SELECTING A BIKE THAT FITS
When you are in the market for a
used motorcycle, you must figure out
how much you can afford to pay for your new purchase. Be practical! Don't buy a
bike that you must struggle to make the payments for each month. Or even worse,
purchasing a motorcycle that you can't make the payments for. If your motorcycle loan goes into collection,
not only will you wind up losing your motorcycle through and all the money you
put into, you will wreck your credit! If you are a beginner rider, please
read the section related to
buying your first motorcycle.
You need to budget your income
and financial obligations in order to see how much you can afford. One way to
come up with an accurate, affordable amount is to add up all of your expenses
and subtract that from your net income. Use 35% of whatever you have left over
from this amount as an amount that you can afford for your motorcycle loan.
Educate yourself with some simple tips on what you can do to
common motorcycle buying mistakes.
Additional Costs to Consider:
Remember, there are going to be additional initial costs for your motorcycle
purchase that need to be considered when determining how much you can afford.
1. Selling Price - MSRP of the bike.
2. Shipping - This is the cost of having the bike
delivered to the dealer from the manufacturer. Sometimes the dealer will absorb
this cost in the selling price.
3. Preparation - This is the cost of having the bike assembled and
made 'ready' for you to drive.
4. Tire Disposal - This is a fee that everyone has to pay.
5. Tax - Everyone pays tax.
6. Tag/Title - This is the cost of getting a license plate and
registering the vehicle in your name with the state.
7. Motorcycle Insurance - It is a good idea to
ensure your purchase. You want to protect yourself and anyone that you may hit.
Learn how to receive
Prepaid Maintenance Contract - If you
intend on owning your bike for more than a few years, you can benefit from the
regular maintenance coverage this type of contract offers.
Check out the
glossary for more related terms.
There are a few main criteria that will determine what kind of rate you
receive. Understanding how
motorcycle loan rates work will help you save money over the life of your
Monthly Costs That Need to Be Taken
Also, don't forget to calculate monthly insurance, gas and
maintenance costs into the price of what you can afford for your
**It is also important to note that if you buy a new bike, and do not
leave a down payment, you will likely become
upside down on your loan in a few months.
calculator for computing motorcycle loan payments to determine
how much you afford for your monthly obligations.
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