I was planning on getting a 04 gsxr600. Is it easier or better to get finance through dealer, bank or get an 05 finance through suzuki themself with that special 9.95apr min. $99 a month. Planning on putting down $1500. I'm 21 with 3-4 years of credt history. Any suggestions or recommendations is appreciated. Thanks.

 

Personally I'd just try and get an auto loan through the bank. Thats how I bought my car, cost was $10,000, I put down like $3500 and took a 3 year loan and I'm only paying like $160/month, which I think is reasonable.

 

honestly, the "0 down $99/mo" deals aren't that great, i just got a job at a dealership and (read the fine print cause suzuki may be differen't) after 18 months it goes up to like 15% i think, from the starting 4.45% (?) that kawi and yami are offering

and if you miss a payment or 2 it jumps to ~25%

the best way to get a load is through a credit union, i got a $3500 loan and only paid about 2.4% and i was 20 when i got it.

the trick is, don't make the min payments if you do it through a dealer when the apr is low, thats what they want you to do... ie.

1st 18 months min payment is 99 bucks. you pay the min for 18 months... you basically only payed off 1800 off the top + apr. so you haven't even really made a dent in the price of the bike....

however, if, when the apr is low, you pay $300/month for 18 months you would have payed about idk.. 5400 off the top...

dealer finincing < bank < credit union

 

Something to think about:

Well I was truly against financing through suzuki myself (looking to get an sv650), being that my credit union offered 4.9% while the suzuki financing (actually a limited credit card) is 9.9% for sixty months (offer ends 5/31/05) and 21.5% after or if you miss a payment. And looking at just that the choice would be painfully obvious..... BUT.... when insurance comes into play it changes everything.....And since the suzuki financing is NOT a loan the bike is not used as collateral, therefor full coverage is not required. Now the comparison on total cost.(for me)

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DISCLAIMER: While I make this argument as something to think about these are my decisions and while I will do it, I do NOT recommend liability on something you still make payments on.......you break it you still make payments and if you cannot live with that don't do it.
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My case:Suzuki S650 :we'll round it up for less confusion 6000$ and assume that you will pay it off in 30 months

Through the bank at 4.9%:
-Payments
213
-Interest paid
387
-full coverage for 3 years@ 2200 a year
6600

Through suzuki at 9.9%:
-Payments
227
-Interest paid
797
-Liability for 3 years @139 a year
417


So through the bank(actually a credit union) it totals to 12,987 dollars vice 7,214 dollars through suzuki........

But the big kicker is risk the risk assesment you must do on your own....
-Can you afford medical payments if you go down (by yourself)
-Is the bike parked somewhere indoors at night and somewhwre safe during the day?
-Can you live with making payments on a scrap of metal and plastic if you wreck?

You can make your own decisions but for me I simply cannot see myself paying twice what the bike is worth due to insurance. I have thouroughly run through many scenarios of "what ifs" and I am willing to take the risks.

But every person is responsible for themselves and accountable for their own actions, so do your homework and make your own choices.

 

Yeah, thanx for the info guys. I'm gonna try my work's credit union. Hey if I don't bank with my credit union "La Times Credit Union" could I still apply and get a loan from them?

 

Most credit unions require you to get an account with them before handing out loans but that could just mean a savings account that requires 5 bucks to open.

Good luck man

 

Finance throught a bank.

Suzuki ***** you over royaly with the 99 a month deals. They don't tell you that there is a big balloon payment at the end of the term(about 3000-4000 depending on the bike).

 

i'm financed through the kawasaki good times credit card and wouldn't have it any other way

4.9% for two years minimum payment of $49 a month. after that it reverts back to 7.9% of the remaining balance which is what my local banks are offering anyway. just pay more than the minumum on time and u'll be fine

PLUS like its been said before u don't have to carry full coverage, which for most people would be a 2nd a-hole considering

 

bro i just picked up my 04 gsxr 600 . i financed thru capitalone (apr was like 7%) compared to the dealer which is 9.9

(for 60 months)

i got the bike 7550 otd


monthly is like $150

 

Cash

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Mag00n &raquo;</TD></TR><TR><TD CLASS="quote">Cash </TD></TR></TABLE>

LOL.bullion

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Mag00n &raquo;</TD></TR><TR><TD CLASS="quote">Cash </TD></TR></TABLE>

cash money dolla dolla bill yall

 

some nice ideas in here.. I'm thinking about just financing my next bike rather than shelling out all that money at once.

