Question about buying a brand new bikes

VilloFan951
Profile picture for user VilloFan951
Posts
1334
Joined
3/2/2014
Location
Moreno Valley, CA US
VilloFan951
Edited Date/Time 12/3/2020 6:13pm
What’s the average length of a loan you guys have been seeing when purchasing a new bike? Never bought brand new and I am leaning towards buying one next year. I’m in SoCal so I’m sure the prices and everything are gonna be different all around.
|
seth505
Profile picture for user seth505
Posts
10170
Joined
4/1/2008
Location
SD, CA US
seth505 12/2/2020 10:43am
12/2/2020 10:43am
For a 'recreational vehicle' type loan I think 3-4 years is usually the max they'd want to do (from what I've seen).
loganhallrv2
Profile picture for user loganhallrv2
Posts
39
Joined
8/31/2015
Location
East Bernstadt, KY US
loganhallrv2 12/2/2020 10:45am
12/2/2020 10:45am Edited Date/Time 12/2/2020 10:46am
I’ve bought two different brands of bikes. A Honda and a Kawasaki and I’ve been able to go 5 years on both. hope this helps!
1
fatpurplepanda 12/2/2020 10:49am
12/2/2020 10:49am
How long do you plan on keeping it? If you're plan is to go with the 'new every two' cycle, I wouldn't take a loan over two years. They all lose value so I would say just stay ahead of the depreciation as well as you can.
1
40acres
Profile picture for user 40acres
Posts
806
Joined
7/23/2017
Location
Houston, TX US
40acres 12/2/2020 10:50am
12/2/2020 10:50am
You will be presented with options from 6mo-6yr depending on your credit, all with varying rates. The 6yr option is extremely rare for an offroad MC, but I have seen it offered.
1

The Shop

See All »
sandtrack315
Profile picture for user sandtrack315
Posts
2827
Joined
7/19/2013
Location
Philadelphia, PA US
sandtrack315 12/2/2020 10:50am
12/2/2020 10:50am
Yamaha does zero interest for three years. Pay off 200 bucks a month and you’ll be in the black when you go to sell it.
3
40acres
Profile picture for user 40acres
Posts
806
Joined
7/23/2017
Location
Houston, TX US
40acres 12/2/2020 10:55am
12/2/2020 10:55am
sandtrack315 wrote:
Yamaha does zero interest for three years. Pay off 200 bucks a month and you’ll be in the black when you go to sell it.
This must be something new as they've only offered 0% for 6mo in the past. I've been out of the game for over a year, so it very well could be a new promo. And obviously, that would depend on credit. Not everyone is getting that offer.
DK23
Profile picture for user DK23
Posts
192
Joined
11/27/2020
Location
PA US
DK23 12/2/2020 11:03am
12/2/2020 11:03am
You don't have to use the loan agencies that the dealer offers. You could use your bank or other company (I actually used State Farm for my first bike loan) that may better fit your timeline and interest rate.
2
1
Fast-Willy
Profile picture for user Fast-Willy
Posts
28
Joined
11/20/2020
Location
Newark, DE US
Fast-Willy 12/2/2020 11:26am
12/2/2020 11:26am
Used my credit union for .9% for 3 years on my 2021 ktm 350xcf. Feel pretty good about that deal.
4
VilloFan951
Profile picture for user VilloFan951
Posts
1334
Joined
3/2/2014
Location
Moreno Valley, CA US
VilloFan951 12/2/2020 11:28am
12/2/2020 11:28am
Thank you all for the quick reply’s. I plan on keeping the bike for a while when I do get it. I’m leaning towards the kawi for now but my mind might change when that time comes
Falcon
Profile picture for user Falcon
Posts
12227
Joined
11/16/2011
Location
Menifee, CA US
Falcon 12/2/2020 11:33am
12/2/2020 11:33am
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy 15 houses with cash, why are you even riding? Dry Blink

Negotiate for your best interest rate and pay off as much as you can, of course.
34
1
fourfourone
Profile picture for user fourfourone
Posts
3043
Joined
10/14/2017
Location
86oh, CT US
fourfourone 12/2/2020 11:35am
12/2/2020 11:35am
Falcon wrote:
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy...
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy 15 houses with cash, why are you even riding? Dry Blink

Negotiate for your best interest rate and pay off as much as you can, of course.
Those people are the worse.
8
1
VilloFan951
Profile picture for user VilloFan951
Posts
1334
Joined
3/2/2014
Location
Moreno Valley, CA US
VilloFan951 12/2/2020 11:35am
12/2/2020 11:35am
Falcon wrote:
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy...
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy 15 houses with cash, why are you even riding? Dry Blink

