How To Get The BEST FINANCING Deal | Tips From A Salesman

what's up guys you can look here from SRK cycles and you are watching tips from a Salesman alright guys so today we're gonna talk about the topic of financing now I guess in an ideal world you're all buying your bikes cash it's a choice or not having a loan on it's pretty awesome but that's gonna kind of play into our topic today the first disclaimer I think I want to say is that I'm not necessarily Pro financing your motorcycle I'm just saying if that's what you're going to do these are gonna be best practices for doing so tip number one when it comes to financing the number one thing you need to do is figure out your budget before you go into the dealership if you're going to a dealership saying I know exactly what I'm paying it to be that's like blood in the water for most salesmen most guys are gonna try and stretch your payment's out figure out how much morning you can put down try and finagle a whole bunch of stuff just to get any bike you want into that payment range don't worry as much about what your payment's gonna be as much of it is how much you want to spend total on the price of the bike and that doesn't mean you just say okay I want to spend 10 grand I don't care about the payment that means you go online to an online calculator you take well you figured out your credits what your credit score might be in you figure out average interest rates if you were to get it from a credit union that that's another topic we'll be talking about later in the video but you figure out your what your rate could be and then you kind of go into an alone calculator and on bikes I don't usually recommend you doing more than like 36 to 48 months 60 months 72 84 months those are long terms and you're gonna pay a lot of interest over the course of that loan but you know if you do if you set it up at a 36 month calculator you know $5,000 in your payments $150 a month that sounds feasible to you you know what your payment's gonna be and you know overall what you want to spend on the price of a bike if you go into a dealership and you say you know I want to spend $150 on a bike a month instead of saying my budgets five grand what they're gonna do is they're gonna go in and they're gonna try to put you in a ten thousand dollar bike and stretch your payment's out as long as they possibly can so I'd add that's tip number one know exactly what your budget is if you're gonna finance and don't just tell them what you want your payment to be tip number two guys there's that old you know saying that what's the best price if I pay cash I guess in some scenarios that can work if you're buying a bike or a car any automobile and it's been on a lot and it's owned a lot because of its it's its age or its mileage or you know because they can't get a lot of people financing for it then obviously paying cash is gonna get you the best deal on that vehicle if they can't sell it because most people can't get approved for it or most people don't want it but eighty ninety percent of the time they are not going to look at a cash deal versus a finance deal as more of a lucrative deal all it is is it's just easier however most dealerships make a lot of money on the bat what they would call the back end of a purchase which is obviously the financing so know when you go into a dealership that if you finance that's kind of along the route that they probably want you to go so if that's the case they obviously are probably gonna want you to use their banks because they make money when you use their banks we're actually kind of in the minority of that we don't really make any money when you guys use us there's some referral stuff but we don't make any percentage points it's one of those deals where most dealerships get or they submit the rate they submit your information to a bank they got a whole bunch of rates back and then what they do is they see what you want your payment to be and they see what you think your rate might be and then they try and you know figure out how high they can work that rate up there's obviously stipulations but they see how high they can work that rate up so they can make a little bit of money off the financing of the deal so when you go into a dealership know exactly what you can get from your bank and know exactly what interest rate you're gonna be able to get if you submitted the loan yourself I know this is gonna require a little bit of work on your end however it's going to be the best way for you to know if they're taking advantage of you're not it's no longer the days where you know they're just wanting to get it gone they're gonna want to make as much money as they possibly can and obviously the financing is gonna be the most lucrative deal for you or for them it's not a hassle so financing one they're making more money and to make sure you know your rate what your rate can be because they are going to try and mark that rate up so obviously have some type of idea so you know if you're getting a good deal or not guys the third tip I for you is as much as you possibly can never ever ever ever be you know being a rush if you're going to finance a bike most of you guys are going if let's put it this way most of you guys if you're paying cash me $5,000 cash in your pocket you're buying a four thousand or five thousand dollar motorcycle you would take your time finding the cleanest most perfect best bike