Motorcycle Financing For Beginners

So, you’ve been thinking about buying a motorcycle? You’ve come to the right place! A new motorcycle can provide you with the freedom and thrills you have been looking for, but where do you start? The excitement that the open road can be hard to resist, and for many people, this is an unbeatable feeling. But, do you know where to start? Do you know what type of motorcycle you want? How are you going to pay for it? Have you thought about insurance? How much motorcycle can you afford? These are essential questions to ask yourself before financing the motorcycle of your dreams. We know that buying a motorcycle is exciting, but motorcycle financing may have you a bit scared. We’re here to take those fears away. Here are seven tips to help relieve some of your stress regarding the financing of your new motorcycle.

Motorcycle Financing Tips

1. First and foremost, you need to ask yourself, “How much motorcycle can I afford?” This is an essential first step in your motorcycle financing journey. Utilize a tool such as an auto loan calculator to help you determine what your monthly motorcycle loan payments could be. Keep in mind that interest rates will vary depending on your credit score, term of the loan, and the specific motorcycle you are financing, but Launch FCU has great low motorcycle loan rates, all with affordable monthly payments and flexible terms to cater to your unique financial situation. By the end of this process, you should have an idea of the maximum monthly motorcycle payment you can afford, given your current financial situation. Do not anticipate how much you may be able to afford in the future. Your calculation must take into consideration only your current financial situation.
2. Now it’s time to shop around for the motorcycle of your dreams. A great place to start your research is online, so you can generate a list of makes and models you would like to see in person. Don’t make any rash decisions, as you want to ensure that you will be able to enjoy your new motorcycle for years to come. You may find that deciding which motorcycle you want is the hardest step in the whole process. Things to keep in mind when shopping for your perfect bike are weight, engine size, riding position, and price. Make sure to only look at motorcycles that are budget-friendly based upon the results you obtained from the affordability calculator, as well as your current financial situation.
3. Get a motorcycle insurance quote for the motorcycles you are interested in. Add this to the monthly payment you can afford.
4. Get pre-approved for your motorcycle loan from Launch FCU before you start shopping. This will give you extra bargaining power at the dealership, and will also help to keep you on budget.
5. Now it’s time to visit some dealerships to see those motorcycles in person. Seeing a motorcycle online and in person are two very different things. You may love the way a bike looks online, but once you see it in person, your opinion may change. Speak with a salesperson, who could assist at showing you other bikes that are similar to the ones on your list. Never let a salesperson try to sell you a bike that would crush your budget. Also, make sure to shop multiple dealers to compare prices and ensure you are getting the best price possible with all taxes, registration fees, extended warranties, and any added accessories included.
6. Take a test ride on any motorcycle you are interested in. You would test drive a car before buying it right? Well, a motorcycle is no different. It’s essential to make sure you like the way a motorcycle feels and drives before you take it off the lot. Nothing would be worse than getting the motorcycle home only to figure out that you like nothing about it.
7. When you are ready to purchase your new motorcycle make sure that you understand all of the taxes, registration fees, extended warranty terms, or any additional costs of accessories. Add-on items can really add up in cost, so be mindful of that.
8. Enjoy your new motorcycle! See, motorcycle financing doesn’t have to be scary. The most important thing to understand is how much motorcycle you can afford before you start shopping, taking into consideration any insurance costs. This will save you a lot of time and frustration during your motorcycling financing experience, and also ensure you will be able to afford your monthly motorcycle loan payments.