Financing a new bike

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5/10/2019 7:18 AM

Hey I’m looking into buying a new bike soon. Was wondering how much do you finance guys pay per month for them? I know it’s not a good idea but I don’t want/ have the money to pay 6-7k right now. Just wondering out of curiosity.

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5/10/2019 7:21 AM

I finance my bikes but usually put $2500 down. I'm not sure what my actual payment is, but I pay around $250 a month on it.. I sell them after around 175-200 hours and roll that money toward a new one.

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Shout out to: Fly Racing, X Brand Goggles, Kenda Tire, Nuetech Nitromousse, ProTune Suspension, Motool, Sunstar Sprockets, and Rehmerts Kawasaki KTM

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5/10/2019 7:23 AM

A lot of variables... but around $150 +/-.

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vomiting equals disqualification.

5/10/2019 7:23 AM

Heres some generic numbers. Photo

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5/10/2019 7:27 AM

i generally put down 3k, finance the rest 3 years...low rate 2.9
about 120 a month...a cell phone bill.
sell it when its paid off for 3500 and start the cycle again. (17 250sx)

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5/10/2019 7:47 AM

opyguy wrote:

i generally put down 3k, finance the rest 3 years...low rate 2.9
about 120 a month...a cell phone bill.
sell it when its paid off for 3500 and start the cycle again. (17 250sx)

100% what I do. I usually find a left over. My 17 yz450 I got for 6500. After tax and all the bs I paid around 7500. Put 1k down only. I pay about 150 a month. Right now I owe about 4k on the bike. I can sell it for more then that if I needed to(only as 30 hours).

I don't ride as much as I used to but I try to sell the bikes before the hit 90 hours. Sell them while they still have good value. Yes I always have a small payment but i'm always on a fresh bike. Never have to worry about major repairs or anything like that. Worth it to me to know Im always ready to ride.

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5/10/2019 8:22 AM

kb228 wrote:

Heres some generic numbers. Photo

Around here you can get a new bike financed for 1.99-3.99%.

I would never finance one at a rate any higher than that.

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Race Bike: 2018 KTM 350SXF

Other Bikes: 1985 CR80R, 1990 CR250R, 1998 PW80, Specialized Fuse Comp 29.

Sold: 2016 YZ250F, 2012 CRF250R

5/10/2019 8:29 AM

kb228 wrote:

Heres some generic numbers. Photo

c0ncEpT wrote:

Around here you can get a new bike financed for 1.99-3.99%.

I would never finance one at a rate any higher than that.

X2. I know if you don't have great credit it's hard to get a good rate but you have to shop around. I had one place tell me 6.99 then the next day another place gave me 1.99

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5/10/2019 8:31 AM

kb228 wrote:

Heres some generic numbers. Photo

c0ncEpT wrote:

Around here you can get a new bike financed for 1.99-3.99%.

I would never finance one at a rate any higher than that.

I was assuming bad credit

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5/10/2019 8:33 AM

Have you tried looking into credit cards? Not sure what it's like across your side of the pond but you can get good promotional offers over here, e.g. 0% on a large sum for 26 months. I just purchased a mountain bike that way. The benefit of the credit card over financing is that you can change the amount you pay per month, so if you worked some overtime for example, you could increase your payment amount and pay it off sooner, or alternatively reduce the amount. It stays at 0% as long as you pay the full amount within the promotional period, or worst case you could balance transfer to another card.

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5/10/2019 8:33 AM

if you have bad credit you SHOULD NOT be financing dirt bike..

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5/10/2019 8:34 AM

Is your dealer going to hook you up with one of those 32.99% loans? Is he going to finance in a helmet and a years worth of insurance for 72 months?

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5/10/2019 8:36 AM

My 2014 at $9800otd at 12.99% with $0 down was $228 a month.

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2017 RMZ450
2005 YZ250-sold :,(
1998 YZ250
2005 KX250F

80% of the time it works every time
IG @hammerfamily_4 & @2HRacing
Thanks to : Factory Effex, N2Dirt, Acerbis, DT1, Fasthouse, Matix, FMF, ASV, 100% & Mika Metals

5/10/2019 8:43 AM

opyguy wrote:

if you have bad credit you SHOULD NOT be financing dirt bike..

