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| *Vultures Knob>>>Bike Insurance |
Where is the best place to get a motorcycle loan? |
I would like to get a motorcycle loan to buy a new bike, but i don't want to be required to have full coverate insurance. does anyone know of any banks that will do this? I actually have ben looking at new bikes this week too. Check out GE's funancing card. It's www.funancing.com. If the bike is under $10 k, you don't need to have full coverage insurance, and they havew some pretty good offers right now. Source(s): I read the credit agreement/terms When a person gets a vehicle loan ,the vehicle is the colateral. The lender is going to want their colateral insured incase you default on the loan. If the bike is stolen or totaled the lenders colateral is gone. In short an unsecured loan will cost far more in interest and the extra money is better spent on insurance because it protects you too. It is not likey you are going to get legit financing that does not require insurance. You could get a credit card with a $20,000 limit, but the interest will cost you ,big time. Any lender will require full coverage to protect their interest in the vehicle. If you don't buy it yourself, they will add their own very expensive coverage and add it to your payment. You do realize if you finance a bike, car, or anything - you don't really own it until it's paid off, the bank does. Don't you? so when your new bike is stolen you will have no bike and still have to pay off the loan? great. get a secondhand bike and save for a new one equity loan on your house. |
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