What are consequences of buying motorcycle with lein?

I just bought a motorcycle here in NY. I am able to transfer the title into my name and register it. The new title with my name will carry over the lein as well. Would my credit be affected for possessing the bike that hasnt been paid for? also would i need to have full coverage insurance? The bike will be kept in a locked garage at night so i dont see a way that the bank could come take it back. I am just oblivious with the whole situation, can someone inform me on NY law about this subject?