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financing a dirt bike?


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60 replies to this topic
  • fenderlove01

    TT Bronze Member

253 posts
Location: Texas

Posted October 11, 2011 - 06:42 PM


I know you can finance a dirt bike but what kind of payments do you make? Like say if I financed a ktm sx 150 what would you guess as to what a monthly payment would be?

And if I put like a $1000 down up front.

  • jtiv19

    TT Silver Member

623 posts
Location: North Carolina

Posted October 11, 2011 - 06:52 PM


About $20 a month per $1000 borrowed on average. Depends on your credit history and interest rate.

  • Theeebalz

    TT Titanium Member

2,597 posts
Location: Iowa
Garage View Garage

Posted October 11, 2011 - 06:55 PM


...don't buy toys with credit... because then they can't take it away...

  • fenderlove01

    TT Bronze Member

253 posts
Location: Texas

Posted October 11, 2011 - 06:57 PM


About $20 a month per $1000 borrowed on average. Depends on your credit history and interest rate.


I am 18 so I have no credit... not bad credit just no credit. Ha I doubt I would get approved then. I have money to pay monthly I just don't want to have to save up a large sum. So I am confused as to what you are saying. So if I borrowed $4000 I would pay around $80 a month?

  • Theeebalz

    TT Titanium Member

2,597 posts
Location: Iowa
Garage View Garage

Posted October 11, 2011 - 07:03 PM


if you want to buy on payment, go through your parents, get them to finance you, they buy it outright and you get on a payment plan with them, that's what all my buddies did when they stepped up..

  • BlacknGreen23

    TT Bronze Member

447 posts
Location: Florida

Posted October 11, 2011 - 07:06 PM


I believe in not financing toys unless you get like a 0% APR, which you won't. Keep the financing to the houses and cars.

  • fivepointnine

    TT Addict

3,855 posts
Location: Washington

Posted October 11, 2011 - 07:10 PM


better bet would be to take a loan out through your bank, you will get better rates normally. If I take loans out for bikes, I take personal loans out, not bike loans, the rates are normally higher without collateral, but I dont have to put my bike as collateral either, so its all good.

  • fenderlove01

    TT Bronze Member

253 posts
Location: Texas

Posted October 11, 2011 - 07:13 PM


so... would it be reasonable to expect a $80-120 monthly payment?

  • robw122

    TT Bronze Member

499 posts
Location: New York
Garage View Garage

Posted October 11, 2011 - 07:21 PM


I know you can finance a dirt bike but what kind of payments do you make? Like say if I financed a ktm sx 150 what would you guess as to what a monthly payment would be?

And if I put like a $1000 down up front.


there's a lot of pros and cons for this.
I see nothing wrong with financing something if you have the means to pay for it, that's what responsible use of credit is for. you're probably going to need a cosigner unless you have a really good job with some employment history to back it up, so be prepared to ask your parents to put their credit on the line as well.
you're probably looking at 6 or 7 percent interest, which doesn't sound like much but it adds up to a lot over a few years. google loan amoritization schedule and learn.
you can google loan calculator to see roughly what you can expect to pay.
if this is your first experience with credit the best advice I can give you is to treat those payments better than you treat what you're paying for. miss one or default on the loan and you'll never get out from under it. you can use this experience to build credit and the next time you go for a loan you'll get a better rate.
some things to consider when you take credit:
leasors will look at your history before they'll rent you a house.
any big firm will pull your credit before they hire you and a crappy report can disqualify you from a job.
you'll need student loans, these don't come cheap with crappy credit.
my main point is, you can use credit well and it can be a real benefit in the future, but if you mess it up, and it's a million times easier to do that than it is to fix it, you'll pay for it for a verrrryyy long time.
use your head, you have to start somewhere, but make sure you're making an informed decision.

  • cwf340

    TT Gold Member

1,042 posts
Location: Oklahoma

Posted October 11, 2011 - 07:34 PM


never never never finance a bike.you will ALWAYS end up paying way more for it than its ever worth. I mean double or triple...If you have a grand then find a used bike for a grand and buy it instead. or save some more cash. trust me I know what Im talking about. My credit score is 777, I didnt get that buying dirtbikes on credit. I have however seen guys buy bikes and still owe the selling price after making 3 years of payments and the bikes a worn out turd. never buy toys on credit is my advise. good luck.

  • CaptainKnobby

    TT Addict

4,137 posts
Location: Virginia

Posted October 11, 2011 - 07:53 PM


As for me....I all ways have bought my bikes on credit. I bought my 2010 YZ450f on credit from Yamaha with a 7.99% APR. The bike OTD costed me $8012.00 cause i bought it right when they first came out back in 2010.

My payments ran I believe were $160.00 some dollars (I would have to go look at the statements to be sure) but I paid $400.00 a month and made a couple $500.00 payments and had it paid for in 6 months. I sold my 06 and got 3k out of it which I also put toward the 2010 which made it faster for me to pay off.

I still have my 2010 and it just has 59 hours on it and I just went about month ago and Financed a 2011 YZ450f from Yamaha with a 3.99%APR which was better and got it for $6300.00 OTD I all ready have my 2010 sold for $3500.00 and will only have to owe a little under 3k for my new 2011.

My minimum payment for the 2011 is $97.00 but I will pay $400.00 a month till it is paid for. This way you dont have to pay back so much interest.

It is easier when you have another bike you can sell to put towards the loan on the new bike and this way you can buy a new bike every couple of years.

