Curious about motorcycle financing and 5 tips to help you get started? Get a new or used motorcycle with these 5 tips for motorcycle financing. Getting that new ride isn't a complicated process. Keep these tips in mind when you start the financing process and be confident you made the right choice.
- Pay cash if at all possible. The least expensive method for purchasing a motorcycle is to pay for it outright. You may have an existing motorcycle, boat or some other valuable item that can be sold to generate the needed cash.
- Check with local credit unions. Credit unions can handle motorcycle financing and also provide you with an estimated cost for the model motorcycle you are looking for. This estimated cost helps greatly with the negotiation process with the seller.
- Make sure you get any financing terms in writing. Check the interest rate and the length of the financing term and that they match what the loan officer stated to you.
- Most financial institutions require insurance. Part of the lender's agreement is requiring proof of insurance on the motorcycle. Some places may allow you a period of time to get insurance, others may require it before they okay the loan.
- Pay any loans off as fast as possible. If you double up on a loan payment, you will save much more money in the long run. Taking out a very long loan to afford a lower monthly payment just means you'll be paying much more interest to the banks.
Shop around for the best interest rates; you are in control of finding the best deal.