Buying & Insuring

FINANCE

“Motorcycles are a great value. But that doesn’t always mean they’re cheap.”

A majority of motorcycle dealerships offer financing directly to consumers. Interest rates generally fluctuate depending on the applicant and are largely dependent on your credit history. If you intend on financing your next motorcycle, you should know your most recent credit score.

OEMs (Original Equipment Manufacturers) generally have financing options available to customers who buy new motorcycles. Again, interest rates depend on the customer’s credit history, financial standing and current promotions.

Credit Card: If you have an existing credit card with enough purchasing power, you can make your motorcycle purchase using that card. Benefits include no credit checks or financing applications. Be aware of the current interest rate on your credit card, and make sure other financing options may not save you more money.

Personal Loan: Your banking institution or credit union may provide motorcycle loans. If you have a mortgage with your personal loan provider, you may qualify for reduced interest rate loans.

Cash: If you have enough cash saved up, this can be a great way to buy your motorcycle. You won’t incur any finance charges and some dealers may even offer a cash discount.

INSURANCE

As with insurance for a car, you don’t plan on damaging your vehicle or having it stolen, but if it happens, having the right insurance coverage will save you money and help get you back on the road.

If you are also insuring a car or truck, check with your insurance company about adding a motorcycle policy. Often, insurance companies will give you a discount for having multiple policies.

Additional discounts may also be available for completing training with the Motorcycle Safety Foundation and for using additional theft deterrent systems such as alarms, active disabling devices and passive disabling devices. Discounts may vary by state so ask your motorcycle specialists for details.

Know what is covered and what options are available and what makes sense for you and your bike. Most insurance companies offer additional coverage for accessories added to your bike, bodily injury liability, collision coverage, comprehensive physical damage coverage (including theft), property damage liability, and coverage against uninsured and underinsured motorists.

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