diversions" from our daily stresses.
Being in a hard financial situation adds to that stress, and often results bad or ignorant monetary decisions.

(see sig line)

Scott
 
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