Suzuki card is probably like a honda card. Its Gemoney as the lender I bet, Its a high limit revolving charge account not an auto loan I don't consider the card financing to be real factory finance, as such those cards don't require full coverage insurance  I know someone who bought their bike on one of those cards then totalled it 2 weeks later. He is still paying for a pile of busted parts in his garage.

HSBC does not require full coverage on anything less than $10,000.  I still carry full coverage on it anyway, because I don't want to keep paying for it should something happen like your acquaintance is having to do.

Quote from: bettingpython on May 28, 2008, 12:19:14 PM
Suzuki card is probably like a honda card. Its Gemoney as the lender I bet, Its a high limit revolving charge account not an auto loan I don't consider the card financing to be real factory finance, as such those cards don't require full coverage insurance  I know someone who bought their bike on one of those cards then totalled it 2 weeks later. He is still paying for a pile of busted parts in his garage.

I know many who have bought, got liability and smashed it up within minuets of pulling off the lot. and I mean Minuets... one guy had 2.5 miles on his 08 GSXR750 when we brought it back on the rollback in 2 pieces  now that he has it all back and running w/o interest its about a $16K bike, after he is done paying it off it will be about $22K

Crazy

Quote from: ohgood on May 28, 2008, 03:32:22 AM

Quote from: yamahonkawazuki on May 28, 2008, 12:10:15 AM
well not many of us are wealthy terry 

Is there something wrong with being wealthy ? I mean, so wrong that you should finance yourself into a hole and then complain about it ?

where idd i say that there was something wrong with being wealthy. BUT if one NEEDED a bike for transportation, and not as a toy, i could see financing it. however eventually one will need a credit rating, if anyting  to rent an apt even. and i wasnt complaining about anything. btw

OK, reality check, short of living in a big city with some sort of mass transit authority one would be rather irresponsible to rely on a motorcycle as sole transit if they are in financial situation that neccesitates financing said transportation.

lol sounding like you got your degree already but yeah, im just stating a possible reason for financing a bike. but to OP if you must finance. dont to teh dealership/brand card deal, get a bank loan

I relied on a bike for 7years year round as my transportation, one of them I had to take out a loan to get, motor crapped on my 400 and I couldn't get to and from work I bought a decent old gs750 paid of my loan then I had room to breathe and could spend a dollar or two fixng my 400. Wound up with a spare bike for when issues arose and a bike broke down.

I wouldn't finance a new bike in that situation.

P.S. riding in sleet and snow on a naked bike freakin sucks.

YES IT DOES 

Haha, not trying to troll and start a war here, I know people have some very strong opinions on financing things. 

Being able to afford the bike really isn't the issue.  I could wait until the summers over and definately pay for a new fz6 out of pocket without flinching.  I'm working a co-op for the next seven months that pays maybe 20% less than my full time job will when I finish my degree this time next year so I've got a little play money.

Also I don't rely on the bike transportation, but I'll be running home a few times (300 mi each way) over the summer and that could definately save me some major gas money (plus 100x more fun).  I've just been told good credit opens a lot of doors and this might be an easy way to build it.  It seems like a lot of voodoo goes into determining your credit score. 

+1 on snow and sleet, I'll never forget the hour ride i did while it was snowing and I was definately under dressed.

I'm definately not taking the financing decision lightly and I want to do some more research, sounds like bank loans are the way to go though.

I am currently financing my '04 F model. My credit was horrible due to hospital bills ( Don't ever get sick) so a friend co-signed for me to get the bike. It is financed through HSBC which is the way to go if we would have went with the Suzuki line of credit it is actually a credit card and the intrest fluctuates. The bike had 5,000 miles on it and was in pristine condition base price was 3,000. It may not be the way to go for you but Murphy's law always applies to me so I got the full- extened warranty (life of loan), Maintainance plan ( I don't gotta touch the bike for life of loan they do all servicing), gap insurance (first bike didn't want to wreck it and pay for a pile of junk), disability insurance ( I have a heart problem so extra protection), low jack, and all of my gear jacket, pants and helmet. I put down 2,000 and my minimum payment is $127 a month which I will take to heart and start paying an extra amount each month to help on principle! Thinking back now I don't think I would have gotten the maintainance plan it was $800 but since I was new to bikes and didn't realize how easy the 500 is to keep up. And from what a lot of people say that low jack which was $700 is useless it keeps the insurance down and does have a gaurantee.

In the end the 3,000 dollar bike will cost over five. But, I needed a way to start working on the credit. And as of now it costs less monthly than my car that is paid off because of gas and insurance rates! This is my experience  I hope this helps!


Mary S.
Mary S.

ahhhh yes hospital bills. i remember that, when i was in the first of april, racked up almost 10k, theyve forgiven all but 1200 of it. and could go even lower if i can figure that  part out

Hope you got your medical issues figured out. Was worried about you for awhile!

mary S.

ima tryin, still one more ( at least doc visit left) jus gotta find a doc first lols. anyhoo [/threadjack]

maybe late reply but... DON'T DO IT!!! it's a trap!  srsly.

save some cash and buy a 96+ instead. A new bike is not worth it (imo)

agreed, let someone else take teh depreciation hit

Try your bank or credit union.

failing that try www.lendingtree.com

Don't use dealer financing. 

Everyone has ther own way to get their bike that specificaly meets their needs. Whith that said, if I was to purchase a new bikethenI would go through a credit union for financing due to their rates generally being cheaper and the profits doesn't go to a banking organization or through the dealer if thay have agood deal like when GMAC gave me a 0% loan for 5 yrs.   Based on your cost of living  and your income ratio you might want to save up for a down payment and look at gap insurance as well (do a cost analysis.)  I don't know many people that can purchase many big ticketed items with cash, most people will ahve to make these purchases through loans, you just have to be smart about the debt that you incur.  You might even want to discuss this with a loan officer at the credit union.
                                  ---- Best of luck JIM "slowely crawling out of Debt"

Late reply, but

Lendingclub.com

If your credit is 640+ then you have a good shot at getting in...I got $4000 personal loan at less than 8% for 36 months.. 4g's was direct-deposited 

Oh yeah like the other poster said GET GAP INSURANCE

Quote from: GeeP on May 27, 2008, 10:02:50 PM
I suppose it depends on how badly you want to get raped and become "part of the system".

Would you like the red pill or the blue pill?   

Personally, I don't play the credit game.  Don't know what my credit score is, don't care.

Hear Hear GeeP...

I always say that if you can't afford to pay, it isn't time to play.





Now that being said, keep in mind of a couple things
-can you afford to have full insurance on the bike?  if you finance a vehicle, some insurance companies require that you get FULL insurance.
-If you crash and total the bike, will you be in financial hardships?
-If some @$$hole steals the bike, will you be in financial hardships?
-If something MINOR happens in your life, will you still be able to afford the payments?
-etc...



PLEASE think hard on this topic.  I'd hate to see another "I HAVE TO SELL MY BIKE BECAUSE...." or "I HAVE THIS HUGE DEBT BECAUSE..." thread.