Financing MX bike

Financing anything at the moment is probably going to be a little uncomfortable man

*As in interest rates are shit, not as in anyone can't or shouldn't do whatever they decide to do

10 pages

Yea,in before if ya cant pay cash ya cant afford it lol. 

12%, here we go late 70’s early 80’s all over again.  I recall higher than 12 percent back them.

About the only way I’d finance anything in this day and time is put 5 or 6 grand down and do 12-18 months no interest financing.  Get it paid off quick as ya can.

Don't finance a dirt bike.

My Honda I financed at 1.9 in 21.. my 23 yam they said 7.5, so I paid cash.. credit score was 720s in 21 and higher in 23.. duno what they're at today though.. 

I got a beer says it only goes 8 pages!!

Dumb advice.. 90% of people that ride don't have cash laying around.. when interest rates are decent I'll finance and I have the cash for back up..I'd rather my cash stay in my pocket.. I only finance house, truck, and sometimes bike if it's right. 

Absolutely, it can totally work for people, but right now finance and interest rates are often pretty heavy and working against people.

If you can find something genuinely tidy and fairly low hour to buy outright, it might be a better bet, but I'm no expert, so good luck either way 👍

If you are financing with the goal of improving a credit score (you HAVE TO pay it off early and avoid as much interest as you can) there's no reason not to. It's what my kid will do with his next bike purchase. If you are financing because that's the only way you can afford it, don't, in this market. You'll pay way more in the end, and then take a big loss at sale. Used bike sales are crap right now in my area - the market is flooded with COVID era buys, many at stupid prices. I've got 2 (about to be 3) very good used MX bikes for sale, well maintained, at reasonable prices, and I'm getting NO interest at all. Zero calls other than people wanting to trade dope, shady guns, or crap cars. Or to lowball me in case I'm desperate for cash.

That seems a bit high. A dealer near me had one last ‘23 350sxf and had a rebate about to expire so rather than deal with moving cash around, I just financed it and will pay it off in the next couple months. This was about a month ago. The rate I got was 9.1%

Just perked at my credit union’s rates. 6.99% on new 36months. 14 months ago it was 2.74

6.9 here in Jan of 2023

Only to improve credit is my suggestion. Thats what I did with my bike. Just picked up a low hour used KTM 125. Market is crazy right now. I see so many bikes (both end of the spectrum, mint cont. to garbage I wouldn’t put my worst enemy on).

I see a lot of people selling bikes without the title. Whether its lost or tied up in the bank with a loan. Within a 80 mile radius. I think I have 10+ KTM 125s for sale. I had my variety of choice and I could wait out indefinitely

What's funny is that we have just been spoiled for so long with unreasonable expectations as far as rates go. In 2007 (when I first entered the industry at a dealership) Kawasaki and Suzuki both had promotional rates of 8.99. We were on the phones calling everyone to tell them how LOW the rates were. 

It's all simple interest loans as in you're only going to pay interest for as long as you have it financed. And, there are no longer pre-payment penalties. 

Is 12% higher than it probably should be? Yes more than likely. 

$10,000 at 6% for five years is $1,600 in interest

$10,000 at 12% for five years is $3,350 in interest. 

Me personally I wouldn't let $30 per month change my mind on buying a bike or not and all the memories it creates. We blow more money elsewhere every month on 'things' more useless. 
 

Those numbers are if you made all 60 payments and took the loan to its full term. Obviously they would be less if you paid it off early. 

Just got quoted 2% for 36 months from Kawasaki.

How much $$ do you need?

Perhaps a group of us on VitalMx could start a mx bike finance program..At this point I’d be happy to get 6% or so on my money….

Of course if you don’t make your payments we’d show up before your first moto and repo your bike..

        Brad460 has got a great idea !  Then we hire Vince Freise and BamBam as our collectors.

Just picked up a new vehicle. My previous loan from the came CU was 2.9 for 60 mos...that was in early 2022. My new loan was 5.9 for 60 mos. So, I asked about the difference & got an answer: "That's the new rate for the 2nd Q of 2023"

Damn!

I bought a coupl'a Kawasakis in the summer of 2021: 2% interest for 36 mos. I had no intention of financing them until the shop owner told me about the rate. As someone-else has pointed out...sorta...in here...about liking to keep cash in pocket, etc. ...well...I make more than 2% on my money...so,"Thanks for the free money, Kawasaki!"

The Vital Old Fart Lenders Group?

I'm in.

Peick 

 Don't mind us... Just hanging around the track.

Kawasaki has big rebates right now plus rates from 5.95 to 11.95 depending on your credit and the length of the loan.

When a 30 year fixed mortgage in CA is averaging 7.6%, that unfortunately is a good deal.

I bet this fall when the 24 kx450’s there won’t be any rebates on them.  

Until the 25s are on the horizon…

I would probably wait a little bit, I pay like $72 a month for my 22 yz250fx with $3500 down at I think under 4% ( I cant remember).

If you think financing a dirt bike is dumb, my mortgage agent said its the major component in me getting a house just from having that "Auto" loan.

A lot of people say its stupid to finance a dirt bike, usually because people are afraid to make a payment on something that you cant ride to work or never have the extra hundred and some odd dollars to pay the note every month. 

What's your down payment? Good credit? Might just have to wait the waves out a bit.