Financing a Valk

[bweiner10]

Hello all,
So, I sold my ST1300 and want to move on to a Valk. I do have a good chunk of change to buy one, but Im wondering about financing.  With a little help from the bank, im sure I could not just settle, but get the one I want!  So, does anyone have any thoughts or recomendations of banks or sites that have decient rates to loan for a 10+ yr old bike?  Seems the few I have foun only lend to <6 yr old. 

Thanks in advance!
Ben

[Walküre]

Hmmm...I bought my '86 Wing through the bank, in around '96 or '97. Don't recall having any trouble, but it's the only bike I ever financed. I think you just have to establish that they have maintained their value - maybe take some ebay successful auctions, for a large price, in the range you are looking at. I'm sure you know, but being pre-approved, is crucial, as cash-in-hand talks REAL loudly when buying a bike. Plus, personally, this late in the year, I would wait until late fall, as the bike prices drop, sometimes dramatically, when the current "season" is over.

Are you a member of a Credit Union? I have found them a little more open to older vehicles, if they know you.

Good luck! The Valk is a good choice. I looked at the ST1300's when I got mine, and also the VTX 1800's. Don't regret the Valk for a moment.

R

[Westernbiker]

Probably the best you could do is go to your bank and ask about a signature loan? Those loans do get high interest so beware. If you are with a credit union I would try them first. Ask about a bike loan first if they won't do it then ask about the signature loan.

[Big IV]

When I bought my bike, I was trying to shop within my means. The bike I was riding was quickly becoming something I couldn't keep going because the time it took conflicted with working full time (I miss that XS11). I wanted to shop with the money we had. My wife suggested getting the Valk and being done with it.
We found the bike, but it was more than the money we had on hand.
Several banks told us flat out they wouldn't loan on motorcycles (new or used) because they often were wrecked and devalued so they were a risk.
Banks that would give me a personal loan wanted to know what it was going to be spent on, to which I mentioned a motorcycle and they turned me down.
So with good credit, and my wife calling around, nearly no one would give us a loan. We finally took out a loan through an insurance agency which we were able to pay off in a short amount of time (very very early). Now, without a loan for the bike hanging over me I think it worked out.
Good luck,
My advice, just get on the phone and ask around.

[FLAVALK]

If you have equity in your home, you can get a HELOC (home equity line of credit) at a very good interest rate. I have one that is currently around 3.25%

[bweiner10]

Thanks for the ideas.  Im in good at a credit union where I financed my last bike.  I figured the valk would be a no brainer for them since I paid of the ST in very good time.... but no
Good news is Im scheduled to look at 2 valks this weekend that are pretty close to me and in my cash price range.  I think one of them looks quite promising!  Maybe by next week I will be a riding member of the board! 

Thanks again!

[Stanley Steamer]

I think I used Capital One.....they have different interest rates according to new or used.....of course I bought mine in 2004 and paid it off this time last year.....with all the financial crap lately, I'm not sure what banks will loan on anymore....

[Oss]

+1 on FLAVALK's suggestion

But beware the temptation to write checks against your home - its a slippery slope

Our home line of credit had no closing costs and we havent used it yet,  its great to know its there however in case  some emergency should arise

[Duckwheat]

When you buy something older they are lending based on you, not the bike. You should know if you have a decent credit score. If not you are going to pay more for a loan.

It is not about the bike.

DW

[highcountry]

I financed my '98 through a local CU for 5 yrs with a 4.5% rate.  Lucky I sold some high dollar photo equipment and paid the loan off in two months.  I originally discovered the CU through a Honda dealer because they used the CU.  Shop your local CUs.

[sugerbear]

cu for both my I/S good rate too

[¿spoom]

+1 on FLAVALK's suggestion

But beware the temptation to write checks against your home - its a slippery slope

Our home line of credit had no closing costs and we havent used it yet,  its great to know its there however in case  some emergency should arise

And another +1 on both. If you can qualify for a LOC it's not a bad way to go. You'll probably need a home appraisal so there may be some initial costs, but they are a great security blanket also. Say you get a $20k LOC, in effect it's a $20k loan with a finite length, 5 yrs. is a usual timeframe. Until you use it, it's a loan with a $0 balance so it costs you nothing. Take $1000 from it and you start making monthly payments similar to a charge card, there's a minimum based on balance owed and no non-interest grace period. Easy to get in trouble, but awesome for instant liquidity.

[MP]

+1 on DW's answer.  Establish a relationship with a small bank.  Then, when you need something, they will lend based on YOU, not the item.

Find, and use, a local, small, hometown bank.  Get to know them personally.  Best move you will ever make.

