Everything You Need To Know About Loans
|  Loan Dictionary  |    |  
 
 
How An Online Motorcycle Loan Helps You Throttle The Dealer
By EchoBay Loans Staff Writer

When you are looking to have the experience of the open road on a new motorcycle, there are several ways to ensure you get the best deal from the dealer. One of the best ways to do this is by securing an online motorcycle loan ahead of time. By being pre-approved for an online motorcycle loan, you will have an advantage over the dealer when it comes time to purchase your new motorcycle.

Finding an online motorcycle loan lender can be a fairly easy process. You can search on the Internet and find hundreds of lenders in a matter of seconds. The better online lenders offer online applications that you can fill out on the spot. Many times, your application will be approved in a matter of minutes. Typically, there are no loan fees either. Probably the biggest advantage to searching for a loan online is that it is easy to compare a variety of lenders quickly.
Now you know the advantage of an online loan versus a traditional loan. Let's look at the advantages you can expect when you enter the dealer's showroom with a check in hand.

Gives the dealer more reason to offer incentives
With a pre-approved online motorcycle loan, you will have the upper hand in negotiations. The dealer knows you are a serious buyer. Many times this ensures they will do their best to make sure you leave the dealership with a bike because they know with a check in hand you can easily visit the competition. This can entice the dealer to offer you concessions in order to be sure the deal is sealed today. Whether it is a rebate, added accessories to the motorcycle or a reduction in price, a motivated buyer can make the seller motivated as well.

Keeps the dealer from playing games
It keeps the dealer from being able to entice you to buy at a higher price because they are supposedly the "only ones who would approve you with your credit". Dealers can use scare tactics and make you believe that you must buy from them because no one else will finance you. This tactic can not only enable them to increase the price of the motorcycle but also the interest rate and the junk fees. But with your pre-approved online motorcycle loan, you can avoid this all together.

Keeps you focused on a budget
By having a pre-approved amount, it keeps you focused on the budget. It is easy to enter the showroom and be blown away by all of the shiny, new motorcycles. Some have a hard time passing up the more expensive models with more torque or that are chromed out, even though they are technically out of their price range. But with your pre-approved loan, you have a set amount you can spend and it makes the shopping experience easier. It also keeps you from getting attached to a bike in the showroom, only to find out you can't get approved for the loan to get it. Also, by the dealer knowing you have a pre-set amount, they will be less inclined to add on junk fees or extras to increase the price of your motorcycle.

Eliminates having to haggle with the finance manager
Because your online motorcycle loan has already been approved, you can skip the negotiations with the finance manager. For some buyers, the negotiations can be the most frustrating part of the buying experience. The finance manager has the ability to add in a higher mark-up on the interest rate or junk fees on the loan. These fees all pad the dealer's profit. You are able to avoid these fees because you were smart enough to get a pre-approved online motorcycle loan. During the loan process at the dealership, it is also easy for the finance manager to hide the true cost of the bike. Again, you can avoid this.

By being pre-approved for an online motorcycle loan, you can have an enjoyable experience when shopping for your new motorcycle while saving money. As you can see there are many advantages to walking into the dealership with a check in hand. It can ensure you get the best deal possible so you have no regrets when you are on the open road for the first time with your new ride.


Next Step:
 
 
Avg. National Rates
30 Yr Fixed
15 Yr Fixed
1 Yr ARM
WSJ Prime
Fed Funds

 



Home Loans & Car Loans Search

Home Refinancing | Home Mortgages | Home Equity Loans & Line of Credit | Auto & Motorcycle Loans | Auto Refinance Loans
Home - Loans | About EchoBay Loans | Loan Advice | SitemapCredit Report Help CenterDefinition Dictionary


Copyright© 2008, EchoBay Loans Company
Mortgage Refinancing Home Loans Home Equity Loans Auto & Motorcycle Loans Auto Refinancing Credit Reports