[spatel783]

Hello all. I've decided on buying my first bike. A Yamaha YZFR6 (Don't worry, although I've never bought my own motorcycle, I am an experienced rider. I've been riding a 600cc bike for years--was a gift to me).

Anyway, I want to finally BUY a bike. I have about $1800 in cash. I really like this used YZFR6 at a local dealer. Problem is, I have no idea how to go about purchasing it (and financing). I'd like to put around $1000 down and use the rest of the money for insurance. Does anyone think I can find a $50 a month financing deal? I will be able to pay it off completely in a year or two.

Anyway, before I go buy it, do I have to have insurance FIRST or AFTER I buy it? Most insurance co's quote you on an exact bike, what if i buy insurance and then I go to the dealer and its been sold. What do I do then?

So basically I'm looking for someone to help me out and/or give me a step by step guide in buying a moto. I've never bought a car so I don't have much experience in this area. I live in a major city so I've had no use for it.

Thanks!!

 

[TFee3]

From a legal standpoint, I might suggest that before you turn over any money to the owner or dealer, you see a free and clear title. Usually, if there's a lien against the bike because it's not paid for, it's noted on the front of the title. If there is a lien, and the previous owner has a release of lien from the finance company/bank, tell him to get his title "perfected" (new title with no lien) before you buy it. That way, you know for sure that there's nothing wrong with the title. Lots of people have been burned by someone selling a bike without a clear title. The new owner can't get it titled or licensed so he can ride it, and the seller is out of it.

 

[YamahaFan]

err ... wouldn't bikes from dealers have clear titles?

Not sure about where you live but as stated in another post: here in Massachusetts if you pay off cash they'll let you take the bike without any insurance but if you finance you'll have to be insured first. Once you choose the insurance company the dealer and company will work it out and you'll be all set (that's what the document fee is for). Current bike loan is around 8.99% offered by the dealer themself so best would be get a loan from the bank or somewhere else if you have good credit. Pick a day and ask them to hold it for you while you try to get a loan (if that's what you're going for)

I'm not sure about $50/month thing.

Anyway those are what I would do (never financed a bike before but a salesman once told me that. I financed cars though )

YF

 

[Guest]

Check your local credit union for financing, you no longer have to be among the elite to be a member, and the rates are usually pretty good. $6K financed over 5 years is going to be about $150 a month. Most places will pre-approve the loan before you start looking.

You can usually do the insurance over the phone, from the dealer if need be depending on who you're using. If you're going through the same company as your car, you can talk to them ahead of time, as you could with any of the big bike insurers(Progressive, Geico). Get as much as you can done prior to the sale, then just give them the VIN when you buy, and they'll fax the binder of insurance.

 

[esspee51]

The math doesn't work if you want to pay $50/ mo. in two or three years with that payment you are only paying $600/yr and that doesn't count the interest. You will probably have some trouble finding a 600cc or larger bike for $3,000 from a dealer, maybe from a private party for a 3 or 4 year old bike. A good place to look is Craig'a List in your area.
Where I live your Auto Insurance will usually cover you for a period of time to allow you to get the bike, and get it insured.
Good Luck

 

[TFee3]

YF - there are dealers who try to sell bikes with bad titles. I bought a brand new Honda for my daughter from a large Honda dealer in Kansas City. I had to finally threaten the guy with filing a formal complaint with the attorney general before I received the MSO, and that was a week later. They have two days max here in Missouri. However, I have to agree that buying a used bike from a dealer would be safer than buying from an individual.

 

[spatel783]

Thanks for the help everyone. 50/month seems low but kawasaki is having some sort of deal right now where you can as low as $50. I don't mind having to pay $50 a month for two years than pay off the entire bike. I'm in law school and by the time two years rolls around, hopefully I'll be rolling in dough!

 

[esspee51]

Beware of AS LOW AS
It's usually more like AS HIGH AS

 

[esspee51]

Beware of AS LOW AS

 

[spatel783]

It's As Low as $49 for a $5000 loan depending on your credit. I've got excellent credit but even if I didn't, it wouldn't be more than $69 a month. But thanks for the advice.

Anyone know how I can pay by credit card through craigslist!! That would be ideal.

 

[esspee51]

I don't know if you can because Craig's Lists just lists sellers. If the seller would happen to be able to accept credit cards, you could do it that way, if not, I'm not sure.
If you look on Craig's List home page there is a "contact us" button you could E-mail them with your questions.
I hope this has been of some help.