Finding the motorcycle loan that makes you happy.
Finding a motorcycle loan that will please you does not have to be a bad experience. Many people searching for a new or used bikes find it extremely confusing because lenders calculate interest rates and payments based on different assumptions. Loans can have a variety of assumptions such as the type of interest (simple interest, versus precomputed), the term, and the type (installment versus variable interest rate loan).
Typically assumptions can ultimately affect the interest rate that is quoted. For instance, a term of 24 months typically has a lower interest rate than a term of 72 months. To understand the interest rate you are being quoted make sure you ask the lender the following questions:
1. What is the term (in months) quoted on the interest rate? This will tell you how long it is going to take you to pay off your bike.
2. At the end of the term will the balance owed be $0? Some companies these days are offering loans that look like they will be paid off at the end of term, but that is not the case. Make sure your loan is paid off at the end of the term!
3. Is the interest calculated with simple interest or precumputed? If precomputed does Rule of 78 apply? (Side bar: If precomputed interest is used with Rule of 78, do not use this lender. The reason is that Rule of 78 charges more interest in the early years. Therefore, if you pay off or trade in early you will be penalized. Always stick with simple interest!)
4. Are document fees or other fees included in the quoted interest rate?
Once you get these questions answered you are ready to compare. To understand your interest rate will affect your payment use a payment calculator to clarify your situation.
Typically on the web you can find an abundance of companies that offer competitive quotes. National companies offer online quote systems with no obligation. Some lenders will even submit your single application to banks and get you 4 offers to compare in minutes. On the Internet you will also find it easy to find a payment calculator. If you are interested in these features, please check out Lending Tree or E-Loan for quick no obligation quotes or payment calculators.
Find out about the opportunities available to you on the web. Before agreeing to a loan or a purchase of a new or used motorcycle, check and understand all the assumptions.
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