don't do it. taking over payments is usually a bad deal especially in this case.

9k or less can get you a brand new bike. your best option is get your credit up and start saving money for a down payment.

to take over payments to answer your question, you have to talk to whatever bank his dealer goes through (the dealer can probably handle this). they will run your credit and give an ok or a no go from there then switch the loan over to your name where it stands - but may increase the interest rate since your credit isnt that good.

basically you'll get shafted hard if you take over payments. plus if you can't get a new one from the dealer, you won't get the OK to take payments on a 9k loan.

 

But, he may benefit if the friend allows the bike to stay in his name, due to the fact it will be hard for him to get his own loan, unless he $9K in cash handy. To me the idea of taking over payments is paying the friend, who pays the loan. Now if he wants to assume the loan then to me that mean the bank will run his credit and remove his friend from the loan and put him on it.

But, overall I agree, it is a good chance for both parties to get screwed. when I was in the military I went to Korea for a year. I had a new car with low miles on it, my sister asked to take over payments, since I would be storing it anyway and making payments. So I paid the note, but she would send her payments straight to me. I paid it so that I would ensure my credit stayed true and I would just wait for payment, which didn't always come on time. Long story short I was gone a year and she could not get her own loan in her name, so I had to go get my car and get rid of it. As noone take cars of your stuff like you will, she added almost 30K miles in a year...she lives in a rural area and family members all needing rides from the person with the most reliable car...

So when I got back I needed a car myself and at the time couldn't afford to have two in my name, I had to repossess the car from her and trade it in...obviously I took the hit and now the car had high mileage on it for its age...Note to self, never do that again...

 

These days there is no such thing as just "taking over the payments." Unless of course you want to be paying on a bike that is still titled in your friends name and you have not one inkling of ownership of the bike even though you are paying it. You cant just get the loan switched over anymore because of federal auditors. You would have to complete the loan process, have the lien and registration put in your name and bank's name at the dmv, and pay all taxes. If you are comfortable paying on it and it being titled in your friends name, thats you, but what happens in a year when he decides to come get the bike back because legally it is still his? BTW, I work at a credit union and do loans all day everyday

 

Your better off buying a salvage or a auction bike , no credit needed just a little cash , fix it up and continuously pay no one, i got my 04 from a auction in OKlahoma for 850.00 and got it delivered. If your taking over payments your best bet is to just pay for the payments and keep the bike for as long as you need to , that is if he trusts you to, only bad thing is he still owns the bike and can take it at any time. But then again you can screw him and mess up his credit if your not paying for it but if your pretty sure you cant go get one on your own credit wise, taking over a loan especially bike loans are twice as hard to get cause its easier to hide and bike while not paying for it.

 

exactly. if you just pay your friend what he's paying, you will be building no credit for yourself, and he can **** you any time he wants. you can't **** him though reguardless of the previous post. if you stop paying, he will know about it because he's still going to have to make the payment on time then come gripe at you for money.

its a lose lose situation taking over payments. i agree with the previous poster. if money is tight, buy a wrecked or cheap salvage titled bike and slowly get it back to new condition and have nothing owed on it.