financing a track bike

[675Rider]

Was wondering how this worked. Could you finance a bike you intended to make a track bike? I know banks want you to have full coverage on the bike being financed. Just curious.

[Grim2.0]

Was wondering how this worked. Could you finance a bike you intended to make a track bike? I know banks want you to have full coverage on the bike being financed. Just curious.

I could be wrong but I don't think a lot of insurance companies will cover a wreck at the track. Not 100% sure though, I know am fam won't.

[One-ops]

Dont do it

[tecknojoe]

There's a way to do this

Go to your credit union and get a personal loan

Then take that money and buy your track bike. The bike is 100% yours, and the credit union has no ties to a motorcycle

Although I'll caution, one mistake and you'll own an x,000 dollar wad of metal

[jcj81]

I wouldn't do it if you can't afford to lose it, my S.F agent said that they would cover my bike/car on a track as long as it was for fun not a sanctioned race for points,money ect. so track days seemed to be covered.

[Zach929rr]

No no no no no

[sag]

i bought a bike once on a 5000 dollar credit card with free interest for a year and just did minimums for the year then paid it off. probably a better route than financing the bike if youre going to compete. +1 on some insurances covering track as long as its not a competition event.

[madvlad]

Just save up, track bikes are relatively cheap depending on what you buy.

[675Rider]

My insurance said the same thing. I was not planning on buying a track bike, already have a paid for track bike. I was just curious.

I agree, just buy a bike you can afford in cash. Plenty of bikes that would be nice track bikes out there for around $5k.

[tecknojoe]

I know some companies will cover you for non timed events. I'd rather just eat the money and fix it myself then take an insurance hit

My R6 is written off in my mind. When I crash it, it helps me to remember that the money doesn't exist :lol:

[Chaos]

"financing a track bike" sounds like a horrible idea..........

[Dietrich_R1]

As the theme of this thread goes... Don't do it! Get a cheaper track bike (if possible) to learn the turns.

We purchased a little ex-500 years back & it still has enough to whip you down while pushing it's limits, if you don't have the experience. It never made the track.. Only out ran the cops 2x, went down like 3x, all before we gave it away to someone who needed a bike.

My 0.000000000002 Cents

[#1Townie]

Just because I like to go against the grain. DO IT!!!



PS no dont. I'm an idiot.

[Matt]

If you registered and insured a street bike and rode it on the track, most insurances cover you for track days. If you were paying cash, that might be an ok way to go.

If money is an issue, buy a used race bike. I know several people who have sold very worthy track bikes for 4,000 or less. Scrape together the money and pay cash, then if you wad it up you're not still paying off a loan.

[Peanut_EOD]

Most insurance companies will cover a crash on a track as long as it's just a track day and not a race. Just call your insurance company and ask. They're not gonna raise your rates for just asking.

[Fumet5uNo]

If your talking a 6 k bike then not worth it to be 100% honest with you if ur think about financing a race bike under ten grand , can you afford to race it IE the tires, service, warmers, gear? If u can there are ways I have used Lloyd's of London , they will insure anything

http://www.lloydsoflondon.com.ru/Lloyds/Offices/Americas/US-homepage

For a loan use a personal line of credit that way u can use it out right,

Capital one and GE offer a power sports style account that works like a credit card so u can pay track fee's buy tires and as long as u keep the balance under 10k the intrest stays low

[DiddysR6]

I am not endorsing the idea of financing a track bike.. however. I financed my gsxr 750 through Sheffield finance ( Suzuki's finance company ) during one of their 0% for 5 year promos, and they do not require any type of insurance to be carried. But seriously think about what you would be risking if you took a spill.

[rforsythe]

IF insurance covers the spill (not if, but when) and you have gap or enough down payment to make up for it, I could see maybe doing this. But you are going to mess up the bike at some point, possibly totaling it. It's more or less a guaranteed insurance claim if you go that route (higher rates, ding on your policy, etc). If you don't or they won't cover that abuse, then you've now set yourself up to make payments for the term of the loan on a garage trophy. If you could sell it for parts you're coming up with the difference in the loan so the buyer can get the title, or paying down the loan long enough to make the part-out value higher than the balance due before selling it.

I think you can see where people are going with this idea, namely that it's a bad one. Buy a track bike that's within your means, maybe even look for someone else's canyon yard sale and build a track bike out of a totaled machine (title or street-worthiness is irrelevant for a non-street bike). You can pick up a salvage title street bike quite cheaply. Or just buy a prepped track bike like has been mentioned, there are a bunch of them out there.

[TFOGGuys]

If you can't afford to put it out in the middle of a field, set it on fire(using a couple of gallons of pricey race gas to get it going), and walk away, you can't afford to race it.

[Zach929rr]

If you can't afford to put it out in the middle of a field, set it on fire(using a couple of gallons of pricey race gas to get it going), and walk away, you can't afford to race it.

This.

I learned this lesson the hard way. Thankfully my damage was all cosmetic.

[675Rider]

My insurance said the same thing. I was not planning on buying a track bike, already have a paid for track bike. I was just curious.

I agree, just buy a bike you can afford in cash. Plenty of bikes that would be nice track bikes out there for around $5k.

Thank you for your posts and interest in the thread. I got it, lol!

[Dietrich_R1]

This is under Wheel's n Deals... http://cosportbikeclub.org/forums/showthread.php?t=50218
http://denver.craigslist.org/mcy/3765035712.html

$800.00 for a CBR 600... worth the look! Maybe you can have your cake & eat it to!!

[vort3xr6]

Does the mohawk come with it? Otherwise I am out.

[Snowman]

Racing Motorcycles is expensive like any other form of racing. However there are ways of getting into the sport that are relatively cheap.

Mostly you will want to look for people selling fully prepared race bikes. Look at them all, get advice and be patient. Bikes popup all the time and if you miss out on the first one for whatever reason there will always be another along in a week or two. Also broaden your ideas about what make, model and size you want to race. More open about that the easier it will be to find one. You can always sell and upgrade later.

As far as financing, the first thing you want to do is create a budget and know how much money you have monthly coming in and out and what you can afford to spend on racing. This will determine where and what financing you can use.

I have used the 0% interest credit card idea before but made sure I could pay it off by the end of the year. I have also use equity lines of credit on my home for the big purchases, like a bike. But there again I made sure I could pay it off before the end of the year.

Also I race under the premise of taking one race at a time. If I wad my bike and miss the rest of the season that is no big deal. Yes it will suck, but I can start over and build up again.

Being able to pay off the everything racing related by December and knowing if I wad it I can walk away for as long as it takes to start over again, are the two finical rules I follow when I race.