Bike Loans

[MAllen]

Does anyone know a place that does motorcycle loans for longer than 84 months?

[intimid8er]

Originally Posted by MAllen

Does anyone know a place that does motorcycle loans for longer than 84 months?

What the heck are ya tryin' to buy? An O.C.C. Chopper!!

[Uechi Kid]

Originally Posted by intimid8er

What the heck are ya tryin' to buy? An O.C.C. Chopper!!

Now that's funny.

[92Notch]

no, I sure do not. 60 is about the longest i've seen for bikes under 20k.

[intimid8er]

I wasn't trying to be funny as in funny ha-ha....

I was thinking the bike must be expensive as heck if he's trying to stretch it that far.

Harley offers 72 mos if you qualify. Anything above that for a vehicle is fiscally irresponsible by the lender and the buyer. IMHO, anything above 60 mos is not worth it either, but then again, both statements are my opinion.

[stp1971]

There is a dealership (Harley) here in Atlanta that was offering a $1.00 a day financing on qualified buyers of certain Harley models. Can you imagine,,, a $25,000 Harley would take you 68 1/2 years to pay off with zero interest. I do not remember the details of it but I think it was some kind of bait in switch scam.

of Course it was the same dealership that told me I couldn't sit on their Harley unless i had money to buy it. This offer was all over the radio for about a month a few months back.

[MAllen]

The reason I was wanting it to go more than 84 months is because I wanted to go ahead and get a Harley now and that way I could keep the monthy payments down and then once I pay off other things I could then pay more each month. Harley actually goes to 84 months.

[intimid8er]

Originally Posted by MAllen

The reason I was wanting it to go more than 84 months is because I wanted to go ahead and get a Harley now and that way I could keep the monthy payments down and then once I pay off other things I could then pay more each month. Harley actually goes to 84 months.

With all due respect man, can I say don't do it?

It's not worth it. If you're having to reach that far (84+ mos), maybe it's not a good idea to get that Harley at this point.

Pay the other stuff down first.

Hopefully, I'm not coming across as preachy, and you don't know me from Adam's cat, but I don't like to see anybody do anything that could have some seriously disappointing consequences. Like after the sweet is off the candy, and the bike loses it's newness, and the reality of stroking a check for 8 years on a motorcycle sets in, a little resentment towards the bike could build. Especially, if it decides it likes the mechanics bench more than the open road. Meantime, your other bills are still there.

Most of us look at a bike as a luxury item. A discretionary purchase, we don't need them to get back and forth to work, but it is enjoyable on the days we do get to ride. It's nothing to get in to debt up to your eyeballs over. You have a bike now? Enjoy that one and pay down your other bills first. In the long run, you'll be happier that you did.

[stp1971]

+1!!!!!! Good advice. It is bad enough stretching a bike payment out to 60 mos. But anything more than that means it is not within your reach and probably not a very good idea.

Save the money you were going to pay each month on it plus the money the insurance was going to cost you. Do that for about 6 mos and see if that hurts your finances. Then increase it by twice that amount and see if it hurts you then.

This way you will do two things. You will be able to see if you really can afford the minimum payment and also being able to pay everything else off and then pay more. But you will alos be saving for a nice healthy down payment on that Harley you are wanting.

[tlwisner]

E-Loan goes up to 60 months. You better be sure you're getting the bike of your dreams you are going to keep for a long time. 5 or 7 years is a long time to be paying, but I do know one person who recently did the 84 month thing on a drop dead beautiful H-D Dyna (some model) that is really loaded. It makes her very happy, and she will be riding it for a long time. She has been riding for many years and bought her new bike when she was at Daytona - rode one H-D down there and the new one back.

I enjoy riding a lot, but I'm happy on my C50. Maybe in a few years I'll look for something else - but right now I am riding the bike I want.

[stp1971]

Good and bad points. 84 mos though that person better make dern sure they will be happy with it and it is not just a fad for them.

I am glad I got the "LC" paid for and the Wee-Strom is a cheap monthly payment. Hopefully when Hammer buys my stang I will be paying the Wee off too. Otherwise I plan on paying the Wee off in two and a half years.

