Have You Hugged Your Loan
Officer Today?
Written by Jeremy Povenmire in Wide Open Motorcycle Magazine 2004
Summer Issue
The recent trend in lower interest rates has led to a flood of
activitiy from home loans to motorcycle purchases. With rates at a
historic low many are taking advantage of the nearly "free loans."
But if you have ever applied for a motorcycle loan you are well
aware that you can't get one without a Vehicle Identification Number
(VIN). The motorcycle has to actually exist for the loan company to
give you the dough to purchase it.
This has translated into people having to pay a considerable amount
out of their own pockets to start building a motorcycle before it
exists to get a loan. It can be real tricky depending on your
personal financial situation. If you are rich (like Ralph) this is
not a problem, but if you are poor (like me) then you run into a
wall. Well the wall has just been knocked down.
"As far as I know, we are the only builder in the country that is
offering financing on the assembly of a custom bike before it
begins. With a small down payment we can get started on your custom.
That is right; you don't need a VIN number to get the loan from our
financer. He understands the financial appreciation of our bikes and
the quality of people who purchase them. He isn't afraid of loaning
on a project before it exists," says Don Dillow, owner of Don's
Speed Shop.
Don's Speed Shop is currently offering nine bike kits for their
customers. There are about 16 variations of the kits, but the base
is the nine offerings. There is something within the range of kits
for everyone.
"Our financing doesn't offer this kind of loan at an inflated rate
or any other tricks. We don't give away autographed things or
anything like that. It is a good loan program that takes advantage
of the fact that the majority of our custom bikes appreciate
immediately after they are completed. Your bike becomes more
valuable the further along the assembly process goes," Don says.
Don's financing program is available in 15 Midwestern states. It is
through a reputable local lender which offers interest rates as low
as 5% depending on your credit rating.
"Our loan officer recently loaned a customer $70,000 for an Arlen
Ness built motorcycle. He has proven that he is knowledgeable of the
motorcycyle industry and is great to work with. Most banks/lending
institutions don't even know who Arlen Ness is. They wouldn't touch
that loan with a 10 foot pole!" says Don.
With all the great financing possibilities and wide selection of
aftermarket parts you might expect that Don's prices would be inline
with some of the big money builders. You will be pleased to know his
prices are very "Midwest Coast."
"I appreciate what the guys on the Discovery Channel have done for
the industry. They have brought lots of people into the hobby that
are spending money and driving product development for even neater
accessories and hot rod parts. But I don't want to be Jesse James...
I want to build affordable motorcycles for real people. You won't
see any TV cameras around my place and my prices reflect that," Don
says.
Don's Speed Shop is located in Barnhart, Missouri and provides all
aspects of parts, service and custom hot rod work for your V-twin
motorcycle. He also stocks parts for metric bikes, dirt bikes and
ATVs. You can check out his bike kits at
www.donsspeedshop.com. If you are looking for a good way
to get into a custom bike with a small down payment give him a call
at 636-464-7311.
