Don't Get Ripped Off at the Dealership!

You've decided to buy a new motorcycle, but have you thought about how you're going to pay for it? In this video I will be talking about the common ways to pay for a motorcycle including cash and traditional financing. But watch until the end and I will let you know about a trick I have used to save money in the past.
Paying with cash is tempting, but if you can invest that money elsewhere, it might not be the best option. Dealers would love for you to take their financing - that is how they make a lot of money. Be sure to look at all the offers very carefully and read the fine print. Or else you can get stuck with an unfavorable high interest rate.
The motorcycle in the thumbnail is a 2023 Ducati Monster Plus - it was purchased using my little trick at the end of the video.

[@shafahj]

My new financial advisor channel! 🚀

[@Dr.MichaelsMotorcycles]

"Not financial advice" 🤣

[@trilla_vortex2550]

What are low interests rates right now?

[@trilla_vortex2550]

Put a 100 deposit on a Svartpilen 401 2024 at ridersVille in Berkeley springs and guy said 6,072 out the door not including financing & sales tax due to me living in VA? Any help? Want to finance but definitely can put some cash down if needed? Have a 777 credit score? Just kinda young 22 & make a decent amount of money

[@Dr.MichaelsMotorcycles]

Nice, that's a fun bike! Regarding interest rates, the lowest I have seen advertised online for personal loans is around 6%. I would ask the dealer if there are any promotional APRs right now from Husqvarna.
Also, how long do you plan on keeping the bike? Are you a new rider? If you think this bike is for the long term, then a 3 year loan would make sense. But, if you think you might be selling it in a year or so, you may not want an extended term.
For an amount less than $10k, I would also look at 0% APR credit cards, which can offer 12-18 months at 0% APR. Just check with the dealer if they would accept a credit card for the entire purchase price. Some of them charge a 3% fee, which would still be smaller than using traditional financing right now.

[@the_paranormal_factory1812]

I’m interested in a Harley, but don’t see anything less than 9.23 rate where I’m located..any input?

[@Dr.MichaelsMotorcycles]

Really tough to say without knowing more. What model bike and what year are you looking at? It also could depend on credit score and if HD is offering any promotional offers at this time.

[@davec2020]

I have 800 credit score and was gonna use 2 cards to buy 20k polaris slingshot and then transfer to 0% cards when up. Is this better than using a bank when intrest rates are high? 48 months to 60 months. Any advice would be greatly appreciated. Thank you

[@Dr.MichaelsMotorcycles]

With that credit score, you have a lot of possibilities. I would first check to see if there are any manufacturer promotions going on right now - I am seeing a lot of great APRs on 2023 models from various motorcycle companies.
Once you see what APR the dealer can get you, I would check with a local bank about personal loan rates to get an idea.
I don't know of any credit cards right now that would run a 0% promo out to 48 or 60 months. The most I have seen recently is 18 months 0% APR promo. Balance transfers are also tricky because they advertise 0% APR but then often charge several percent balance transfer fee. Check the fine print carefully!

[@davec2020]

@@Dr.MichaelsMotorcycles
Thank you for that advice. Keep up the great content

[@johnshropshire3399]

👍👍

[@Dr.MichaelsMotorcycles]

Thanks for watching!