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Motorcycle Finance Rates??

This is a discussion on Motorcycle Finance Rates?? within the Motorcycle Financing forums, part of the General category; Can anyone tell me what a good rate on a motorcycle loan would be? I am thinking about buying a ...


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Old 12-10-2008   #1
jon
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Default Motorcycle Finance Rates??

Can anyone tell me what a good rate on a motorcycle loan would be? I am thinking about buying a new Yamaha motorcycle and it looks like the best rate they can do is about 9% which seems a little high? I still hear about people getting car loans for about 5%, are motorcycle loans usually higher for some reason? I think a signature loan from the bank might be a better way to go because I think I might be able to get a better rate plus I wouldn't have to have full coverage insurance.
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Old 12-21-2008   #2
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I'd say that's about right, of course without knowing your age, history, and credit score, work history or anything it's pretty hard to determine and 9% sounds about right. If you have 800+ maybe you could get 5% through a special loan offer or program. But 9 sounds right....
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Old 12-21-2008   #3
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Depends upon your credit rating. If your bank will give you a signature loan at a better rate, you may consider that, however, if you have a loan you should carry full coverage. Would you be willing to keep making payments if the bike was stolen?
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Old 12-22-2008   #4
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It all depends on your credit score. At around 700 you might get a 6 percent loan.
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Old 12-23-2008   #5
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Definately like any other loan, credit, debt to income, etc play a large part in the rate you will receive. The 9% rate is probably a teaser rate for really good credit (read 750/800 plus) as motorcycles are often considered"toys"or non-essential while a car is considered an essential necessity for most cities.My wife and I decided to buy motorcycles as the gas price has shot-up and we commute to work. We looked at the rates, laughed, and paid cash for two bikes.
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Old 12-26-2008   #6
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This time of year, the motorcycle manufacturers finance arms usually have pretty low rates to move some bike out. Honda is 3.99% right now. Yamaha has some interesting deals but are kinda playing funny with the actual interest rates. Put it on a credit card, then transfer to a low interest card later. Of course, you better have exceptional credit. You gotta pay to play!
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Old 09-25-2012   #7
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It depends on you, what is your age mortgage backed securities and many other related things, after than they decide the coast of it.
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