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Need loan and insurance advice

1K views 9 replies 8 participants last post by  Will Goes Boing 
#1 ·
Hey guys I'm expecting to get a bike sometime by the end of this year and I was wondering what are the highest recommended places to apply for a motorcycle loan and get insurance.

First of all my credit is fairly new (around 3 years credit history) but even though my credit score is considered to be in the "good" range I'm not that confident in getting approved for a loan. Also, I was wondering if I should take out a personal loan or a motorcycle loan.

As for insurance I read in a thread that statefarm has the cheapest rates compared to other major insurance companies. So far I have gotten three online quotes, progressive and AAA both wants almost $6000 a year for full coverage :eek5 and the cheapest being geico wanting $2200 a year. I'm 24 w/ a good driving record, plus those numbers are based on high deductible and minimal coverage. Any other suggestions?

So where did you guys get your loans and insurance?
 
#2 ·
If you have good credit for the past 3 years you should be fine to get a loan. If you are buying new bike just try the dealership for the loan they usually go thru a few bank to try to get the loan. If that doesn't work go you can always try the bank that you have a account with or your local credit union. An what about a cosigner for the loan is that an option?

I got my loan thru the dealership(hsbc bank)


As far as insurance goes i have statefarm an its 523.00 for the year with full coverage an a 500.00 deductible on my 06 r6 im 22 with a perfect driving record
 
#3 ·
Well the thing is I have had late payments in the past (a couple days late here and there) altough I did see a 30 day late payment ding on my credit report because I cut up one of my credit cards which still carried a balance and forgot about it completely. Also a delinquency on medical bills last year which actually didn't show up in the credit report. I was expecting my score to be in the "poor" category but surprisingly its still fairly decent. Its just that I've tried to apply for credit cards or get credit limit increases in the past here and there and never get approved for them. So that's why I'm having doubts about getting approved for a loan.

As for insurance I would shit bricks if I can get full coverage for around $500 a month w/ a $500 deductible. My driving record is not exactly perfect, I think 1 ticket is still on my record from about 2 years ago. But it seems like statefarm is the way to go so I'll call for a quote tomorrow.
 
#6 ·
Hey congrats on the new bike. Im 21 and in a similar situation. I have had credit for 3 years and could not get a used bike loan to save my life. I called my local yamaha dealer and they approved me for up to 15grand. They are trying to push new bikes so much that they finance anyone. Depending on how good your credit is, that defines how much they lend u and at what interest rate. As far as insurance Progressive has the cheapest motorcycle insurance i saw. I got lucky and cheated the system and got liability only through geico because the geico rep i talked to said that comprehensive was optional even if you had a lean on your bike. For the record hes wrong but i wasnt going to argue. Hope this helps and good luck with the new bike.
 
#7 ·
State farm is for sure a good choice for insurance. State farm also has a banking devision(i know i cant spell) thank the agents can get you loans from. I got a cut on my rates for both the insurance and loan by doing them both with the same guy.

Also late payments dont show up on your credit report unless they are at least 30 days late
 
#10 ·
Alright so it seems like the route to go is yamaha card for financing and statefarm for insurance. Its just that I don't want to try applying to too many places because everytime they run my credit report it hurts my credit score. Thanks for the advice guys.
 
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