100% agree but nobody is going to give a fk on this site lol.

laughing out loud at 20% + down and 6% interest... for a toy.

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5/10/2019 8:47 AM

I just bought a 19 KX 450 for $8300 OTD. I put 3k down and put the rest on the 0% interest for 12 months Kawi card. I am paying $448 a month to pay it off in a year. I despise buying anything with any interest rate and the only interest loan I have is my house at 3.5%. In my mind buying anything with an interest loan is just making the rich richer.

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5/10/2019 8:53 AM

It’s not a bad idea, but Depends on the loan % and how much you can afford

I didn’t want to dump $9,000 cash so I got a 0% 12 month credit card on my last bike. I put $4000 down and $420ish a month for 12 months.

If you can get good finance and have a steady job a dirt bike is mellow. I have some friends who are paying $200 a month with 0 down. It’s mind blowing.

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5/10/2019 9:31 AM

I bought a new 18 250f last year. My first big purchase on my own. 0 down for 2 years, was $350 a month. Ouch. Sold it 1 year later and got more than what I owed which was nice. I bought a low hour 450f for $3000 after that and never looked back. They lose value so fast most people owe more than what it’s worth which is never good. In the end though, do what makes you happy.

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5/10/2019 9:52 AM

Whatever you do, READ AND UNDERSTAND the fine print. If you fully understand what you're getting into and it makes sense, by all means do it.
Some people on here are fortunate enough to have ten grand lying around and they feel it's imperative to instruct you on how stupid it is to finance a toy, but they aren't living your life. If you can afford the payment and you fully understand that you'll be paying more for your bike, go for it.
For example, I used to work at a Yamaha dealership. I financed a new YZ every year. I had the benefit of employee pricing and made good use of their $0 down/$0 Interest, $0 payment plan. How? Well, reading the fine print, I saw that the buyer could still make payments if he wanted to... so I did. $100 per month, so I paid off $1200 of the loan by the time interest was about to become due. After no more than 11.9 months, I sold the bike, usually for about what I owed on it. (Assuming the regular depreciation and the fact that I got it cheap to begin with.... buy low, sell high!) I paid no interest, never had to lay out a big wad of cash, and never found myself upside-down in a worthless asset. AND, I got to ride and race a brand-new bike each year for $100 per month. (I bought two in 1999!)
You may not have access to all those factors but the idea should be the same. Structure your purchase so it makes sense.

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Braaapin' aint easy.

5/10/2019 10:02 AM

KTM 2 strokes on Craigslist are the way to go. The 250SX has more power than you'll ever need and pretty much everything else is same as a brand new 450. You can buy a 2013-2015 for $4500. Put another $250 for a new top end. Voila. Badass bike for half the price. No debt so you can use that $ for track fees and fuel.

Your future self is welcome.

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5/10/2019 10:29 AM

toostroke wrote:

Hey I’m looking into buying a new bike soon. Was wondering how much do you finance guys pay per month for them? I know it’s not a good idea but I don’t want/ have the money to pay 6-7k right now. Just wondering out of curiosity.

May I ask how much you intend to pay on a down payment?

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5/10/2019 10:31 AM

KDXGarage wrote:

May I ask how much you intend to pay on a down payment?

1-2k

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5/10/2019 10:35 AM

toostroke wrote:

Hey I’m looking into buying a new bike soon. Was wondering how much do you finance guys pay per month for them? I know it’s not a good idea but I don’t want/ have the money to pay 6-7k right now. Just wondering out of curiosity.

Depends on credit score, amount financed, amount. Down payment. Cash is king , but financing helps credit, credit score etc. Bike payments are usually less than people pay on. Cable, cell bills.

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5/10/2019 11:18 AM

mxb2 wrote:

Depends on credit score, amount financed, amount. Down payment. Cash is king , but financing helps credit, credit score etc. Bike payments are usually less than people pay on. Cable, cell bills.

What I’m bout to say may be dumb. But I read some where getting accepted to finance a dirt bike is harder than getting accepted for a house. I don’t think that’s true is it?

