Best places/rates for motorcycle loans?

Of all the things the all knowing beeb should know about, surely this is one...

I've been waiting for the right time to get a bike and start doing some riding with my son. I keep waiting for everything to be just right but after waiting for a few years I finally decided to say screw it and start looking as time is short. I've got good credit, very little debt sans mortgage. So does anyone know the best places for the best rates? I've got my eyes on a used bike but it seems to be a very good deal, priced below KBB. I haven't had a motorcycle loan in a loooong time, so I don't know if the "bank" is still really the place to even start.

Any help appreciated.

 

At first glance, thought this was asking the best place to get a loan to go motorcycle racing.

Was going to say, well done..

 

I've pretty much got that part of my life all paid off now. LOL Hence the good credit part.

 

I would start at your local credit union if you have one and are a member?

 

Got a local one that I've used for my past 2 vehicles, both paid off ahead of time. That's definitely one of my first stops.

 

Heard good things about Lending Tree, but, never tried it.
Also check your local credit unions for specials. Joining isn't as hard as it used to be.

https://www.lendingtree.com/auto/motorcycle/

 

rates are disgustingly low right now... even if you did a personal loan we're not talking a whole lot of difference in cost.
Figure 48 months max for the life. Also keep in mind that a borrowed money bike needs proper insurance coverage which adds to your costs.

Have you looked at local dealerships as well? Money is cheap to borrow right now.

 

The bike that I want isn't a popular one. After the Diavel thread, I started researching and the Diavel Strada is exactly what I've been looking for. I've found 2 I'm interested in. Since they're not that popular the prices on them, used, are very good. I have zero desire for something in that price range, brand new! I definitely don't want a sport bike again, but sure as hell don't want any kind of regular cruiser. I'm 40+ now so even riding my son's SV for an hour hurts.

 

I used LendingClub..was easy as pie. At time of loan the rate was 5.32 % for 3 year with .5% reduction with autopay setup. Good ? I don't know..easy to get ? Yes.

 

I used State Farm Bank when I financed one like 10 years ago.

 

IMHO, go to your local bank and look into getting a HELOC, the only potential hitch is they usually take more than a day to get but the MAX amount you're seeking may play a part in that too, lower max amount might be quicker.

Why HELOC? Their rates usually hover around the prime rate, which is currently sitting at about 3.75%, so they'll probably tack on .25 making it an even 4%.....That rate alone tends to be a few points lower than car/bike loans, they're typically 10-15yr payback but the best part is you can also write that loan off on your taxes (thus lowering your costs/%rate) which you can't do with the others. Plus it's always nice having an emergency account if something shits the bed on your home.

G/L!

 

Really...take out a loan on something used? Just stow away some cash until you can drop the dollar figure you want on it. Financing a used bike or hell even a new one is foolishness....

Even worse...take out Home Equity Line Of Credit for said purchase.....even more foolish. Save your money...pay cash...enjoy life and not getting fucked by the credit industry.

 

He wants to ride with his son, YOLO man.

 

While that is the best advice in my opinion and I hate debt of any kind, a small bike loan doesn't seem like a big deal to me as long as the thing holds some value so you're not upside down. The payment is barely noticeable, the bike is insured, and the interest is very low, what's the worst that can happen?

 

But are you "required" to live in debt while living that one time?

 

Second job for a while, pay cash.

 

so how does this get him more time to ride with his son?

 

Hmmm....get a loan for pennies on the dollar that I could easily pay off in a year or 2 and get a bike and go riding now vs spending less time at home with those that I care about working a 2nd job where I'll probably be miserable and do that for a year or 2 until I have enough cash to buy the bike I want? No thanks.
Not sure what world y'all are living in...could someone let me know where I can find a 2nd job that will bring in 10K cash quick?