Questions To Ask When Fianancing A New Bike

Here are some good questions to ask:

• Is the interest rate fixed or variable? If fixed how long will it be fixed for?
• Are there circumstances that can make the interest rate on the motorcycle loan change in the future?
• What happens if a payment is 30 days late? Does the interest rate increase?
• What happens if a payment is 60 days late? Does the interest rate increase?
• How long is the term on the motorcycle loan?
• If the loan is an installment loan, does it use rule of 78 or simple interest?
• What is the down payment requirement to get the motorcycle loan?
• Is full coverage insurance required?
• How much is registration and are these fees included in the motorcycle loan?
• Are there any administrative fees to get the motorcycle loan and if so how much are the fees?

Overall, motorcycle buyers can avoid these common mistakes by spending a little extra time focusing on shopping for a motorcycle loan and asking lots of questions.