Does the motorcycle lender require full coverage motorcycle insurance?
With insurance on some sport bikes pushing $3,000-$4,000 a year you may be thinking that you can get by with minimum liability insurance only. While this may be an option, you should check with your lender first. Some lenders strictly require full coverage insurance to be purchased while others have more lenient policies that allows you to get a loan with only liability insurance. Nonetheless, if you do decide to get only liability insurance, beware that you are leaving yourself exposed. 5. Are there registration or administrative fees with the loan? Many banks will offer you a great interest rate, but will then tack on hundreds of dollars in administrative fees. Watch out for the extra fees that get tacked onto your bike loan. Read before you sign any document. 6. Is the bike loan a cross collateralized loans: A cross collateralized loan is one which the lender in the event of default has not only the right to the asset (the motorcycle), but also has access to your other assets, such
