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TerraNick23 01-16-2013 09:27 AM

Advice on buying??
 
Hello all, I am in the process of selling my 990 Superduke, which is posted up in the "Flea Market". But I am trying to buy a 690 Enduro R. All the bikes I have seen either on the internet or on this forum, even though used, are still within about a $1000 of a new model. Now many of these bikes have some tasteful mods made... but in my position money is money. Either way I would probably have to finance some money to get the bike of my dreams and quite possibly one of my last bikes ever. It seems to just do it all.

My question is have many of you financed bikes? is it a sound decision financially? I am on a steady income and can definitely afford the monthly payments. But I heard if your financing bikes you have to pay for full coverage with your insurance... is this true? Any 690 owners out there care to let us know how much insurance is really running you?

I am really just looking to see if any of you know any really good financing plans that maybe out there. Wells fargo? Regions? The dealership?

Thanks in advance to all

phoenixdoglover 01-16-2013 09:38 AM

Financing
 
Well, I think the real good financing deal is the one with the lowest rate (APR). I bought a Suzuki new and financed it; at 2.9% APR, the finance charges were really minimal. And I normally go for good insurance coverage, so that was not an issue. However, if you are financing a used bike, it is likely rates will be much higher, and choice of finance companies more limited. I recall seeing rates 3 or 4 points higher than the promo rates on new bikes.

wsmc831 01-16-2013 09:49 AM

I financed my Enduro because I didn't want to sell another bike, and I work for a major bank so funding is easy and will be paid off in under a year. I also had a tough time finding an enduro and ended up buying one 1000 miles away. I think it added about 250 a year to my 690 Duke policy, full coverage, fairly high dollar amount coverage. It's not a sound financial decision, but then no motorcycle is. Won't be a good move to buy a 500exc in a couple months, but life is short :-)

TerraNick23 01-16-2013 10:39 AM

^^^thats correct. My GF is super pissed I am even talking about financing. But thats cause she wants a ring and a house. All the married guys say to get all your toys before you do that, so thats what i am trying to do. Life is too short to always think about buying some thing. Just buy it and love it.

I am shopping all banks and will exhaust all my options, but right now buying a new bike, atleast with a 690 Enduro, seems to be the best plan of action. Atleast if I ever HAVE to sell it, I know they have good resale value. lol

TerraNick23 01-16-2013 10:49 AM

Quote:

Originally Posted by wsmc831 (Post 20499326)
I financed my Enduro because I didn't want to sell another bike, and I work for a major bank so funding is easy and will be paid off in under a year. I also had a tough time finding an enduro and ended up buying one 1000 miles away. I think it added about 250 a year to my 690 Duke policy, full coverage, fairly high dollar amount coverage. It's not a sound financial decision, but then no motorcycle is. Won't be a good move to buy a 500exc in a couple months, but life is short :-)

BTW how much is your full coverage running you?

wsmc831 01-16-2013 10:52 AM

Ha! Just wait until you get older like me (43), are getting divorced, selling your second home and moving to a much cheaper area. New 500, gsxr track bike...or whatever I want actually. Not hearing 'NO' is a wonderful thing :rofl

She's right though, don't really want to add debt before buying your first house. Just wait until you close escrow, THEN buy something.

but yea, you have to get married before you can get divorced and buy more toys...lol.

wsmc831 01-16-2013 10:55 AM

Quote:

Originally Posted by Lifeon2Wheels (Post 20499823)
BTW how much is your full coverage running you?


One policy for both 690's, less than 500 a year total. Full coverage.

Hesaid 01-16-2013 12:53 PM

Geez, I bought bikes just so I could finance something.

I didn't really have anything else in the way of debt/credit, so I wanted something to keep my credit score/history in good shape. I was going to finance a trailer I bought, but that ended up being too much of a hassle since I was buying it out of state. So another year went by with my credit stagnating...

What was I to do?

Luckily I was able to work with a credit union we deal with here at work, and they were able to help me out. Otherwise, I'm not sure what I'd have had to do. Maybe a boat?

MV

zxrider11 01-16-2013 04:24 PM

KTM offers factory financing.

Last time I checked:

2.9% for 24 month
3.9% for 36 month
4.9% for 48 month
6.9% for 60 month

I pay $400 per year for full coverage insurance, $500 deductibles for my 2012 690R

TerraNick23 01-16-2013 08:25 PM

awesome. ktms factory plan looks pretty good. thanks for the info.


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