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Common Mistakes Motorcycle Buyers Make When Looking For a Motorcycle Loan
Whether interest rates are high or low or it’s the end of a model year with plenty of incentives, motorcycle buyers tend to make the same mistakes when looking for a motorcycle loan. Here are four common mistakes motorcycle buyers make with motorcycle loans.
Buy a motorcycle before buying a motorcycle loan.
Many motorcycle buyers walk into the showroom looking for a motorcycle before determining how much money a motorcycle lender is willing to lend them for the purchase of a motorcycle. There is no need to shop for a $20,000 Harley Davidson motorcycle if a lender is only willing to provide a loan amount of $10,000.
Additionally, once motorcycle buyers enter the showroom, skilled salespeople often pressure them into obtaining motorcycle loans with much higher internet rates than they could have obtained had they purchased a motorcycle loan from a bank, credit union or online. Sellers don’t like motorcycle buyers leaving the dealership to get a motorcycle loan. In the minds of sellers, this only increases the risk of losing a sale and a commission. As a result, sellers frequently try to get a quick sale, which normally drives motorcycle buyers to obtain motorcycle financing from the dealership.
The bottom line is that it’s always best to shop around for a motorcycle loaner before entering the showroom.
Diving into the unknown of the motorcycle loan.
Motorcycle buyers often get into motorcycle loans that they don’t fully understand or that may not be the best alternative for them. For example, in the current era, manufacturers frequently run credit card motorcycle loan promotions on their private label credit cards. But these promotions usually offer a low interest rate in the short term like 12 or 24 months and have a much higher interest rate after the short promotional term. During a credit card promotion, if motorcycle buyers cannot afford to repay the loan during the short promotion period, it is usually better to find a lender offering a longer installment motorcycle loan. term.
Borrow too much.
The most common mistake a first-time motorcycle buyer makes is not having a clear idea of how much motorcycle they can afford. This is especially true for young motorcycle buyers looking to buy the best sport bikes that cost up to $10,000-$15,000. What they don’t realize is that financing a $10,000 to $15,000 motorcycle can stretch them to the limit, leaving them with little money to have fun and enjoy the motorcycle lifestyle. They may also have too little money to pay for insurance, maintenance, registration or new accessories for their motorcycle.
Not asking the right questions.
The first warning sign that motorcycle buyers need to see is that if they don’t understand the type of motorcycle loan, then they should be sure to ask plenty of questions.
Here are some good questions to ask yourself:
o Is the interest rate fixed or variable? If fixed, how long will it be?
o Are there any circumstances that may cause the motorcycle loan interest rate to change in the future?
o What happens if a payment is 30 days late? Is the interest rate going up?
o What happens if a payment is 60 days late? Is the interest rate going up?
o What is the duration of the motorcycle loan?
o If the loan is an installment loan, does it use the rule of 78 or simple interest? (Simple interest is always better because it doesn’t penalize the motorcycle buyer if the loan is paid off early.)
o What is the down payment requirement to get the motorcycle loan?
o Is comprehensive insurance required?
o How much does it cost to register and are these fees included in the motorcycle loan?
o Are there application fees to obtain the motorcycle loan and if so how much are the fees?
Overall, motorcycle buyers can avoid these common mistakes by spending a little extra time focusing on buying a motorcycle loan and asking lots of questions.
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