buying a bike with a personal line of credit

[LeDauz]

Has anyone used a personal line of credit to buy a motorcycle?

I am thinking of buying a turbo busa this summer on a personal line of credit since its a buyers market. And before anyone says bank loan my bank goes off blue book not aprasial value and no a loan against a home is out of the question since I don't have one.

I know that I should just save up and do cash but prices are just right and most personal lines of credit have a min of $5-10k.

So if anyone has any experince with buying a motorcycle on a line of credit or just some words of wisdom on personal lines of credit it would be great help.

Thanks in advance.
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[sixpack577]

If you have a fixed low apr, and can make the same payment over a set amount of months to pay it off completely, just as if it was a bank loan, then yes. If not, you may live to regret oweing more than the bike is worth for a very long time.

 

[JGGUNS]

+1. if APR is fixed and reasonable (19%is not reasonable), the term is fixed, and you can afford the payments then fine. That would be no different than a bank loan except you should hold the title if it is a true line of credit.

 

[fastblackblur]

eh, i wouldn't buy anything too expensive that I couldn't pay off in a few months.

 

[Flicka]

I'm going to take a different angle on this. If you buy the bike on a personal line of credit, the lender won't hold the title. That means you won't be forced to maintain collision insurance coverage, which, depending on your age and driving record, can be prohibitively expensive with a Busa. If that's what you have in mind, then I strongly recommend against it.

If not, then check out all your options and be sure you get a good rate.

 

[Fastfrog007]

If you have a fixed low apr, and can make the same payment over a set amount of months to pay it off completely, just as if it was a bank loan, then yes. If not, you may live to regret oweing more than the bike is worth for a very long time.

Yes you should if the credit terms are right, and yes, I bought mine a bad way.

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[JGGUNS]

I agree with Chattanoogabusa's point. If you are trying to avoid the insurance then telling you to use the PLC would be bad advice. Hell, mine's paid for but I tote full coverage. Anything less would be cheating myself as I am the virtual lender.

 

[Fastfrog007]

I agree with Chattanoogabusa's point. If you are trying to avoid the insurance then telling you to use the PLC would be bad advice. Hell, mine's paid for but I tote full coverage. Anything less would be cheating myself as I am the virtual lender.

Sensible for sure, but full coverage for some of us is.over 3k a year.

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[sixpack577]

I'm going to take a different angle on this. If you buy the bike on a personal line of credit, the lender won't hold the title. That means you won't be forced to maintain collision insurance coverage, which, depending on your age and driving record, can be prohibitively expensive with a Busa. If that's what you have in mind, then I strongly recommend against it.

If not, then check out all your options and be sure you get a good rate.

I agree. Did you know that Suzuki doesn't require full coverage anymore either? Even though they hold the title, they said that too many people could qualify for financing and then couldn't afford full coverage. It was costing them sales, so they allow only liability now.
I know that Kawasaki or Yamaha started this a few years ago too.(But I'm keepin my full coverage, ya never know)

 

[JGGUNS]

You need a new Insurance company or you need to either slow down or learn to run and hide better.

Have you tried State Farm? They are the cheapest Insurance company for bikes that I have found. I switched everything I had to State Farm just because they did try to screw me on my bikes.

 

[sixpack577]

You need a new Insurance company or you need to either slow down or learn to run and hide better.

Have you tried State Farm? They are the cheapest Insurance company for bikes that I have found. I switched everything I had to State Farm just because they did try to screw me on my bikes.

+1 Hide better

 

[Fastfrog007]

You need a new Insurance company or you need to either slow down or learn to run and hide better.

Have you tried State Farm? They are the cheapest Insurance company for bikes that I have found. I switched everything I had to State Farm just because they did try to screw me on my bikes.

I looked into Statefarm after reading.how.many guys here love em. So, I went to the local agent, sat down, did the info then he said "sorry, we don't have any outlets for your situation"

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[Taylor]

Sensible for sure, but full coverage for some of us is.over 3k a year.

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You have a 5 year old bike and they still want 3k a year for full coverage, your getting screwed bad...not just bad really really bad.

 

[Flicka]

I agree. Did you know that Suzuki doesn't require full coverage anymore either? Even though they hold the title, they said that too many people could qualify for financing and then couldn't afford full coverage. It was costing them sales, so they allow only liability now.
I know that Kawasaki or Yamaha started this a few years ago too.(But I'm keepin my full coverage, ya never know)

I did not know that. Makes some sense though...

EDIT: It makes sense from the manufacturer's perspective, but certainly not for the consumer.

 

[sixpack577]

I did not know that. Makes some sense though...

EDIT: It makes sense from the manufacturer's perspective, but certainly not for the consumer.

Most definately

 

[Fastfrog007]

You have a 5 year old bike and they still want 3k a year for full coverage, your getting screwed bad...not just bad really really bad.

To be fair.that was 2 years ago, so maybe its down to $2500 now

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[dk55belair]

I have a clean record, several cars and home and nobody would put collision on my 2004 for under $600 per year

 

[sixpack577]

I'm almost 34, married, class A cdl, clean record and no tickets in over 7 years. I still can't get full coverage anywhere on my 08 for under a grand!!! BS!!!
I feel your pain too Frog, been there, done that.
But I just learned to hide better!

 

[Blanca BusaLess]

....is a bad idea.

 

[Blanca BusaLess]

I agree. Did you know that Suzuki doesn't require full coverage anymore either? Even though they hold the title, they said that too many people could qualify for financing and then couldn't afford full coverage. It was costing them sales, so they allow only liability now.
I know that Kawasaki or Yamaha started this a few years ago too.(But I'm keepin my full coverage, ya never know)

I financed my bike thru what I thought was Suzuki but it turned out to be Sheffield Finance at %1.9 and rode off with zero proof of ins, nada zip not even liability, they didn't even ask me if I had it nor did they care.