I work at a credit union and the rates suck *** for motocycles.. you have to have GREAT credit to get a loan here. The CaptialOne at 7% sounds pretty good.. you didn't need full coverage on it? That was the only thing steering me away from financing a bike.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by tommytoes &raquo;</TD></TR><TR><TD CLASS="quote">Most credit unions require you to get an account with them before handing out loans but that could just mean a savings account that requires 5 bucks to open.

Good luck man </TD></TR></TABLE>

Tommy how hold are you? Full coverage on your Sv seems quite high. My 20yr old friend pays around 650 a year for full coverage on his Sv650s. And thats in nothern Va. I can ask him which insurance compnay he has if you like.

 

Personally, shop around, paying above 6% interest is redic. Ps im 21, in NY and i went throw kawi and got thier 4.8% for three years, then after that its 17. Needless to say with 2 years+ left on it i only owe 3800 of the original 9. Pay as much as you can as quikc as you can.

 

I'm 25....And I failed to mention that this is is North Carolina....Full coverage in Utah is 600 a year...a 1400 dollar difference something about NC that insurance sompanies don't like and for AZ it's like 700.......

So I can't wait to move to AZ in January and then I will most definately get full covearge.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by theSYNDICATE &raquo;</TD></TR><TR><TD CLASS="quote">Finance throught a bank.

Suzuki ***** you over royaly with the 99 a month deals. They don't tell you that there is a big balloon payment at the end of the term(about 3000-4000 depending on the bike).</TD></TR></TABLE>

True indeed.

When I bought my new bike a long time ago in 97. I traded my 96 zx7r on top of the price. they gave me a good 5500.

in 2000, when i paid off the 97. I still owed 4K. 3 years, full bike price was 10k or seomthing...

til this day. i still dont understand it. but just am glad it's payed for.

Be careful, financing is a bitch.. especially suzuki

Good luck.

 

Damn good advice guys. I already got turned down by capital one and eloan. But than again I went to go buy a car on sunday acura tsx and apr for 7.2% for mom's car. Don't understand how loan companies operate. I just opened an account with my credit union and will get an auto loan from them. Let you guys know how it works out. Thanks again.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by theSYNDICATE &raquo;</TD></TR><TR><TD CLASS="quote">Finance throught a bank.

Suzuki ***** you over royaly with the 99 a month deals. They don't tell you that there is a big balloon payment at the end of the term(about 3000-4000 depending on the bike).</TD></TR></TABLE>

It really depends on you. You have to beat the interest....If you pay the minimum you're mostly paying the interest and the principal remains almost untouched..

It's done on purpose and don't think it's just suzuki triying to get over on you, it is all in the finance details but it also require a bit of knowledge of how financial instruments work.

Over the course of 3 years the difference between 10% and 4.9% on 6000 is 510 dollars which is not pocket change but at the same time in some of our financial situations is a great deal compared to the amount saved on insurance....

So in short... Yes, Suzuki is out to screw you but how much they screw you out of is up to you.

But hey by all means if full coverage is affordable and you can get a better rate through your own bank then fork Suzuki.

 

ooooh yeah and check out your credit score and know who you will finance through because everytime you apply for a loan your credit is queried and banks and other lending institutions see this...... And two things will happen first, the legit banks will see you have been turned down or are applying for loans through numerous institutions and will place you in a higher risk category (meaning no loans from them) and second, you will begin to recieve tons of credit card crap in the mail.

So decide who you want to go with and make you sure you're not a scumbag who doesn't pay his(or her) bills. JK btw


Modified by tommytoes at 7:07 AM 4/27/2005

 

Wow, I did not know that at all. Should of asked around before apply for ****. Apply for a motorcycle would it be considered as personal or automotive? Considering auto loan has lower apr than personal. Yeah I gotta find out my credit score after all this was done.

 

keep your $1500 its not going to make a big differnce on payments. i did the same thing when i got my bike, i put 2k down and knocked like 35 bucks off the payment. i rather have had 2k and made a $180 payment