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Do any of you know if Burnaby Kawasaki finances used bikes? What's the interest rate? And do they have fair prices or should I look to buy from a private dealer?
 
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all dealerships finance used bikes....

the only catch is that depending on how old the bike is, the # of yrs u can finance it will be shorter...

so say for a brand new bike... u cna finance it for like 5 or 6 years... but for a few yr older bike.. u may only have 3 yrs to pay it off and so on and so on...
 
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i think this is accurate... if anyone knows otherwise... please post up...

im sure bugs can hook u up with some info on this.... as he works down in carter.
 

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Ya, I bought my ninja at BK 2 months ago and the maximum time for financing was 7 years if I wanted but instead I financed through Royal Bank for less thatn 3 years at payments of $400 a month and an interest rate of 7.5% which I thought was pretty low considering BK's rate was 9%. Don't quote me on this but I pretty sure that for used bikes the maximum amount of time for financing is 3 years. I hope that helps you.
 

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Hey, what do you know...this is what I do. Loans and investments at Royal Bank. For a used vehicle (be it a bike, car, trauck, van) you have to amortize the loan over either 3-5 years, or "the useful remaining life of the vehicle". The bank says that the average useful life of a car is 7 years (even though you know it's much longer than that)...so what that means is that if you bought a used car that is five years old, you would have to amortize your loan over two years. That can sometimes make for hefty payments. I don't know what the useful life of a motorcycle is, as I've never done a loan for a used bike.

There are exceptions to this of course...I mean if you're buying a used 1996 Mercedes S500, then you can certainly amortize that loan over more than just one year...that car will probably still be running long after you're retired.

Jared & Genuine...if you can get a new bike loan at 7.5% I say TAKE IT! 9% is what I've been seeing for most of the car loans I have coming through. So 7.5% is really quite good. Alan Greenspan is expected to raise the federal rate in the US within the very near future, and we will follow suit almost immediately...so get your loans at a good rate now, while you still can! A difference of 1.5% can translate into a savings of a couple hundred dollars on a bike loan.
 

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go to a credit union or a bank, the dealerships sometimes are tied to certain financial institutions. I know BK must go to Kawi. finance so they are all limited in that....
 

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like CBR said..it depends on the year of the bike..especially with dealerships. But like Honda, even a 91 can be financed through Honda. It really all depends on KMs of bike too. The overall resale of the bike is what the institution is looking for. Interests are based on your credit history. I found through selling bikes and cars, sometimes the dealer may have the bike and find a 7% interest, but the perticular person can get 6.8% if they go through their own bank. Basically, try the dealer, find a bike with total price, year and kms, see what the dealer can find you then call your bank and see what they can offer you. Holding the bike with a deposit allows you to hold it for at leat 24 hours, giving you plenty of time to call your bank and compare. generaly the dealer can offer you numerous options to finance..(though I wish you could lease one, i'd be going through a bike a year:D ), then again so can banks. checking it out is sometimes the better way, finding the right bike is the most important thing though. If you don't truly love your bike, then you'll hate it even more just thinking about paying it.
 

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another option of financing may be a line of credit, i used this to finance part of my bike, the interest rates on them are competitive depending on the bank, you can have a secured line or unsecured you rate will vary accordingly

you can write checks out of it, that is why i used it cause i needed the cash fast, and you can make payments as you please as long as they are greater than the minimum monthly payment

although if you are financing a large amount this may not be a good idea as the minimum payments may be too high
 

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Kit said:
another option of financing may be a line of credit...
Yup, that's how I bought my bike. I got a staff/student rate (I'm both) on it which is 1% above prime. You can also get a prime+1% rate if you secure it...but you have to have some good assets if you want to secure it. No bank will secure your credit line against a car or a bike...it would have to be Real Estate, Investments or cash equivelants. So the rate on my credit line is only 4.75%, and you can get the same if you're still in school. The minimum payment is only interest, and you can pay off the principle as you can afford to. I pay $1500 a month, because I just want it all gone as fast as possible...but I'm only required to pay about $8 per month.
 
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