[mettech]

The only people that should get a loan for that amount on time is someone over the age of 95.

A bike loan or even a car loan for that amount of time would be a huge mistake. The intrest on it would kill you.

The max anyone should go on a loan for a car or bike is 60 months. 48 months or less is preferred.

[stp1971]

+1!!!! Agreed.

[DrBob]

I don't mean to sound ugly, but if you have to make payments on a Harley for that long you obviously can't afford one.

84-month financing is a nightmare. If you borrowed 15k on a Harley at 7% for 84 months, your payment would be $226 a month, and you would end up paying over 4 grand in interest, which is 26.8% of the principle!

If you go 48 months on the same loan, you only pay about half the interest. Save your money up for a substantial down payment, and let the interest work FOR you instead of against you.

[DrBob]

Originally Posted by stp1971

There is a dealership (Harley) here in Atlanta that was offering a $1.00 a day financing on qualified buyers of certain Harley models. Can you imagine,,, a $25,000 Harley would take you 68 1/2 years to pay off with zero interest. I do not remember the details of it but I think it was some kind of bait in switch scam.

The deal was actually a sort of lease. You get a Sportster for $30 a months for 18 months, and at the end of the term you gave it back and traded up to a soft tale, dyna, or road king and a percentage of what you paid counted at the down payment on the bigger bike. The bigger bike was traditional financing.
It was not a bad deal, actually, because almost everyone who buys a sportster wants a bigger bike in a year or two anyway.


How was the dragon trip? I really wanted to make it, but things just didn't work out with that second unexpected trip to Texas. A few of us are going up next week if you want to go again. We'll run the dragon on the way to Asheville Tuesday, and then come back Friday and run it again with some folks from Asheville. We'll be in Asheville until the 25th if you want to come up and party with us.

[intimid8er]

Originally Posted by DrBob

I don't mean to sound ugly, but if you have to make payments on a Harley for that long you obviously can't afford one.

84-month financing is a nightmare. If you borrowed 15k on a Harley at 7% for 84 months, your payment would be $226 a month, and you would end up paying over 4 grand in interest, which is 26.8% of the principle!

If you go 48 months on the same loan, you only pay about half the interest. Save your money up for a substantial down payment, and let the interest work FOR you instead of against you.

On a side note, the longer the term, the higher the interest rate.

So as Dr. Bob said, the interest is definitely working against you.

[stp1971]

Originally Posted by DrBob

The deal was actually a sort of lease. You get a Sportster for $30 a months for 18 months, and at the end of the term you gave it back and traded up to a soft tale, dyna, or road king and a percentage of what you paid counted at the down payment on the bigger bike. The bigger bike was traditional financing.
It was not a bad deal, actually, because almost everyone who buys a sportster wants a bigger bike in a year or two anyway.


How was the dragon trip? I really wanted to make it, but things just didn't work out with that second unexpected trip to Texas. A few of us are going up next week if you want to go again. We'll run the dragon on the way to Asheville Tuesday, and then come back Friday and run it again with some folks from Asheville. We'll be in Asheville until the 25th if you want to come up and party with us.

Yea I wasn't sure of the details of it. That makes more sense but still,,,mmm,,mmm,,mmm.

The trip was a blast. A must do event. It went down without a hitch. I have to work this weekend plus it is "P"s 5th birthday. So doing the Dragon again is not going to happen for me. But I intend on going up there again soon on the Wee-Strom and seeing how I do!!!!

[intimid8er]

Originally Posted by stp1971

But I intend on going up there again soon on the Wee-Strom and seeing how I do!!!!

What's that old saying about the right tool for the right job?

[stp1971]

Yep,,, that's right. The "LC" up there was like using a hammer to screw in a screw. It made it. It performed. It was fine as long as you kept the speeds down to a creep.

The "LC" is already a low slung long bike. Add the weight of a passenger, a set of saddlebags with some gear in them. My butt being about 15 pounds heavier than last time I ran it,,, well,, the "LC" was just too low to the ground and it was draggin' more than a huggies diaper on a baby on a water and fiber diet.

[LayinLo]

How about 108 months?

This place is in Columbus Geaorgia!!!!!

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