Trike Financing

[OlManRivh]

Trying to buy a 2003 Honda Goldwing with a Motor Trike Conversion. I went to Wells Fargo (my Bank for over 30 years). Good credit. Since Trikes aren't in the Blue Book, they would only finance the Motorcycle not the $12000 Conversion.

We're now trying 2 loans. One for the bike and another for the Conversion, where I use one of my vehicles for collateral.

Stay tuned for another episode of Me vs. Big bank.

[Mr.Wizard]

Either a credit union or a bike dealership can assist you.

Yes, bike dealerships get kickbacks from their loan agencies so they can and will help. Such as a case where a buyer needs help financing a used bike purchased from an individual and the individual needs cash upfront.

[Gorilla]

Dave great thought. I never thought of going to a dealer to get a private sale finance. Makes since because they get paid for the loan.

[eagle1]

if you go to a credit uinion & have vehicle paid for that you can use for fecurity, you'll gey a lower interest rate

[Mr.Wizard]

Dave great thought. I never thought of going to a dealer to get a private sale finance. Makes since because they get paid for the loan.

The idea never really crossed my mind until I talked with a HD Sales Manager friend of mine. He said anyone can bring their private deal here and they would be happy to set up the financing for a very small paperwork fee. They will also try to sell you insurance, extended warranty and a service plan... of course and why not? You can still say no thanks to the extras.

I think he said he gets a half point kickback over 6 months so all he asks is to keep the loan for 6 months before paying it off. His kickback is from the financing company and doesn't reflect on or increase the amount borrowed. Half a point is only $5 per 1000, yes? That means they get $150 per 30,000 x 6 months = $900 from the finance company.

Yeah...

pretty neat I thought.

Sometimes you just got to ask.

Eagle is correct... Credit Union will do a Title Pawn but it can't already have a lien against it.

[Lakeman]

I would think if you put something else up as collateral you can do what ever you want with the money! Tell them you want to buy balloons.

[OlManRivh]

Wells Fargo declined the loan, even using collateral.

[saab9k]

It will depend on your banker, don't forget credit rating has a lot to do with it too.
Keep it above 800, you won't have any problems.

[Papa Zook]

Many banks/bankers are clueless about the value of a trike or trike conversion so even if you have excellent credit you may not be approved for a trike loan. The economy and tighter lending practices also factor in, but the fact that there just isn't any definitive guide for valuing a trike or trike conversion plays a large part in the problem. The Mother Ship has capitalized on these factors with their hugely successful TriGlide and ready financing via their own Eagle Bank.

[jackpoet]

Trying to buy a 2003 Honda Goldwing with a Motor Trike Conversion. I went to Wells Fargo (my Bank for over 30 years). Good credit. Since Trikes aren't in the Blue Book, they would only finance the Motorcycle not the $12000 Conversion.

We're now trying 2 loans. One for the bike and another for the Conversion, where I use one of my vehicles for collateral.

Stay tuned for another episode of Me vs. Big bank.

Financed mine through the trike dealer I bought it from. Not the best interest rate, but livable.

[SMSgt]

I financed mine at my credit union. Have good credit and had no problem getting the loan. They took the value of the motorcycle $21,500 and added the price and install of the trike kit, $14,000, and figured the loan, $27,000, on that total. Now I'm a trike owner, well me and the bank.

[Veritas44]

Everyone makes great points.

Main Issue is the vast majority of Financial Institutions don't have a clue how to value the "modified" bike/trike. They, regardless of AutoEmpirica/FICO score or your personal history with them, do not want to sign-off on a loan that is 180-240% of NADA (95%+ of Banks and CU's utilize NADA not KBB) value depending on whether they use Retail or Trade-In/Loan figures.

If you have the ability to qualify, join either USAA or US Navy FCU. Both those are full service Credit Unions and have a lot of experience in financing both Bikes and Trikes. Plus, they typically have among the best Rates in the business across the credit spectrum. Great sources for Auto, RV, Boat, Housing, etc as well. Insurance rates are phenominal and they have outstanding Customer Service to boot (they subvent all Bike and Trike policies through Progressive though-NOT a Player on Progressive personally). Suggest Foremost for Bike/Trike insurance but initiate through AARP for best deals on those.

Also, the previously mentioned suggestion of tying in other Hard/Real Collateral ie. 2nd MTG, other Vehicle Title, CD's, etc... will usually do the trick with local or non-trike experienced sources. Before the Mortgage/Investment debacle it was much easier. But, them days IS Gone. Seen even 800+ scoring applicants have to jump through hoops these days.

[OlManRivh]

I get a letter today saying they want to give me the loan, but, they need a form. I don't think Wells Fargo knows what the Hell they're doing. . . .Meanwhile, my Trike sits needing a rider. . . . .

[zeman 1]

Our Credit Union was very helpful in financing.
I referred the union to cycletrader and chopperexchange to
establish fair market value for the trike.

[OlManRivh]

Our Credit Union was very helpful in financing.
I referred the union to cycletrader and chopperexchange to
establish fair market value for the trike.

I know that some auto dealers are using those instead of the Blue Book.

[kb9osl]

Well now this is very very good info !! I never thought about some of ways to borrow for a trike. I've have always used my bank,and hadn't thought about using my credit union,thanks for the great post from all that posted. I've leaned alot of other things from alot of great posts!

[Woolie]

I financed mine at Alliance Credit Union, the dealer wanted to try Honda credit so I let him go ahead and apply but I never intended on using them. Honda turned me down and the salesman was really worried about completing the sale. When I told him I was using Alliance he had a look of relief on his face. I got 3 percent at the credit union. I think Honda turned it down because it had been converted to a trike.

[OlManRivh]

Well, I gave up on Wells Fargo. After being with them for over 40 years, they let me down.

I talked to another Dealer and he told me I'd have no problem going through him and his network of financial institutions. I just need him to get in a nice 2001 - 2003 Wing
that he can trike for me.

I ain't giving up . . . .