Negotiate for your best interest rate and pay off as much as you can, of course.
Honestly I was surprised too lol I’m sure it will come. But I appreciate all the nice non smart ass comments I got from it. And I plan to bring the wife in to be my numbers person lol
4
fourfourone
Profile picture for user fourfourone
Posts
3043
Joined
10/14/2017
Location
86oh, CT US
fourfourone 12/2/2020 11:41am
12/2/2020 11:41am
On my 17 yz450(bought as a left over), I got the Yamaha card witch was 1.9% for 5 years. When I sold the bike a few months ago I got 1k more then what I owed. I always have a small bike payment but also have a fresh bike every 2-3 years. This is the 3rd bike in a row that I have done this on. It sucks always having a payment but shit people pay more to have an iPhone per month then I do to own a new bike.
4
Talisker
Profile picture for user Talisker
Posts
886
Joined
10/25/2018
Location
Houston, TX US
Talisker 12/2/2020 11:57am
12/2/2020 11:57am
Make sure you know all the rebates and incentives before hand. Don’t let them “stick it to you” unknowingly.
1
Moto520
Profile picture for user Moto520
Posts
3623
Joined
2/4/2013
Location
Schaumburg, IL US
Moto520 12/2/2020 12:26pm
12/2/2020 12:26pm
I think it's a good time to buy on credit...
3
1
Spat24 12/2/2020 12:29pm
12/2/2020 12:29pm
Falcon wrote:
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy...
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy 15 houses with cash, why are you even riding? Dry Blink

Negotiate for your best interest rate and pay off as much as you can, of course.
It is tough now to buy a new bike with cash - bikes can be up to $12K OTD depending on brand. That is tough to come up with for most people.

Agree - to shop around to get the best interest rate possible.
2
1
Falcon
Profile picture for user Falcon
Posts
12227
Joined
11/16/2011
Location
Menifee, CA US
Falcon 12/2/2020 1:30pm
12/2/2020 1:30pm
fourfourone wrote:
On my 17 yz450(bought as a left over), I got the Yamaha card witch was 1.9% for 5 years. When I sold the bike a few...
On my 17 yz450(bought as a left over), I got the Yamaha card witch was 1.9% for 5 years. When I sold the bike a few months ago I got 1k more then what I owed. I always have a small bike payment but also have a fresh bike every 2-3 years. This is the 3rd bike in a row that I have done this on. It sucks always having a payment but shit people pay more to have an iPhone per month then I do to own a new bike.
I did this for many years, too. No regrets.

Hell, I'm ready to shut off my family's $300/mo. phone bill so I can have some peace and be able to afford a new bike.
4
fourfourone
Profile picture for user fourfourone
Posts
3043
Joined
10/14/2017
Location
86oh, CT US
fourfourone 12/2/2020 1:35pm
12/2/2020 1:35pm
fourfourone wrote:
On my 17 yz450(bought as a left over), I got the Yamaha card witch was 1.9% for 5 years. When I sold the bike a few...
On my 17 yz450(bought as a left over), I got the Yamaha card witch was 1.9% for 5 years. When I sold the bike a few months ago I got 1k more then what I owed. I always have a small bike payment but also have a fresh bike every 2-3 years. This is the 3rd bike in a row that I have done this on. It sucks always having a payment but shit people pay more to have an iPhone per month then I do to own a new bike.
Falcon wrote:
I did this for many years, too. No regrets. Hell, I'm ready to shut off my family's $300/mo. phone bill so I can have some peace...
I did this for many years, too. No regrets.

Hell, I'm ready to shut off my family's $300/mo. phone bill so I can have some peace and be able to afford a new bike.
shit you can buy 2 new bikes for $300/ month.
3

Pit Row

See All »
sandtrack315
Profile picture for user sandtrack315
Posts
2827
Joined
7/19/2013
Location
Philadelphia, PA US
sandtrack315 12/2/2020 2:05pm
12/2/2020 2:05pm
Falcon wrote:
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy...
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy 15 houses with cash, why are you even riding? Dry Blink

Negotiate for your best interest rate and pay off as much as you can, of course.
Interest rates are so low they got driven away.
Hi Side
Profile picture for user Hi Side
Posts
708
Joined
9/19/2013
Location
NC US
Hi Side 12/2/2020 3:58pm
12/2/2020 3:58pm
Fast-Willy wrote:
Used my credit union for .9% for 3 years on my 2021 ktm 350xcf. Feel pretty good about that deal.
That's an amazing interest rate! My FICO is 816 and my CU (Navy Federal) quoted me an APR of 5.95%
2
1
yamahaha131
Profile picture for user yamahaha131
Posts
713
Joined
4/7/2010
Location
Newark, OH US
yamahaha131 12/2/2020 5:10pm
12/2/2020 5:10pm
I drive to Waynesburg Yamaha in PA from Ohio because they offer 4.99 for 5 years. Haven’t found anyone around here to do that. I can’t afford a 10k hit to the savings but 150 a month isn’t too bad to not worry about someone else’s thrashed junk. Pay extra if you can, when you can. Paid mine off in 2 years.
5
1
swedishfishmx 12/2/2020 5:17pm
12/2/2020 5:17pm
Hi Side wrote:
That's an amazing interest rate! My FICO is 816 and my CU (Navy Federal) quoted me an APR of 5.95%
That’s an awful interest rate with that credit score. Shop around.
1
1
Brad460
Profile picture for user Brad460
Posts
4398
Joined
5/15/2012
Location
Richfield, WI US
Fantasy
348th
Brad460 12/2/2020 5:31pm
12/2/2020 5:31pm
Fast-Willy wrote:
Used my credit union for .9% for 3 years on my 2021 ktm 350xcf. Feel pretty good about that deal.
Hi Side wrote:
That's an amazing interest rate! My FICO is 816 and my CU (Navy Federal) quoted me an APR of 5.95%
Doesn’t matter if your score is 700 or 800. You should be able to get the best rates. Your CU must be at 5.95%. Did you check their website rates before applying?