MP

[Jabba]

I say buy one you can BUY.  I am on a MISSION to eliminate ALL my loans, except perhaps the mortgage.  Interest KILLS you financially.  Stay in your price range, and fancy her up as you go along.

If you shop smart, you CAN find some reall sweetheart deals.  Like most things, people THINK their stuff is worth more than it is.  When was the last time someone actually PAID $10K for a Valk?  If so... WHY?

Jabba 

[MP]

Decent standards are being listed in the $5000 range, and seeing a number of decent IS's in the $6-7000 range.  I paid mid $6,000 for my red/blk 01 IS this winter Has some add ons, and a CB.   I have added more!  LOL

If paying over $8000 for IS, or $6000 for standard, paying too much, unless REALLY LOADED.

MP

MP

[Jabba]

If paying over $8000 for IS, or $6000 for standard, paying too much, unless REALLY LOADED.
MP

I just bought a 99 IS with 32K on the ticker for $6K even.  It has a couple dings... but over all it's still pretty nice.  Everything works.  It runs GREAT now.  I have put 4K on her since I bought her in May.

That said... $8K wouldn't buy my 2002 Blue/white standard.  Not that I think it's WORTH more than that... but she's special to ME.  It was my 1st.  There are not many 2002's out there.  There are even LESS 2002 in blue/white.  I am not sure how much it would take to buy THAT Valk from me.  Way more than anyone should be willing to spend though.

Jabba

[hubcapsc]

I say buy one you can BUY.  I am on a MISSION to eliminate ALL my loans, except perhaps the mortgage.

 

I did a completed listing search on Valkyries on eBay (that only brings up stuff that has completed in the last month or so I think)
and saw a rideable  looking black Valkyrie that sold for about $3500. My Valkyrie was pretty tired when I got it, I like it pretty much
now... unless there's something awful wrong with it, they're all the same at the core, over time a little elbow grease here, a couple
of cheaply rebuilt calipers there, some eBay finds to replace any rusty bits... fancy dodads like bags and rails and fairings cost through
the nose but you don't have to have them to ride the best cruiser going...
 


My buddy Dan got his Valkyrie for less than 4K,  he did all the needed maintenance on it himself right away,
bought some mustang seats cheap at the last Johnson City inZane swap table, and his bike is as good a rider as any...



-Mike

[czuch]

I tried to get the CU to help. The lady said "go get it and lemme see it". I go get it and,,,,no dice.
I financed it through the dealer for a little more interest than the CU would have done.
I wasnt worried though, I had 2 houses for sale and planned on settling up then.
AND I HAVE A VALKYRIE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Walküre]

When you buy something older they are lending based on you, not the bike. You should know if you have a decent credit score. If not you are going to pay more for a loan.

It is not about the bike.

DW

I beg to differ, to a certain extent. Many banks have strict rules, concerning what they will take for collateral. Even Citi Financial, who will loan to just about anyone, have fairly strict rules concerning age of vehicles. My daughter had a tough time 3 years ago, because her '97 Caddy, old lady owned, in perfect shape, with 28,000 miles, couldn't get $2,000 for medical. And, with 750+ score, they wanted ME to sign my paid-for $12,000 truck...I just gave her the money. So much for helping her establish herself.

Now, a signature loan is a different story. I've been offered up to 1/2 my annual pay! And they should know, I'm not GOOD for it!!   

 

[Varmintmist]

I say buy one you can BUY.  I am on a MISSION to eliminate ALL my loans, except perhaps the mortgage.  Interest KILLS you financially.  Stay in your price range, and fancy her up as you go along.

 

+1

A basic rule of staying out of debt is mortgages are for houses, not autos, and not toys. Like it or not, MC's are toys. You can be paying for the auto/toy well past the usefullness or desire to have the item if you put it on the mortgage.

Pay cash for toys, if you cant get exactly what you want, then want something less or save more. I am pretty much ready to buy, the ins check is sitting in the money market. So I have X in the MM, which means I have X-tax,tags,transfer to spend. So far what I want hasnt met X-TTT

[Duckwheat]

When you buy something older they are lending based on you, not the bike. You should know if you have a decent credit score. If not you are going to pay more for a loan.

It is not about the bike.

DW

I beg to differ, to a certain extent. Many banks have strict rules, concerning what they will take for collateral. Even Citi Financial, who will loan to just about anyone, have fairly strict rules concerning age of vehicles. My daughter had a tough time 3 years ago, because her '97 Caddy, old lady owned, in perfect shape, with 28,000 miles, couldn't get $2,000 for medical. And, with 750+ score, they wanted ME to sign my paid-for $12,000 truck...I just gave her the money. So much for helping her establish herself.

You made my point perfectly. It wasaabout her.
DW