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5/10/2019 11:20 AM

toostroke wrote:

Hey I’m looking into buying a new bike soon. Was wondering how much do you finance guys pay per month for them? I know it’s not a good idea but I don’t want/ have the money to pay 6-7k right now. Just wondering out of curiosity.

mxb2 wrote:

Depends on credit score, amount financed, amount. Down payment. Cash is king , but financing helps credit, credit score etc. Bike payments are usually less than people pay on. Cable, cell bills.

toostroke wrote:

What I’m bout to say may be dumb. But I read some where getting accepted to finance a dirt bike is harder than getting accepted for a house. I don’t think that’s true is it?

Thats 100% true. Motorcycles aren’t necessities. Cars(well not really) and houses are to a bank.

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5/10/2019 11:20 AM

toostroke wrote:

Hey I’m looking into buying a new bike soon. Was wondering how much do you finance guys pay per month for them? I know it’s not a good idea but I don’t want/ have the money to pay 6-7k right now. Just wondering out of curiosity.

mxb2 wrote:

Depends on credit score, amount financed, amount. Down payment. Cash is king , but financing helps credit, credit score etc. Bike payments are usually less than people pay on. Cable, cell bills.

toostroke wrote:

What I’m bout to say may be dumb. But I read some where getting accepted to finance a dirt bike is harder than getting accepted for a house. I don’t think that’s true is it?

Not true.

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vomiting equals disqualification.

5/10/2019 11:24 AM

toostroke wrote:

Hey I’m looking into buying a new bike soon. Was wondering how much do you finance guys pay per month for them? I know it’s not a good idea but I don’t want/ have the money to pay 6-7k right now. Just wondering out of curiosity.

mxb2 wrote:

Depends on credit score, amount financed, amount. Down payment. Cash is king , but financing helps credit, credit score etc. Bike payments are usually less than people pay on. Cable, cell bills.

toostroke wrote:

What I’m bout to say may be dumb. But I read some where getting accepted to finance a dirt bike is harder than getting accepted for a house. I don’t think that’s true is it?

Show a pay stub, good credit. Will get you financed

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5/10/2019 11:28 AM

I used the Yamaha credit card. 2.99 for the first 3 years. For my 2019 250F, comes out to about 250 a month to pay it off by the time the rate increases. I didn't put anything down because I took a hiatus from riding and didn't have cash from a bike I sold. Will probably do so when I sell this bike and get a new one, though. That's a nice way to do it. Whatever you do, don't pay more than 3 percent APR, and make sure you get that for enough time to pay off the bike.

Also, one annoying thing about the Yamaha card is that it will give you 10k in credit, but you end up using close to 8k for the bike, so it hurts your credit score for a bit, until you have less than 2k (10 percent) on the credit card. If you are looking to buy a home soon or something, be aware of this.

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5/10/2019 11:41 AM

sandtrack315 wrote:

I used the Yamaha credit card. 2.99 for the first 3 years. For my 2019 250F, comes out to about 250 a month to pay it off by the time the rate increases. I didn't put anything down because I took a hiatus from riding and didn't have cash from a bike I sold. Will probably do so when I sell this bike and get a new one, though. That's a nice way to do it. Whatever you do, don't pay more than 3 percent APR, and make sure you get that for enough time to pay off the bike.

Also, one annoying thing about the Yamaha card is that it will give you 10k in credit, but you end up using close to 8k for the bike, so it hurts your credit score for a bit, until you have less than 2k (10 percent) on the credit card. If you are looking to buy a home soon or something, be aware of this.

I did the same thing but got 5% for 5 years. The 5 % doesn't bother me for such a small amount.

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5/10/2019 11:45 AM

Financing depreciable assets is not wise.

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2017 CRF450r

5/10/2019 11:55 AM

MOTO732 wrote:

Financing depreciable assets is not wise.

Sorry but as that comment is correct not everyone has the ability to pay cash for everything.

This forum is full of older established riders and ex riders who have set themselves up well financially and can afford to buy toys cash. For most of us with high living expenses, average jobs etc... financing is the only way. I rather live with a bit of debt and enjoy the hell out of motocross then sit back and worry about paying 500 extra dollars because I financed something.

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