My CU is at 5.49% on powersports loans. They are at 2.99% on auto and motorcycle. Does a MX bike fall under powersport or motorcycle..( thinking powersport).

1
1
Pirate421
Profile picture for user Pirate421
Posts
1826
Joined
7/26/2015
Location
MA US
Pirate421 12/2/2020 5:33pm
12/2/2020 5:33pm
VilloFan951 wrote:
What’s the average length of a loan you guys have been seeing when purchasing a new bike? Never bought brand new and I am leaning towards...
What’s the average length of a loan you guys have been seeing when purchasing a new bike? Never bought brand new and I am leaning towards buying one next year. I’m in SoCal so I’m sure the prices and everything are gonna be different all around.
One thing you can do to take the sting out is since you are planning on buying next year is start putting that payment that you are expecting to pay in a savings account now. If it’s 150-200 after 12 months you’ll have about $2k to put down. That’s $2k less that you’ll have to pay interest on.
1
VilloFan951
Profile picture for user VilloFan951
Posts
1334
Joined
3/2/2014
Location
Moreno Valley, CA US
VilloFan951 12/2/2020 6:09pm
12/2/2020 6:09pm
VilloFan951 wrote:
What’s the average length of a loan you guys have been seeing when purchasing a new bike? Never bought brand new and I am leaning towards...
What’s the average length of a loan you guys have been seeing when purchasing a new bike? Never bought brand new and I am leaning towards buying one next year. I’m in SoCal so I’m sure the prices and everything are gonna be different all around.
Pirate421 wrote:
One thing you can do to take the sting out is since you are planning on buying next year is start putting that payment that you...
One thing you can do to take the sting out is since you are planning on buying next year is start putting that payment that you are expecting to pay in a savings account now. If it’s 150-200 after 12 months you’ll have about $2k to put down. That’s $2k less that you’ll have to pay interest on.
That was the plan to come in with about 2k down. I’ve seen dealers out here list the 2020 kawi 450 for about 7900
cloud41
Profile picture for user cloud41
Posts
277
Joined
8/28/2020
Location
Chicago, IL US
cloud41 12/3/2020 4:31am
12/3/2020 4:31am
Keep doing what you’ve been doing versus going in debt over a dirt bike.
fourfourone
Profile picture for user fourfourone
Posts
3043
Joined
10/14/2017
Location
86oh, CT US
fourfourone 12/3/2020 5:37am
12/3/2020 5:37am
cloud41 wrote:
Keep doing what you’ve been doing versus going in debt over a dirt bike.
Life is to short to ride clapped out bikes.
5
1
erik_94COBRA
Profile picture for user erik_94COBRA
Posts
1139
Joined
7/21/2016
Location
Houston-ish, TX US
erik_94COBRA 12/3/2020 6:37am
12/3/2020 6:37am
Falcon wrote:
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy...
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy 15 houses with cash, why are you even riding? Dry Blink

Negotiate for your best interest rate and pay off as much as you can, of course.


Heaven forbid trying to keep other moto bros out of debt. Blink Huh
3
sandtrack315
Profile picture for user sandtrack315
Posts
2827
Joined
7/19/2013
Location
Philadelphia, PA US
sandtrack315 12/3/2020 6:44am
12/3/2020 6:44am
I have a 770 credit score, and qualify for the 0 percent for 3 years with Yamaha.
TeamGreen
Profile picture for user TeamGreen
Posts
36661
Joined
11/25/2008
Location
Thru-out, CA US
TeamGreen 12/3/2020 7:14am
12/3/2020 7:14am
Falcon wrote:
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy...
I'm honestly surprised you haven't already been inundated with the "never buy anything on credit, especially a dirt bike" crowd. You know, if you can't buy 15 houses with cash, why are you even riding? Dry Blink

Negotiate for your best interest rate and pay off as much as you can, of course.
erik_94COBRA wrote:
[img]https://cdn.ramseysolutions.net/media/image/press_room/media-relations-dave.jpg[/img] Heaven forbid trying to keep other moto bros out of debt. :blink: :huh:


Heaven forbid trying to keep other moto bros out of debt. Blink Huh
I think we all "get it"; but, the dude made his case and wants a bike...and this is in a mrket where "deals" are virtualy don't exist and supply is VERY limited.

I'm pretty sure we all try to avoid debt.

But, we're talking NEW BIKE, dude! Grinning
3

Post a reply to: Question about buying a brand new bikes