what is everyone thoughts about financing a bike....im thinking about doing it and everything..i went to my local motorsport dealer and filled out the app and they offer to give me 9000 (more than i need..im interested ni a gs500F which they said 5900 OTD) having me pay off a bike with a payment of 95 bucks a month with a min payment of $39....but the interest rate they said was 10.25%...i just wanted to know if anybody else went down this route and how they came aobut doing it....any help would be greatly appreciated..

sounds kinda like the deal i have... it's really up to you and your thoughts about charging things... you will lose money out of the deal, but to me it was worth it because 1) it's hard to find a used GS around here and 2) i'd rather pay more to have it now then to have to wait and save up for it.  I don't know about you or how you are with money and what not so I can't really give you better advice.

in any case, a better option may be to find a credit card with 0% intro apr for a year and charge the bike on that.  if you can pay it off within that time period, it will cost you nothing.  also, what year is that GS?  some people have gotten 05 left overs for as low as $4500 OTD.  if you shop dealers, you may find a better OTD price. 

Its always worth checking out the interst rate on personal loans from the banks before acccepting in house finance.

I know in Australia you can get less than 10% interest rate atm.


I always like to think, if I can't afford it out right, I can't afford it yet. Save save save!
But that doesn't always work in the "I want it now world"

So just make sure you can afford a few weeks repayments in advance.

Remember, anytime you finance a vehicle the bank requires you to carry full insurance.  You probably would anyway on a new bike, but make sure you're figuring that cost in. 

I had a '96 GS500 and while the price of liability and comprehensive was only $110/year, collision was over $250 by itself.

Don't know your credit history but thats more than what I got.  I used www.lendingtree.com you enter your info and you will get several different offers back,you just pick the one that you like best.  I picked capital one they offered me 6.6 or 6.8 % don't remember which and then if I did direct withdrawl they would knock off another 2%.  But I don't like people taking money out of my account without me knowing about it, so just kept the 6.6 or whatever it was.

When applying for a loan most places will not give you a loan for less than $7500.  Mine was for $7500 went to dealer paid for my bike and he cut me a check for the difference between my capital one check and what I paid for the bike.  Cashed the check and on my first payment sent everything I didn't use back to them.
My monthy payments are about 125ish a month.

Unless you have really bad credit, a 10 per cent interest rate is too high. Even brand new the GS is not that expensive of a bike. I would see if you can get a personal line of credit. I have one from ING Direct and the interest is 6 per cent - not how I bought the bike, but you can use it for anything.

I personally just won't finance anything else... with a mortgage, student loans and it car payment it already feels like I'm making enough monthly payments... I made sure to only buy as much bike as I could pay cash for.

If you are going to finance, drive a hard bargain on the interest, and at least have a big down payment ready so you don't have to borrow as much initially. In fact, if your only option is to finance, you would probably be better off going with something used... And cheap.

5900 otd wtf man, find another dealer, better yet go to the bank and you can get a, 6 month interest free loan. at a fix rate lower than what there asking for. i would tell them 4900 otd with cash, (after the loan money of course.) but is that price you said comes with all the gear then yea ok thats about right. but in any case get the gear, helmet, jacket, gloves, riding paints if you don't get leather, o and boots.

Oh just finance the bike if you can afford too and pay for the gear seperately.  On bike prices I paid 4700 to 4800 OTD.

Get a different dealer

yeh my firend said that dealer is shady.....yeh checked lending tree and they said that the least amount i can borrow is 7500......i might just end up buying used.....instead of financing imma be paying some by credit card, (hopefully they might have a paypal account so i oculd send it that way) and the rest by cash...financing just scares me away casue i dunt want to take soo much money out for a loan.....that 10% interest rate is crazy and im dunt need ot take out soo much....thanx for all of the advice and the quick repy guys.....this forum is awesome for everythign....

yea if it is your very first bike, for the love of god and all that is holy. get a used bike first. thank me latter


i got mine all but new, said " i wont drop it ect.." whats the first thing i do drop it, and thats was with expeirence too.

You know as a salesman i suggest one thing.

watch how the intrest is calculated.

If the intrest is on principal only   good

If it calculates with the prinicpal and the intrest     youre f%$ked


sometimes dealers will do that, to give the illusion of a low interest rate


and SH!t my interest rate is 16.2 ,  its not that I have bad credit, I just have....er.....HAD no credit

the thing is that my credit is pretty good.....i a few months ago i was told that my credit was pretty good and i think its not too bad becuase i neverm issed a payment.....i seriously at odds at what to do..i wanna finance but i dunt wanna take out soo much money....and i could pay a lil under half for cash and put the rest on my credit card.....

2 thoughts....

1.  I dont mean to pry.... or be nosey.... or whatever.... but if you can't pay for it... you really can't afford it. 
save your money and buy when you have cash or buy used.

2.  if you do buy.... get a credit card... often they get like 2 percent if you're lucky.... then no full coverage

yeh i think imma scratch the idea of financing right now......i got the credit card and i have enough to buy it with that...i got three jobs right now so, but the thing is that i got a bunch of bills to pay off first.....but i pretty much planned out what imma do...i got a nice amount saved and i guess im just being to eager....most likely what deal i do imma try to pay the rest off with my credit card....im holding down 0%APR so i dunt get hcarged no interest on it....so i just might do that....

Quote from: KYGS500E on June 29, 2006, 08:28:38 PM
2 thoughts....

1.  I dont mean to pry.... or be nosey.... or whatever.... but if you can't pay for it... you really can't afford it. 
save your money and buy when you have cash or buy used.

+1

That's why I haven't gotten my new bike yet...  I don't really wanna have to finance anything.  A car on the other hand is different, but a bike is a "toy".  You don't really wanna owe $$$ on a toy.

Or do what I did. . .get the loan for $7500. . .finance just the bike. . . about $5000 ish proablly less.  Have the dealer cut you check for the $2500.  Don't spend it.  When you get your first payment in . . mail in your payment then, seperatly mail in the $2500 twoards the pricipal on the account. . .then you are only really finaceing 5kish or however much the bike cost you.
Nothing wrong with finaceing a bike if you really wan't it.  Yes it's better to buy a used bike for your first, but if you are going to keep it for awhile and you can afford a new bike then get the new one.

Quote from: annguyen1981 on June 29, 2006, 08:56:05 PM

Quote from: KYGS500E on June 29, 2006, 08:28:38 PM
2 thoughts....

1.  I dont mean to pry.... or be nosey.... or whatever.... but if you can't pay for it... you really can't afford it. 
save your money and buy when you have cash or buy used.

+1

That's why I haven't gotten my new bike yet...  I don't really wanna have to finance anything.  A car on the other hand is different, but a bike is a "toy".  You don't really wanna owe $$$ on a toy.

Not if the bike is all you got