  • Dingateer

    TT Bronze Member

296 posts
Location: Texas

Posted October 11, 2011 - 08:23 PM


never never never finance a bike.you will ALWAYS end up paying way more for it than its ever worth. I mean double or triple...If you have a grand then find a used bike for a grand and buy it instead. or save some more cash. trust me I know what Im talking about. My credit score is 777, I didnt get that buying dirtbikes on credit. I have however seen guys buy bikes and still owe the selling price after making 3 years of payments and the bikes a worn out turd. never buy toys on credit is my advise. good luck.


agreed. i looked at financing for a 2012 ktm 250sx. msrp is 6800. plus 200 for assembly and 300 for shipping. Add tax and title and the OTD price is more or less 7900. let's say you get 7% apr.


if you make only the minumum payments (120 to 160 a month). it will take you about 5 years to pay off the bike. you're going to be paying around 500 to 600 a year in just interest. by the time it's all said and done the bike will have cost you well over 10k plus maintenance and any unexpected surprises. this is only a guesstimation i didn't crunch any numbers but the point of the story is that financing a dirtbike is a BAD IDEA.

thinkn about it... by the time you're done paying it off it's going to be a clapped out POS. Best thing to do is find a decent used bike that is within your budged and fix it up and mod it as you see fit over time.

  • NorCal

    TT Addict

3,408 posts
Location: California

Posted October 11, 2011 - 10:40 PM


Plus it's a KTM, so plan on keeping a stockpile of cash for catastrophic failures.

J/k

  • R0CKETMAN

    TT Member

26 posts
Location: Georgia

Posted October 12, 2011 - 03:19 AM


Save and pay cash....I know that's not what you asked or maybe wanted to hear. Delayed gratification!

  • William1
38,820 posts
Location: Virginia
Garage View Garage

Posted October 12, 2011 - 03:34 AM


Finance it with your parents cosigning at a bank or have your parents loan you the money. Smarter still, is work, save, pay cash.

You will pay through the nose at a dealer. You'll buy a bike with a MSRP of $6,500.00, pay $6,500 in interest (totaling $13,000) on a bike worth $5,000. You will not be able to sell the bike for at least four years as you will owe more than you can sell it for.

  • GMO397

    TT Diamond Member

1,168 posts
Location: Kansas

Posted October 12, 2011 - 04:20 AM


While I agree with not financing toys, here's my take.

When I was a junior in high school, my parents wanted to get me some credit established. I want a dirt bike. So we went to the bank and got a 4000$ loan and found a nice used private party bike. I made the payments and had it payed off before college. It was a great learning experience and gave me more economic responsibility before college.

Now that I'm older, getting that credit started early, I bought a home with no co-signer, new truck and got great interest rates.
But there's no way I would finance another toy. Wants should be payed for in cash and Needs can be financed.

I wouldn't suggest in your case, financing a brand new bike. That's a lot of money, well over 10K when all said and done.

  • Smacaroni

    Get Help Now

8,619 posts
Location: Pennsylvania

Posted October 12, 2011 - 07:56 AM


Like others, another vote for don't finance toys.

Go buy a $1,000 used bike and see how faithful you are at putting $200 in a savings account of CD every month. I bet you'll find it's quite hard to do. If you succeed, In eight years, you'll have twenty grand before counting interest. And if you fail at what I'm suggesting, you still have a $1,000 dirt bike at the end of the deal and your credit it no worse for wear.
Now if you fail at paying for your financed dirt bike, you have no dirt bike, no $1,000 down payment and lousy credit which will cost you in legal fees, paying higher car insurance, paying higher interest later in life, paying, paying, paying...

Edited by Smacaroni, October 12, 2011 - 08:20 AM.


  • Dirt Hokie

    TT Bronze Member

484 posts
Location: Maryland
Garage View Garage

Posted October 12, 2011 - 08:10 AM


You finance things you need like a house or a car. Or you finance things that will pay for themselves like a farm tractor or other capital. Financing is suposed to be somthing you do when you take a calulated risk because you are pretty sure you will make back more than what you owe, like strating a buisness. Financing toys and McMansions is one of the reason we are where we are. Unless of courese you get a 0% interest rate, in which case its free money as long as you are investing what you saved on interest.

  • Todd D

    TT Silver Member

559 posts
Location: Tennessee

Posted October 12, 2011 - 08:20 AM


Finance it with your parents cosigning at a bank or have your parents loan you the money. Smarter still, is work, save, pay cash.

You will pay through the nose at a dealer. You'll buy a bike with a MSRP of $6,500.00, pay $6,500 in interest (totaling $13,000) on a bike worth $5,000. You will not be able to sell the bike for at least four years as you will owe more than you can sell it for.


$6500 in interest! Maybe $2000 unless your credit is trashed.

I agree with saving up but bikes are so expensive you may be saving a long time if you want a brand new one. If you do decide to buy a new bike ask your parents to co-sign and that will help you establish your credit.

Check craigslist, bikefinds.com, or any local mx sites for a good used bike. You have to be patient but there are deals out there. I just came across a 2008 YZF 250 with (1) ride for $2000.

Good Luck!

  • shrubitup

    brap

24,352 posts
Location: Washington
Garage View Garage

Posted October 12, 2011 - 08:22 AM


Go find a lightly used 2010 YZ450F (or whatever) for $3,500 - like what CaptainKnobby sold. Find folks like him that want to unload their mint bikes to help pay for new bikes.

You could ride it for two years and then sell it for $2,500. Total cost for two years is a grand. Try and do that with a new bike. Impossible.





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