for you within your budget because that's going to be a big chunk of money that you're paying out you're gonna feel that pain of losing four or five thousand dollars you're trading it for a bike you want that bike to be as in the best shape possible for some reason there's a little bit of a swoosh in our brains we finance we kind of just look at as a payment and so what can happen is you can make extremely extremely irrational decisions tip number three is definitely going to be take your time when you're deciding to finance a bike I know it's super easy a Salesman might come and just be like you know for 200 bucks a month that's what you wanted to spam we can get it done you can ride the bike home away today I wouldn't jump on anything too quickly obviously do your research with the bike but in addition to that do your research with the financing know what your rates are gonna be if you're looking at banks most dealerships are gonna use a couple different sources but know what your interest rate would be if you got it through a credit union obviously this excuse clued some people with lower credit you might be forced to get a higher interest rate loan I probably wouldn't recommend that but that is a possibility but if you can get if you work with a credit union you're always going to get better rates through credit union Euro is gonna get a better rate probably through your bank because the dealerships probably gonna use some type of power sports lender that's probably gonna have a little bit higher of an interest rate but they kind of go off of the idea that it's quick it's easy it's perfect for you it's easy just to get in the bike right then and there I mean if that's what you want that's the convenience then obviously I can't take you away from that but my tip to you would be don't just buy it because it's convenient at that moment obviously you think of it in the way of if you had the cash but you're spending the cash which ultimately you are if you're spending the cash what would you have purchased regardless of what your payment would be you wouldn't be concerned with at that point keep you buying the whole thing outright so definitely take your time make sure you don't get just too ahead of yourself and you're just signing things you didn't even know you'd be signing tip number four for you guys that half of your financing a little bit off the other video that we posted these are things that I would put I would consider putting into my financing if you were gonna be financing like I said sometimes it's a good idea that a warranty just you don't have anything pop up with your payment and you don't have a boat anchor sitting in your back yard for the next two years so far so when you're rolling things into your financing obviously I always recommend you can put as much money as you physically can down that's gonna eliminate the risk but the bank has for financing you it might get you a better rate it also - is going to eliminate you being underwater on that thing that you're purchasing if you need to get rid of you can always get your money back out of it so I would definitely I mean a warranty something I would consider I don't know a lot about the other add-ons but a warranty is definitely I consider the things not to roll in your financing I would not roll any upgrades in dere financing adding the two thousand dollars where the Paula David accessories is not going to add any value during motorcycle and all you're doing is making your loan payment bigger and the price of your bike stays the exact same so if your bike's worth 12 you pay 15 you put $2,000 more worth of products on it at first you were $3,000 negative equity on your bike make a $5,000 negative equity on your bike the chance you're gonna find some guy on Craigslist that likes exactly what you like and all of the skulls you're the Harley Davidson paint on it it's pretty low I would not recommend rolling any type of accessories in your loan the other thing I would definitely not recommend you roll in your loan is any type of motor clothes I know that a lot of dealerships will throw motor clothes and accessories you can finance your helmet your jacket your pants everything in there those things are obviously things you're never gonna get your money back out of and what you're doing is you're paying interest on clothing it's basically a giant credit card at that point I probably would not recommend you do that thanks for watching guys that was some tips from a salesman / somebody at a dealership on financing there's a lot of different options out there a couple main takeaways are just gonna be know what you can spend not just your monthly payment know overall what you can spend know what your interest rate is and just be patient guys because if you're gonna be financing a bike you don't want to get yourself in trouble and underwater thanks a ton for watching guys

Channel: Srkcycles

Views: 94,253

Keywords: motorcycle, review, test drive, test ride, Rider Review, moto vlog, bikes and beards, srkcycles.com, for sale in lancaster, harley davidson, yamaha motorcycle, suzuki motorcycle, kawasaki motorcycle, honda motorcycle, how to get financing for a car, how to get financing for a motorcycle, financing hacks, how to get cheap financing, how to get a cheap motorcycle, tips from a salesman, dealership hacks

Id: IyCdVokwHVk

Length: 8min 45sec (525 seconds)

Published: Fri Jul 26 2019