Motorcycle Financing

Motorcycle Financing Three Steps To Make It Easy Do Your Homework Before Step 1 Visiting The Dealership Research and select the model you are interested in purchasing. • Determine your detailed financial situation and exactly the maximum monthly payment you can afford with your current financial situation. Check for financing promotions offered by the manufacturer and rates at local banks/credit unions. Use a motorcycle loan calculator to determine a payment range. Compare this to your budget. Get a motorcycle insurance quote for the bike you are considering purchasing. Add this amount to the maximum monthly payment you can afford. • Review your credit report to determine if any errors exist on it. Check your name, address, and each creditor to make sure the creditor has reported all items correctly. Get any errors fixed before submitting a financing application. • Research all manufacturer rebates on the model you are interested in purchasing. Learn about the manufacturers extended warranty options and costs. Compare this to third party extended warranties by comparing the cost and warranty coverage. • Educate yourself on the difference between installment financing and revolving financing. Shop and Compare Prices Step 2 • Shop multiple dealers and compare prices. Make sure you are comparing apples to apples by getting an out the door price with all taxes, registrations fees, financing rates, extended warranty and accessories costs. Stay within the price and payment range you determined that you can afford, Understand the cost and value of add on products like Gap insurance, tire and wheel protection and extended warranties. These will likely be added to your loan amount if you choose to purchase them. Read the financing contract details before signing it. • Understand when your first payment is due. Bring Your New Motorcycle Home Step 3 • Make your payment on-time. Late payments cause extra fees and dramatically hurt your credit score. Set-up automatic payment if possible. If you have difficulties making your payment ask the lender to restructure your loan. Involve a consumer credit counselor if you need help. • Once you pay off your motorcycle ask the lender for the lien release and title. MOTORCYCLE FINANCING GUIDE http://www.motorcycle-financing-guide.com