First of all, check your credit rating. These factors will determine your loan APR. Your age, down payment, credit rating. If you don't have a good credit score, try to find a relative or good friend to co-sign for you.
Buying Your Bike
Now that you have decided on what style of motorcycle you will be getting, you have to find a place that sells it. Now there are several choices for you to ponder. You can either go new or used. Here we will give you a rundown of your options.
Dealerships are an obvious choice if you are going to buy a new motorcycle. Actually its probably the only place that would carry straight from the factory new motorcycles. Good advice is to shop around and look for motorcycle only dealers with sales reps that know what they are talking about. If you feel the sales person is trying to rip you off, then they probably are.
Something that you want to keep in mind before going to your local dealer is that you have to go prepared. Look up information on the bike you want to buy. Does the bike have different models? What is it's invoice price? What is the MSRP? If you know the answer to these questions you will feel confident that you are not getting ripped off. People make the mistake of going to a dealership not knowing anything and taking the sales person advice. Some may be telling the truth but in most part they are just pulling your chain.
Don't get me wrong, sales people can be very helpful when choosing a bike, but finding a helpful sales person will be a challenge. Try to make sure your sales person is as much a fan of motorcycles as you are. Ask motorcycle specific questions and based on his or her answers you will know if they are a motorcycle fanatic or not.
After you have found a good sales person to help you with your shopping, you have to see how their service department is. There's no point in buying a motorcycle at a dealer if their service department stinks. When buying a new motorcycle you usually have to go with the warranty that is provided from the dealership. Most dealerships are skeptical about covering warranty claims from other dealers. If you buy a used motorcycle for a good price you can just take it to any repair shop that you trust.
A good way of finding out what shops are good an which ones are bad is asking bikers. Motorcycle riders that have been riding for a while know where to go and where to avoid. Try going to local hangouts for motorcyclist and start asking around. If they tell you to avoid a certain place, listen to them. They are usually talking from experience.
The newspaper classifies are another place to locate some great bikes. It is a lot harder than buying a new or used bike from a dealer because unless you know much about motorcycles, the condition of the particular bike you are looking for maybe unclear. Try to use precaution when buying from a private party. Once again, shop around and find out what the ballpark price on those bikes are. Talk to the owner, most of the time they will be upfront with you and let you now what's going on. Motorcycle riders tend to love their motorcycles more than life itself. They take a lot of pride in it so you'll feel safe your getting what you are paying for.
Another private party you can look at when purchasing a used motorcycle are the bike clubs again. Bike club members trade bikes more than we trade cell phones. They usually tend to be more passionate about their bikes as normal motorcycle riders. In a club, your motorcycle is a reflection on you. The way they treat their motorcycle will be criticized and examined on a constant basis so you know it will be in almost excellent condition.
Hope this quick rundown gave you some insight as to how to prepare when looking to buy a motorcycle. If the deal sounds too good to be true, chances are it is.
Depending on where you buy your motorcycle, it'll determine how or what type of loan you get. Dealerships offer loans, but their APR may be higher.
Banks are another choice. Check the web, and have finance companies compete for your business. Check with your local credit union. Many of them offer extremely competitive rates!
Shop around, do your homework and don't rush.