08 KLR Loan Options? Bank cant do it - Kawasaki KLR 650 Forum
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post #1 of 11 Old 08-20-2008, 12:26 PM Thread Starter
 
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08 KLR Loan Options? Bank cant do it

I found an 08 KLR I want to buy. It has 2xxx miles on it. I went to my bank and filled out a loan application and I guess Chase Bank wont do motorcycle loans for under $7500.

What other REPUTABLE options have you guys and girls used out there? I would hate to let this one go, as it is in mint condition.

Thanks in advance for your help

-JON
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post #2 of 11 Old 08-20-2008, 01:01 PM
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Glad you found one. Don't know your age or life situation and assume you're buying from an individual. Is the bank shooting you straight - is that their real policy or they just don't want to loan to you for some other reason and this is just the easy way to say "no". If you're young, with no credit history, you may need to be creative, but where there's a will........

Other options - credit union or other bank. Co-signer? Commercial lender - like a finance company (you'll pay interest out the a--, but at least you'd get the bike), family member, car paid off you can refinance?, used car dealer might handle finance for a fee (they also get a little from the finance company).

Good luck.
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post #3 of 11 Old 08-20-2008, 02:51 PM Thread Starter
 
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I am 25 and have good credit and have all my finances in order. My bank just has some BS regulations about the minimum amount and I need to have super-duper platinum status with them.

Has anyone used one of the online shops like E-Loan?

Also, I am buying this bike from a private party if that matters.

*Edit - has anyone heard of or used www.netloanfunding.com - someone told me that is what ebay motors uses?

Last edited by JJJZJ; 08-20-2008 at 02:54 PM.
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post #4 of 11 Old 08-20-2008, 04:30 PM
 
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Go to a different bank. If you have good credit and your life is in order they should be tripping over you to loan you money.

If not, then save up the money and pay cash at a later date.
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post #5 of 11 Old 08-25-2008, 06:53 PM
 
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Quote:
Originally Posted by JJJZJ View Post
I found an 08 KLR I want to buy. It has 2xxx miles on it. I went to my bank and filled out a loan application and I guess Chase Bank wont do motorcycle loans for under $7500.

What other REPUTABLE options have you guys and girls used out there? I would hate to let this one go, as it is in mint condition.

Thanks in advance for your help

-JON
I used my Amex to buy mine in 05...got the cash back and moved it over to a 0% right away. Never paid interest and got the cash back...nice score that year. I was able to pay it off in a year.

Sean
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post #6 of 11 Old 08-26-2008, 10:23 PM Thread Starter
 
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*Update*
I talked the situation over with some co-workers and we got to the topic of credit unions. I called one up that my family deals with and got approved with good terms. I am picking my bike up this weekend. Ill post pics later on.
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post #7 of 11 Old 08-27-2008, 07:53 AM
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Outstanding.
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post #8 of 11 Old 08-27-2008, 09:12 AM
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Quote:
Originally Posted by JJJZJ View Post
*Update*
I talked the situation over with some co-workers and we got to the topic of credit unions. I called one up that my family deals with and got approved with good terms. I am picking my bike up this weekend. Ill post pics later on.
congratulations!!

Don H
Spring Valley AZ
'03 KLR 650/DS sidecar
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post #9 of 11 Old 08-27-2008, 01:33 PM
 
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Good for you!!
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post #10 of 11 Old 08-27-2008, 01:38 PM
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Just do a personal loan through your bank. Don't mention the bike tell them it is for a vacation.

Today is the first day of the rest of your life.
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