JGGUNS
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But I just learned to hide better!
Hey, you owe my for a Copyright infringement. That should cover my full coversge next year.
buying a bike with a personal line of credit
- Thread starter LeDauz
- Start date
Hey, you owe my for a Copyright infringement. That should cover my full coversge next year.
Same deal when I bought mine (wife actually, I just make the payments
), Suzuki uses Sheffield. We went and looked at them and I was iffy on the insurance costs, so I decided to hold off a while and search for better insurance(I keep full coverage). My wife suprised me with it a month and a half later on my birthday, had the dealer deliver it to the house! I make the payments and she pays my insurance! 
I keep full coverage as well just that in Florida zero is required when you buy whether or not you finance or pay cash.
Tm@nFL
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I bought my 2009 busa in October 2010 when Suzuki/Sheffield Finance had a 0% financing for 60 months going on. They did ask about insurance like others have said. I had to go with Progressive Insurance and got it for around $1200 a year for full coverage but no medical on it.
The local State Farm office would not even give me a quote because they pulled so much bullsh*t out their backside. Started talking about my 21 year old step daughter in the Navy that lives in San Deigo because she still used my address and has had 2 claims in 2 years. I live in FL and she has not lived her for a 1 1/2 years. Like she is going to be riding the bike. That is the last time I call State Farm and I did have them for years before I switch to USAA because of price. I will deal with USAA and Progressive now.
The local State Farm office would not even give me a quote because they pulled so much bullsh*t out their backside. Started talking about my 21 year old step daughter in the Navy that lives in San Deigo because she still used my address and has had 2 claims in 2 years. I live in FL and she has not lived her for a 1 1/2 years. Like she is going to be riding the bike. That is the last time I call State Farm and I did have them for years before I switch to USAA because of price. I will deal with USAA and Progressive now.
S4L
Registered
What was your guys' credit scores?? I tried to get the 1.9 financing from suzuki (was able to obtain 0.9% for my car) and they ended up wanting to finance me at 12+ % !?! Ended up going through a credit union. My credit score at that time was just above 700, which was good enough for financing my car. Oh well, I guess they look at more than just your credit score.
Getting screwed on insurance too - I feel your pain Frog. I'm paying a little more than you Tm and they want to UP it this year.... I'm gonna shop for a lower rate, no tickets, no accidents, but they're gonna just up it.
Getting screwed on insurance too - I feel your pain Frog. I'm paying a little more than you Tm and they want to UP it this year.... I'm gonna shop for a lower rate, no tickets, no accidents, but they're gonna just up it.
What was your guys' credit scores?? I tried to get the 1.9 financing from suzuki (was able to obtain 0.9% for my car) and they ended up wanting to finance me at 12+ % !?! Ended up going through a credit union. My credit score at that time was just above 700, which was good enough for financing my car. Oh well, I guess they look at more than just your credit score.
Getting screwed on insurance too - I feel your pain Frog. I'm paying a little more than you Tm and they want to UP it this year.... I'm gonna shop for a lower rate, no tickets, no accidents, but they're gonna just up it.
couldve been a relfection of debt/income which was a problem i had for a little while. even though my score was high not 700 but mid 6's, the number of loans i had out was a disadvantage.
personally if you cant afford to buy it out right, you shouldnt own it without full coverage. if you cant do either the best decision is to wait. i would hate to make payments on a stolen or totaled bike.
as others said if you can get it at a reasonable rate why not. but if you got a 10k card with a reasonable apr i would at least talk to my bank and see what they can do about financing, not everything goes off kbb, and they may let you appraise the bike.
To be fair.that was 2 years ago, so maybe its down to $2500 now
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Thats horrible, you must be young and drive like a maniac
I financed my k9 through Sheffield also, but what you guys doing for insurance. I have State Farm with 25/50/25 full coverage, uninsured motorist, road side for 44.00 per month. My 05 ran me 50 per month, so yes the 2009 is actually cheaper than my 05, go figure. That is also being 39, Class A CDL, no tickets, no accidents.
S4L
Registered
Thats horrible, you must be young and drive like a maniac
I used to, got worse for a awhile, but Im all growed up now and safe, really, I am
I don't think they will do a signiture loan if they know it is for a vehicle. Apr on signiture loans is usually high, so you don't want to have one out any longer than you have to. I have bought a bike with a signiture loan before, but I did not disclose to the bank what it was for and the loan was short term. I just used it to go ahead and get it, the money for it just wasn't in the bank yet. I had it paid off within 2 months.
AK Addict
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If you can't get a good rate on a line of credit (unsecured loan) get a secured (bank) loan for the book value of the bike and pay cash for the difference or get an unsecured loan for the rest. I paid cash for my 09 Busa but just bought a used BMW with a secured loan at 3.99% My credit score is 808 so your rate might be a little higher depending on your credit score. Depending on your age and if you have a good driving record State Farm is cheap for full coverage. Under $230 a year, I just upped some of my coverage so we will see what the next bill costs.
LeDauz
Registered
$3,751 Nada blue book, $5,410 kelly blue book; but there is not butten or anything to click on them for a turbo. Let alone a built engine w/ turbo(stage 2 kit with the works)
So any thing going off blue book value will not cover it, the one am currently looking at is a 2000 stage 2 and asking $13,000 for it.
I like this idea right here, Am gana see if my credit union will do that 1.5x kelly blue book(not nada who doesnt care about motorcycles) then get unsecured loan for the remainder.
as far as insurance State Farm has my '06 for $288 a year full coverage, no point in owning a motorcycle w/o full coverage unless you like in perfect vill where motorcycles dont get stolen.
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