My friend has a motorbike on finance,But i want to take it off his hands how do i go about doing it?

Question

My friend has a motorbike on finance,But i want to take it off his hands how do i go about doing it?

Answer 1

It will be hard to get insurance to race a bike on finance. most companies wont allow you to race. and you must be fully comp when on finance. forget it.

Answer 2

there are a few options:

A. go to the bank or institution that provides the loan and try to get a loan for the amount owed, in your name.

B. Get a loan from anywhere and pay off what he owes on his loan.

C. make a legal agreement to continue to make his payments for him.

Answer 3

yep, you'll have to get a loan, or have the cach to pay off his loan, to own it.

Answer 4

well if you trust your friend just give him the payments and when its paid off he can transfer the title to you. thats what im doing.

Answer 5

for it to legally yours, you would have to refinance it in your name