| When you're buying a motorcycle you need to | | | | |
| know about bikes, but you also need to know | | | | Be careful about reading the fine print. If |
| about how to buy a bike, and that has nothing | | | | there is a special low interest rate for a |
| to do with engines and manufacturing. One | | | | short period of time, but then the rate |
| important detail where a lot of people that | | | | increases to a much higher rate (as with many |
| purchase motorcycles go wrong is getting the | | | | credit cards) it is not advisable to take |
| right loan. | | | | that deal unless you are surely able to pay |
| | | | off the loan before the high rate kicks in. |
| How much the loan agent is willing to loan | | | | |
| you is a good way to figure out what kind of | | | | If you can't, it is probably a better idea to |
| bike you can afford to buy. Prices vary a lot | | | | opt for a different kind of loan, even if you |
| between different models, and at the | | | | end up paying a higher interest rate. You |
| beginning of the year when new models come | | | | don't want to get caught with that inflated |
| out they are generally more expensive than at | | | | interest rate at the end of the promotional |
| the end of the year when dealers are trying | | | | period. |
| to get rid of old inventory to make space for | | | | |
| the next year's models. But through all this | | | | Another thing is to remember your budget. |
| one thing remains constant, and that is the | | | | Don't borrow more than you can afford to |
| fact that if you don't have the cash, you're | | | | borrow just so that you can have a shiny |
| going to need a loan. Don't fall for the | | | | bike. Remember you're going to have to buy |
| tricks. Remember that you have alternatives | | | | gas, insurance and pay for maintenance, and |
| to purchasing a loan from the dealer. Don't | | | | you have a life to live than involves other |
| get caught up in the pressure to buy a bike | | | | expenses as well. |
| and forget that this deal is really all about | | | | |
| money. You can go to the bank, the Internet, | | | | Make sure you know what you're signing. There |
| or to a credit union and apply for a loan, so | | | | are a lot of loopholes that a layman misses |
| don't let anyone push you around. | | | | the first time he reads a technical legal |
| | | | document, and lenders use these loopholes to |
| The best thing you can do is shop around | | | | get you to pay more than what you planned |
| before you even go into the bike shop, so | | | | for. What is the time period of the term? Is |
| that you go in there knowing what you're | | | | the interest rate fixed, and if so is it |
| working with. You are now in a position to | | | | permanently fixed? If not, when can it change |
| fight for the best price, but if you don't | | | | and for what reasons? Does it have to be |
| know what your options are then you have to | | | | full coverage? What are the registration |
| take the word of the person who is trying to | | | | fees, and what other fees are there? Is there |
| sell you a loan. That is never a good idea. | | | | a late payment penalty? Does late payment |
| | | | affect the interest rate? Does the program |
| There are many mistakes that people commonly | | | | use simple interest or the rule of 78? |
| make, and the person who gives you the loan | | | | |
| is apt to make a lot of money off people who | | | | Remember, what you don't know can really hurt |
| don't do their homework before signing on | | | | your pocket and affect your way of life. It |
| that dotted line. Here are some things to | | | | is worth the effort to do the extra research |
| think about: | | | | before going out there and buying a bike. |