Motorcycle Loans
How does a motorcycle loan work?
I recently got a 5000 loan for a motorcycle now i need a bike but if i find a bike for 4000 what happens to the extra 1000? is it put into my bank or is it just made into a 4000 loan?
But is it possibly to have them put that extra 1000 into my bank account?
Depends. Did you get a motorcycle loan, or a personal loan to purchase a used motorcycle?? Because most places dont finance used bikes and you are forced to get a personal loan…
If it is a personal loan, then you get a check made out to you for $5K, and you spend it how you want to. If it is a motorcycle loan, Im not sure what new bike you can get for under $5K…. but the loan would be for the purchase price.
Why take that extra $1000 and put it in your bank account?? Youre going to be wasting money doing this, because you will be paying 12-20% interest while your money sits in a bank and earns you 3% interest… You are better off just taking a loan for the amount you need, and returning any extra so that the loan is paid off sooner and you save a little in interest that way as well.
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