Best Bike Loans

[Liquidous]

I thought i read a few months ago mention of a few banks who offered excellent low interest rates for RV (motorcycle) loans. I am currently able to get a 5.7, wondering if there was lower. couldn't find the thread, thought i would ask again.

thanks

 

[A'Busa'd]

A rate like that these days is low, unless it is for a very short term. If you can get a rate like that for 4 years, go for it!

 

[justintime2]

Remeber along with a loan comes mandatory full insurance which is pretty pricey with the Busa!

 

[LTD Busa]

Remeber along with a loan comes mandatory full insurance which is pretty pricey with the Busa!

I don't know about that. I was able to get mine without the mandatory insurance BS. In FL you don't even have to have insurance on your motorcycle. I do,but there is no law to make you. Check it out to see if you have to have it. Don't just listen to what the dealer tells you. Just my 2 cents...

 

[A'Busa'd]

I don't know about that. I was able to get mine without the mandatory insurance BS. In FL you don't even have to have insurance on your motorcycle. I do,but there is no law to make you. Check it out to see if you have to have it. Don't just listen to what the dealer tells you. Just my 2 cents...    

I'm not sure that the law in Florida doesn't require insurance for notorcycles. I'll have to research that. In Florida, your PIP follows you from vehicle to vehicle, but your liability doesn't. You have to have at least PIP in order to have a license in FL. It may be different in other states. Your lender has the right to require you to carry insurance in order to protect their loan. In my case, I went through Suzuki Credit (HRSC) and the loan is treated like a credit card. No insurance required to protect their loan.

 

[BigBSBusa]

The best motorcycle rates I have found are from Pentagon Federal Credit Union. They were pretty close to 5.7%, but maybe a couple tenths lower. I haven't had a loan anywhere for a motor vehicle (car, truck or motorcycle) that didn't require full insurance.

 

[04busaVA]

Yeah, I would say credit unions are by far the best rates that I found. I went with my bank, NFCU for 4 years with and apr of 3.9% and my insurance only went up 55 bucks a month for full coverage with State Farm. (YMMV)

 

[Liquidous]

good info guys.  interesting on the credit.  because i only wanted to fully insure it during the riding months. any time it left the driveway with me on it, it would be fully insured, the rest of the time i wanted to have comp/theft/damage insurance on it as it sat it in the garage/storage.



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[gtrpimp76]

While on the subject, I just recently bought my new busa on HRSC financing (same as Suzuki but called Rev Financing or something like that). Since I bought the bike less than a month ago is it possible to re-fi through a credit union with lower interest? Currently I'm paying around 9% (pretty pricey) but I'm sure I can get 6% b/c of nearly perfect credit.

 

[BigBSBusa]

While on the subject, I just recently bought my new busa on HRSC financing (same as Suzuki but called Rev Financing or something like that). Since I bought the bike less than a month ago is it possible to re-fi through a credit union with lower interest? Currently I'm paying around 9% (pretty pricey) but I'm sure I can get 6% b/c of nearly perfect credit.

I'm not sure about all the rules the banks/credit unions use, but I'm pretty sure you can refinance. Give one a call and find out would be the only way to know for sure.

 

[HillsRider]

I took a loan from my 401k instead of going to the bank. 2 year loan @ 4.86% and I don't have to worry about carrying full coverage insurance. Works for me!!