Will i pay taxes/what all should i expect to pay?

I am looking at buying a motorcycle. Needless to say its a newer CBR for a good price and Im a young (18) guy. Im getting the loan for the bike thru the bank and having a relative who has immaculate credit sign for me. I know I have a down payment for my insurance but because Im getting a loan thru the bank, how does the taxes work? Just the same as if i paid for the bike straight up? Whats the process when dealing with the bank is what Im asking i guess.

Yes, you will pay taxes on the purchase price of the bike. Taxes are typically rolled into the loan though. You could pay the taxes up front and not “finance” them, but the difference in your loan payment wouldn’t be much.

Peter Buffett (Warren Buffett’s Son) Talks To TYT

Comments are closed