View Full Version : Financing a bike.
Tonnerre
02-22-2007, 10:15 AM
I am thinking of getting a newer bike and I was wondering what I need to do to finance a bike. Do you need full coverage? I have heard that some do not need, or do not ask you to do that. If that is the case, what kind to you think I should get for the money. I am looking at 600cc sport bikes. I like the looks of the zx6 but I heard that they have issues. And CBR are heavy
Rob a bank. 0% interest > *
Conrad
02-22-2007, 10:51 AM
I am thinking of getting a newer bike and I was wondering what I need to do to finance a bike. Do you need full coverage? I have heard that some do not need, or do not ask you to do that. If that is the case, what kind to you think I should get for the money. I am looking at 600cc sport bikes. I like the looks of the zx6 but I heard that they have issues. And CBR are heavy
if you finance you have to have full coverage... because the bike doesnt belong to you.
ryanman
02-22-2007, 11:59 AM
First of all you have to have a job and good credit before anyone is gonna finance you and then yes you most likely will have to have full coverage.
95GSRB18C
02-22-2007, 02:12 PM
no you dont have to have full coverage on a bike unless its above $11 or $12K. Its in the colorado laws tho. As for the whole financing, be happy if you get a 12% interest rate because thats low for bikes. Search around at dealers for one and finance a older (well newer to you) one, like an 01 or 02 600.
Conrad
02-22-2007, 03:03 PM
no you dont have to have full coverage on a bike unless its above $11 or $12K. Its in the colorado laws tho. As for the whole financing, be happy if you get a 12% interest rate because thats low for bikes. Search around at dealers for one and finance a older (well newer to you) one, like an 01 or 02 600.
BS... it has nothing to do with laws!
Anything that you dont own outright the bank wants their asset protected....
95GSRB18C
02-22-2007, 03:38 PM
lol whatever man. i financed my bike and got liability on it and had no problems...
Not to stir things up, but your bank probably just never caught it; Conrad is correct though. I know with my Civic, my credit union took quite a while to catch on with my insurance situation.
They don't require me to have full coverage on my R1 or my old R6. Financed through Yamaha. Depends on who you get financed through.
95GSRB18C
02-23-2007, 01:39 AM
exactly. i was financed straight through Suzuki. Idk, just sayin...
cybergreencivic
02-25-2007, 02:25 PM
if you finance you have to have full coverage... because the bike doesnt belong to you.
No, your wrong. I just financed a brand new Kawasaki 636R yesterday, and since im going through a certain place from the dealership for financing, if its under less than 10k, i dont have to give them any proof of insurance, so ill probably just go with liability because its only $189 a year on it.
They don't require me to have full coverage on my R1 or my old R6. Financed through Yamaha. Depends on who you get financed through.
100% correct.
mirror
02-27-2007, 08:29 AM
so what if you total your bike or it gets stolen? You guys willing to loose 9+ k on a new bike just to save a little cash on insurance?
Conrad
02-27-2007, 08:37 AM
so what if you total your bike or it gets stolen? You guys willing to loose 9+ k on a new bike just to save a little cash on insurance?
:werd:
See if you do some of those programs where you are in essence buying the bike on a credit card then sure you dont have to insure the bike for full coverage. But I promise you if you bought the bike with the bike being the colateral on the loan then you are damn sure supposed to have full coverage.
I bought my 636r last year brand new. And financed through kawasaki (HSBC) and I know they require full coverage insurance.
My FC on the bike is only 300 and I have tickets so I know the 110 bucks more a year is worth the fact that if i dump it or its stolen that it will be taken care of.
cybergreencivic
02-27-2007, 10:06 AM
636R ^ Nice buy!
Thanks, i pick it up today. It hadnt been serviced yet, so i had to wait for them to get it all ready.
so what if you total your bike or it gets stolen? You guys willing to loose 9+ k on a new bike just to save a little cash on insurance?
I dont have to worry at all about it getting stolen were i live. I could leave the keys in it anywere, and it wouldnt be gone. As to me totaling it, id have to mess it up pretty bad for it to be a complete loss, and i figure, with what the deductible amount would be, and the difference in the premium amount, i would have to bend the forks for it to be worth having full coverage. If it is just cosmetic, im not to worried about damage as you can usually find that stuff used.
mirror
02-27-2007, 10:59 AM
I don't know about that, I went down on my 600RR going about 15 mph and the total cost of the damage was $4000+ and it didn't even look that bad.
cybergreencivic
02-27-2007, 02:22 PM
^^Sure John, get me paranoid now. Well, ill have to think it over. For now though, since its gonna sit, im just putting liability on it.
mirror
02-27-2007, 02:35 PM
^^Sure John, get me paranoid now. Well, ill have to think it over. For now though, since its gonna sit, im just putting liability on it.
just giving you a heads up on what can happen. Get your self some frame sliders to protect the frame from getting damage if you go down. You should checkout state farm for insurance. I pay $515/yr for full coverage with $500 deductibles.
cybergreencivic
02-27-2007, 03:03 PM
just giving you a heads up on what can happen. Get your self some frame sliders to protect the frame from getting damage if you go down. You should checkout state farm for insurance. I pay $515/yr for full coverage with $500 deductibles.
I would, but they wont take me because of my record. Only place that will take me right now is Progressive. But in June USAA is probably going to let us back on, and then i can put full coverage on it way cheaper than what Progressive would charge me. As to the frame sliders, ive never heard of them before, ill have to look into that.
vBulletin® v3.7.1, Copyright ©2000-2008, Jelsoft Enterprises Ltd.