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How did you purchase your bike?

  • Cash

    Votes: 75 39.7%
  • Financing through dealership

    Votes: 54 28.6%
  • Financing through your own bank

    Votes: 28 14.8%
  • Financing with credit union.

    Votes: 32 16.9%

How did you purchase your CBR?

2K views 33 replies 22 participants last post by  OveRReV 
#1 ·
Just wondering how many of you either purchased your bike by
1. Cash
2. Financed through dealership
3. Financed through your bank
4. Financed through a Credit Union.

the reason why im asking is because im looking to finance a bike. maybe learn more about what everyone else is financing at, what percent, tips and advise, etc.
 
#4 ·
I did honda credit card financing. when the rates were low. I had the cash but chose to invest it at a higher rate. Then I just paid it off after the year.

If your credit is decent, put it on the Honda Card then transfer it to a Citibank Card (O% balance transfer fee lifetime). Invest the cash you would have spent on the bike, or use it for something else worthwhile that you would have had to finance. You'll have your dollars working for you then.
 
#5 ·
i think my credit is decent, shouldn't be bad.

casino - so what i should do is purchase a bike with the honda card, with whatever their apr is, then transfer it to a citibank card that has no transfer fees? why citibank? do they have low apr? i know if i sign up now, i can get 0%apr for 12 months, and i plan to pay it off within a year.
so i would keep it on the honda card till payments are low enough to tranfser to another credit card such as citibank?
 
#6 ·
Casino said:
If your credit is decent, put it on the Honda Card then transfer it to a Citibank Card (O% balance transfer fee lifetime). Invest the cash you would have spent on the bike, or use it for something else worthwhile that you would have had to finance. You'll have your dollars working for you then.
That is exactly what I did. Even if you can only get 1 year interest free, chances are you will get another credit card offer before that year is up and you can transfer it again. Just make sure there are no balance transfer fees and that the APR after the promotional period is not insane in case you get stuck with it. I have excellent credit and Honda still wanted to charge me 14.9% so I transfered that $hit ASAP. Get your finances in order before purchasing the bike as the first payments through Honda are basically all going toward interest and not principal.
 
#8 ·
through my own bank which is a credit union lol
 
#9 ·
I got mine back in July of 03. At that time I was making 21k a year. Cash was not an option for me. But they had 0 down 0 intrest and payments for 3 months then 6.9% for the life of the loan.

Another big factor for me was the insurance. If you plan to ride it on the street I would suggest getting a quote before you buy the bike.

Good luck,
Dusty
 
#10 ·
ImhurdlerJr said:
I got mine back in July of 03. At that time I was making 21k a year. Cash was not an option for me. But they had 0 down 0 intrest and payments for 3 months then 6.9% for the life of the loan.

Another big factor for me was the insurance. If you plan to ride it on the street I would suggest getting a quote before you buy the bike.

Good luck,
Dusty
i got a quote for $480/yr for liability. should i get full-coverage? i know there are possibilities of dropping the bike and other accidents. i just figure insurance in the longrun will cost me more than the bike itself. theft is not a concern. any suggestions to get full coverage?
 
#11 ·
cbr_220 said:
i got a quote for $480/yr for liability. should i get full-coverage? i know there are possibilities of dropping the bike and other accidents. i just figure insurance in the longrun will cost me more than the bike itself. theft is not a concern. any suggestions to get full coverage?
If you are going to turn 25 anytime soon I would wait to get the bike and call State Farm. I pay $19/month for full coverage but when I was 24 they wanted about $200. Get the full coverage and you can sleep a lot easier.
 
#12 ·
I financed mine through my bank... I wish I could have paid cash, but i'm not good at saving up $$ before I want to spend it on something so I would have never gotten a bike then lol.









Black05rr said:
I pay $19/month for full coverage but when I was 24 they wanted about $200. .

Wow, I envy you...:tongue11:
 
#14 ·
cbr_220 said:
i got a quote for $480/yr for liability. should i get full-coverage? i know there are possibilities of dropping the bike and other accidents. i just figure insurance in the longrun will cost me more than the bike itself. theft is not a concern. any suggestions to get full coverage?
Insurance is a judgement of risk, if your full coverage premium is astronomical you may be better served saving the money with liability and covering your own damages out of pocket.
 
#17 ·
got mine through the dealer then refinanced with a credit union. i couldn't wait when i was at the dealer so i said f*ck it. paid it off now so i no more payments. ahhh...
 
#19 ·
Depends on the state, you always get the title immediately to register with the DMV. Some state DMV's will mail the executed title to the lien holder, while others will mail it to you.

After paying off the bike, GE Finance (the Honda Card) mails the lien release form in 2-3 weeks -- and assumably the title if they possess it.
 
#20 ·
Dude I'm on a finacing term and it blows.....if you got the $cash$ I definatly reccomend that you hook your whip up that way....the money you save on interest will hopefully get you somethin' juicy for your bike (ie- exhaust). As for insurance, I go through CAA (in Canada. AAA in the states) I pay 700$/year CND. I'm 22 years old so that not a bad rate. Get a quote from them it might do you some good. If you go w/ financing a bike, bargain with them don't go higher than 4-5%. Anything else is to high.
My 2 cents....
Peace.
 
#26 ·
cvlighthouse said:
My x at the time offered me a trip on the Concord to Europe or a bike for my birthday. I took the bike.
good choice bro!
 
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