best way to finance a bike when buying on ebay

[MC_jr]

I'll probably end up buying a bike on ebay where its close enough so i wont have to pay shipping but how do i finance it. I don't want to finance after the auction because then if i don't get it i'm in a whole bunch of trouble. Should I goto the bank before hand and get a loan then find a bike to buy? how would that work if i dont know which bike I am going to get? what if i get approved for a certain amount for that bike but then i get outbid?

[Travis71902]

Here comes the finance nazis

[cbcinnovations]

I tried to finance a used bike on ebay and no one would do it because it isnt within their used specs. Expect to have problems finding financing. I finally got my local bank to give me a misc loan to purchase my bike after a 1000 down payment they would still only loan me 2000 with excellent credit!

:\

[bzbatl]

Credit unions are good about asking questions and financing anyway. Expect a higher rate on a used bike. I'd shoot for the 9-10% range and hope for the best. Put down as much as you can in cash.

Always, always, ALWAYS figure out what you can afford before committing to buy anything. My best advice is go to a credit union and open a basic savings account and make a small deposit. Then ask them about vehicle financing. Credit unions are the shit.

When I financed, I called looking at a used bike priced at about $6k. I only wanted to finance half, but they asked purchase price. I got preapproved for 6k, then decided I didn't want that bike. I called back with new specs and info and they bumped my preapproval up to a higher purchase price. Granted, the raise on the preapproval might have been due to it being a new vehicle instead... but I digress. I would have had plenty of wiggle room for just about any used bike I could want.

The way most non-local places will do it: send you a blank check with instructions. In my case, I just had to have the dealer fill out a bunch of crap on the check, call in to the credit union's customer service, and poof, the loan goes into my name, and the dealer keeps the check for the amount.

If all else fails, and you REALLY have to, finance on a good credit card. Just remember that they can change the rate on you in an instant, though. This is a bad idea, but I'm throwing it out there if it's a small amount (say you had $2500 cash and decided on a $3k bike.)

And for the love of god, if you're financing, don't forget to call around for insurance quotes.

[jim schmidt]

If you have the credit history, the easiest thing to do would be to get a personal line of credit. The loan is not secured by the bike so they could care less about the details. Interestingly my bank, Chevy Chase, will only finance a bike purchase as a PLC. Interest rates (also surprisingly) are basically the same as other banks offer on a secured loan, used bike.

[compscibOii]

+1 for financing! Keepin the banks rich


$5000.00 ballpark figure? Am I close?

[MC_jr]

actually i only need to finance like 2500.

[nitrotc3drifter]

please if you do finance any amount for a bike, dont do the same thing i did and not insure it, because you will be screwed even if somebody caused you to wreck on purpose. get full coverage if your planning on financing

[JGuthrie]

I would like to 2nd the credit union idea. Especially smaller credit unions or local credit unions. They are just like banks without all the red tape. My experience has been excellent with every car purchase through a credit union and awful with every BofA attempt. I make a lot of money and have a mid 700 score, as to why BofA keeps giving me the run around, it always seems subjective like I'm presenting a case. I thought the rule was that if you can prove you don't need the loan then they would give it to you. Well, that's true sometimes. With my credit union, they greet me by name and have my loan(s) ready almost instantly. I've waited longer in line in BofA than getting a loan for my Expedition from the credit union.

[VT Nerd]

Another option would be to finance through Ebay. I know I've seen ads before while browsing through the motorcycles for sale. I don't know what the rates are or anything like that, but if you have good credit, might not be too bad.

[DickieFL]

man, go with e-loan.

I got a used bike loan thru them for 6,000 and the payment was only like $118 per month. They of-course have restrictions on the bikes you can get, but if I remember right it was like 98 or newer and less than 28k on the clock. You can get the loan to buy from either a used dealer or a person-to-person loan. No down payment either. And the interest rate I believe was like 9%.

but you need decent credit to go through them. minimum score of like 650 I believe.

[MAD_CAT]

I ain't no finance expert, but for the amount of money bikes cost, I'd rather just go all out and buy it. It'd be cheaper since you ain't paying any interest. A car is a diff story.

[bzbatl]

I don't know if anyone will finance $2500 with anything other than a "Signature Loan" or "Personal Line of Credit". Most times, at 18, you will need some serious documented income or a cosigner for one. Only way to find out, though, is start checking around.

E-loan was ok for me. 2% higher than the credit union, but they finance 100%. Minimum with e-loan was $5000. In your case, just give the check to the guy and use your cash to pay down your principal right away. They do indeed have restrictions on types of bikes, mileage, damage, and age.

[chillwill]

I went through e-loan, and didn't really have a problem. Just a lot of paper work to fill out, but very quick turnaround on the loan process.

[ding]

when i needed a loan, i went to my Cedit Union. next day, i had my loan with very little paperwork. i think i signed 3 forms? one for the terms, one for insurance,m and one to check credit rating. i think... i can't remember. it was fast.