interest rates

[Doc McCoy]

Wow I have been a member of USAA for over 30 years. The best they would do on a new 2020 was 5.7%. My local credit union wasn't much better 5.55%, I just saw an add for can am financing for 2.9%. I wanted to wait for the 2021 but I may have to go for this. Your thoughts.

[RICZ]

Since you asked, here are my thoughts, but you and others may not like them.
Why not save and buy with cash, rather than ride someone else's Spyder? And it IS someone else's as they will be holding the title. Put your money where IT will pay interest and not you.
It's a toy and if I can't write a check for it, I don't buy. But that's me. If you can make the payments without taking food off the table, or anything else, go for it if a Spyder means that much to you.
There, I told you you may not like my thoughts.

[ARtraveler]

Wow I have been a member of USAA for over 30 years. The best they would do on a new 2020 was 5.7%. My local credit union wasn't much better 5.55%, I just saw an add for can am financing for 2.9%. I wanted to wait for the 2021 but I may have to go for this. Your thoughts.

You are doing good by doing some due dilligence on checking interest rates BEFORE having the dealer do "company" financing. Many times, credit unions do beat the "company" financing.

5% is not bad for a motorcycle, but 2.9 is better this time around.

Always best to pay cash, but many do not have that luxury. As long as you get a deal that is good for YOU, enjoy the ride. PS. No one knows what 2021 will bring. AND, the 20's are now being sold as 21's. Waiting, is now a moot point.

[JayBros]

USAA never claims to be the cheapest and they have built their reputation on convenience and service; been with them more than 50 years. I agree with ARtraveler's third paragraph. If you're shopping an RT be certain the ill fitting rear panel problem has been solved and try to talk them into fixing the loose mirror problem on their nickel.

[bluewoo]

I got 3.98 from iMotorsport 6yr. Sheffield Financial bank.
I learned years ago that a bank sells the loan to a dealer for this % then the dealer adds onto that %.

[ARtraveler]

I got 3.98 from iMotorsport 6yr. Sheffield Financial bank.
I learned years ago that a bank sells the loan to a dealer for this % then the dealer adds onto that %.

It is referred to as "dealer reserve" in the business.

[KVRB]

I just bought a new 2020 Spyder RTL in Florida and used the dealer's Sheffield Financing for 2.98%. Couldn't be happier. No credit union around here even came close. Go get it NOW!

[Arion]

Fifty-three years with USAA here and I agree that they've built their business reputation on long term reliability, and excellent service not low interest loans. Over the years since I first became a member in 1967, they're grown and improved by broadening their services tremendously and costs have always been reasonable. In all my years with USAA I have never had a claim denied or felt I've been short changed.

I also agree with previous posters that a motorcycle is not an essential investment, at least for the vast majority of Americans. Lending institutions with a narrower focus might reasonably offer lower interest rate loans for recreational vehicles - motorcycles, ATVs, jet skis, and snowmobiles.

If you're comfortable with the lender's terms then accept their contract, understanding, as others have indicated, it will not be your motorcycle until it's paid for. You may also discover that, should you decide to sell or trade the machine without keeping it for the best part of the loan term, you may well owe more to the lender than the retail value of the machine.

[ARtraveler]

Fifty-three years with USAA here and I agree that they've built their business reputation on long term reliability, and excellent service not low interest loans. Over the years since I first became a member in 1967, they're grown and improved by broadening their services tremendously and costs have always been reasonable. In all my years with USAA I have never had a claim denied or felt I've been short changed.

I also agree with previous posters that a motorcycle is not an essential investment, at least for the vast majority of Americans. Lending institutions with a narrower focus might reasonably offer lower interest rate loans for recreational vehicles - motorcycles, ATVs, jet skis, and snowmobiles.

If you're comfortable with the lender's terms then accept their contract, understanding, as others have indicated, it will not be your motorcycle until it's paid for. You may also discover that, should you decide to sell or trade the machine without keeping it for the best part of the loan term, you may well owe more to the lender than the retail value of the machine.

and that is referred to as being "upside down" on the loan.

[AlanSmith7]

Wow I have been a member of USAA for over 30 years. The best they would do on a new 2020 was 5.7%. My local credit union wasn't much better 5.55%, I just saw an add for can am financing for 2.9%. I wanted to wait for the 2021 but I may have to go for this. Your thoughts.

Rather than wait for 2021, why not buy now? No one knows what 2021 will bring. I think you should buy it now and enjoy its ride.

[davev1pa]

USAA hasbeen very good to me for 37 years. But they do slept their motorcycle insurance on Progressive...which I use but may look around this year.

[ndspyderlover]

interest rates vary by many,many factors. if you take what you are financing at different rates you will find that the difference in payments is very little. i was a senior banker for20 years and sold cars for27. I if you are in financing end or the selling end, there are always lots of variables. Just buy and fly!!!