Riding on the highway with the motor running is the dream of every motorcycle enthusiast. Fortunately, dreams come true. With a little research and some savvy legal maneuvering, owning a motorcycle is as simple as walking into a dealership, picking a cycle, and rolling home after payment. Dealers may use contract management software to ensure a seamless transfer of ownership to the buyer. Before the deal is done, a buyer will sign several contracts to facilitate the sale completion.
Sales agreements outline the motorcycle sale details from the Seller. It describes the vehicle and the conditions of the purchase. Dealers and private sellers use agreements to transfer ownership of the motor vehicle. Details in the document may include registration and title information. Dealer charges and state and local fees are also included. The seller must also confirm in writing that he is the vehicle’s legal owner. It is important to affirm ownership prior to purchase. Some sellers may purchase a vehicle, decline to register it, and attempt to sell it. This process is illegal, as sellers must register the vehicle with the state before selling it to another party.
A new motorcycle may cost up to $90,000, depending on the brand and extras. Even though less expensive models are available, buying a dream ride may stretch the budget. Direct payment is possible for wealthy consumers. Others may consider a financing arrangement. Upon loan approval, the buyer must sign a detailed agreement, which stipulates terms and conditions related to repayment. Loan terms may vary from 36 up to 60 months. Interest rates, taxes, and fees are added to the vehicles sticker price and included in the loan. A buyer usually offers a down payment, but some lenders do not require it. Credit score and cash availability plays a role in how the lender calculates loan terms.
Automobile insurance is a legal requirement and the buyer must obtain coverage before driving the vehicle. Dealers are required to ensure the car is insured. Most buyers research insurance providers prior to buying the vehicle to ensure the best deal. However, dealers also offer insurance to new car owners. Unfortunately, dealer insurance is usually very expensive. It’s more cost effective to purchase insurance directly from an agent or firm. Motorcycle insurance agreements usually cover the cycle’s market value and is the maximum amount of payout in the event of an issue.