Motorcycle Financing Tips
Buying a motorcycle is an incredibly exciting experience. However, some of the bikes can be very expensive, and gathering the funds to pay the entire amount upfront can be difficult. That’s where financing comes into play. When combined with a smart budget, financing can be a great way to buy your dream bike.
Bert's Barracuda Harley-Davidson® is your local motorcycle dealer located in Clearwater, FL. We are here to help you at every step of your buying journey, which is why we have provided some tips to make the process of financing your motorcycle a little bit easier. Read on to learn more!
Set a Budget
Start with establishing what you can afford to pay month after month. Your motorcycle is about enjoying thrilling rides, and you don’t want that to come at the cost of hurting your finances. Some important payments to consider are the down payment and monthly installments. Aim for a down payment of at least 10-20% of the bike's purchase price. Not only will it help you get better loan terms, but it can also lower your monthly payments and overall interest costs. You’ll want to choose a bike that meets your needs and budget and remember that you can always upgrade in the future.
Check Your Credit Score
Your credit score plays a significant role in securing favorable motorcycle financing terms. Lenders usually offer lower interest rates and better loan terms to those with higher credit scores. Before applying for a loan, obtain a copy of your credit report and ensure it is accurate. If there are any discrepancies, you’ll want to address them promptly. If your credit score is less than ideal, consider improving it to increase your chances of obtaining a good deal.
Research Your Options
When it comes to motorcycle financing, don't settle for the first offer that comes your way. Take the time to explore different options, including banks, credit unions, and motorcycle dealerships. Each may have unique terms and interest rates. Compare the rates, loan terms, and additional fees associated with each option.
Always Read the Fine Print
Before signing on the dotted line, carefully read and understand the terms and conditions. Pay attention to the interest rate, loan duration, monthly payments, and any penalties or fees for early repayment. Be aware of any clauses that affect your ability to sell or modify the motorcycle. You’ll want to seek clarification on points that are not clear and ensure you’re comfortable with the terms before proceeding.
If you have any questions about our motorcycle financing options, we’re here to help! Give us a call or stop by Bert's Barracuda Harley-Davidson® in Clearwater, FL. We welcome all our patrons visiting us from Tampa and St. Petersburg.