Triumphrat

eurochien

Hi,
I'm running against a wall with my credit union regarding financing for a used motorcycle sold by a private seller. They basically want me to find the bike first, do all this paperwork involving the buyer and then get me the loan (I have excellent credit, have cash available for a downpayment, would not need to finance a huge amount, already finance my car through them etc., am "prequalified", whatever the hell that really means given the restrictions they seem to impose). I think it makes more sense to secure financing first (again, excellent credit, already a customer, yaddi-yadda...) and then shop for a bike. In my case the headache is compounded by the fact that one of the bikes I'm looking at is located in the next state (New Mexico). Expectedly the seller wants cash at the time of purchase, so what I'd like to be able to do is secure financing (i.e., get the damn loan and have the funds ready to buy the bike), fly down there and meet the seller and check out the bike. If things work out then purchase the bike, get the bill of sale notaried and title and insure it (on the phone) and ride it back up to CO that same day. Is this unrealistic? Don't people do that all the time?? Also, anyone know what I'd need to do once I have given the cash to the seller, have the bill of sale in my hands and the bike is insured before I can actually jump in the saddle and ride across state lines (license plate/registration issue bike purchased in NM ridden to Colorado for registration/taxes there)? What do I need to do to be in compliance with the law if I get pulled over on the highway while riding the bike home? The Colorado DMV website is not too specific on out of state motorcycle purchases.

Sorry if this sounds lame, I'm just frustrated with the process and just do not get it. Also, does anyone have any insight with so-called online motorcycle lending companies? I'm a bit leery... Recommendations appreciated.
Thanks for any advice you can share.

Haggis

Just see if you can get an unsecured line of credit.

__________________
Triumph Riders of Calgary and Southern Alberta

ocguyocguy

While it does seem unreasonable the credit union usually offers LOWER interest rates secured by the value of a vehicle they can repo if the loan defaults, that's why they offer LOWER % rates...Haggis is correct... you could get an unsecured loan...buy the bike you want THEN re do a NEW loan to refinance it at the LOWER vehicle loan rate, but tell the credit union your plan first so they go for it and they will want a VIN number for the new loan sooner or later...a hassle but woth it...an unsecured loan will be about 10% the bike loan with be HALF that...

Baltobonneville

Yep. Or lend yourself the money and finance it after you buy it.

__________________
Marty
2005 Bonneville Blue 790cc, AI removed, Staintunes RC, Unifilter, no snorkel, 118/40/Thrux needle/1 shim/3 turns, tachometer, Ikon 7610s in back, Ricor Intiminators in front, Pirelli Sport Demons, D9 gauge panel.

nc76

I am looking to buy my first bike and have had the same questions to myself. I too have pre-approval from my bank. If I end up buying at a local dealership, no big deal. If I buy from another state or privately, I will have to talk to them. I told my wife I could just pay cash and then "buy it from myself" with the financing. I just don't know how the credit union will look at that. I will be calling to ask shortly to see how that would/could work.

Flaco

Hello eurochien,

I think I can help you out...
I was in a similar situation two years ago when i bought my '05 Bonnie.
Wanted and looked for 5 months before I found a smoking' deal 100 miles away. (yes, I wanted an '05 for many reasons)...
Called the guy on Friday afternoon and said I would buy it if it was what he said...
Went to my credit union on Saturday a.m. opening hours.
Said they would process and call me back...(two miles away.)
At 1:00 they called and I went down to the bank...
Yup! we'll loan you the money @ 8.5 % interest...
I told them to "kiss my arse and call me shorty!"
After discussing it with the loan officer when she said I could lower the interest rate w/ a home equity loan. "No way I said!"
I told her I have a '99 GMC 4X4 pickup paid off and we did a 4.5%
equity loan on it and I was out the door, cash in hand...
Could of had it down to 4 % if I applied for another credit card.
"What, are you nuts!" Another credit card! Flick no!
Came home and got a temporary plate ON LINE from the AZ DMV, printed it out on my printer and drove up to pick it the Bonnie on Sunday morning.
After the hand shake and transaction the seller and I went to an off campus (non state) notary and dmv license business and, Bingo!

Call your insurance company w/ the VIN number and your good to go! I believe if you have a temporary plate it's automatic insurance, I think. Better double check though...

You can email me if you have any questions and I'll send you my tele # to help you out, if needed...
akkibben@cox.net
Hope this helps...

Allin

(Friday afternoon to Sunday morning and Bonnie was mine!)

Good luck!

__________________
'05 Bonnie, 73 RWHP "Goodwood Green Chili Dancing Machine."