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Age and down payment

22K views 43 replies 25 participants last post by  blue egg 
#1 ·
Hey everyone im looking to purchase a 2007 gsxr750 in about 3 months for 20years old and with a down payment of 3500-4000 should i be worried about being able to get financed.
 
#27 · (Edited)
TOEJAM said:
...and that used 600 is going to cost you $11, 820.

I paid cash for a new 1k and paid $9,600
Yeah but you see some people can't pay cash. Personally I would rather pay some extra cash, then have to wait 5 years to make the cash and then ride.

It is like saying, don't take a loan on your house, live on the street until you can pay cash. Don't drive to work, walk until you can afford to pay cash. Don't take a loan to go to college, wait until you are 30 and can pay cash. Now I understand that it is a toy, unlike the examples that I used, but it is the same concept. People need to find a decent APR ( under 7.5 or 8) and not be stupid, and pay that dame thing off. Don't put a lot of money into the bike until you pay that loan....

Not all of us are made of cash like you....
Ryan
 
#28 ·
GSXRREV600 said:
Yeah but you see some people can't pay cash. Personally I would rather pay some extra cash, then have to wait 5 years to make the cash and then ride.

It is like saying, don't take a loan on your house, live on the street until you can pay cash. Don't drive to work, walk until you can afford to pay cash. Don't take a loan to go to college, wait until you are 30 and can pay cash. Now I understand that it is a toy, unlike the examples that I used, but it is the same concept. People need to find a decent APR ( under 7.5 or 8) and not be stupid, and pay that dame thing off. Don't put a lot of money into the bike until you pay that loan....

Not all of us are made of cash like you....
Ryan
Or you could live within your means. Y'know, maybe accept the fact that you might not absolutely have to have that big house or new bike? Taking out a loan for 40% of a house is one thing, but 0-down high-interest financing a toy, especially when you've next to nothing anyway, is just stupid. Everybody wants it all, and they want it now for next to nothing. You can sugar-coat it however you want, but that's the bottom line.
 
#29 ·
falcon2081 said:
What people need to understand is if you get the suzuki credit card you need to pay it off as quick as possible and not do minimum payments. The finance charges alone will rack up in the long run. So if you take 2-3 years to pay off the bike your looking into paying $2-4,000 in finance charges alone. So unless you have a decent job and put down more $ than the minimum then by all means get the card.
ok..lets see...imma do this in about a month..will have about 1500 as a down payment...if i get the 99/month deal and lets say put..150 a month on it..am i gonna be ok?

thanks..let me know the best route to go.....and i dont have cash in hand...i will be finacning through suzuki as well..
 
#30 ·
i know i wouldnt be paying less than $400/month. i dont know the terms. but if it is that deal for 24 months then almost 20% interest after and you dont refinance you will be paying for the bike when it has 100,000miles on it lol!
 
#31 ·
so your sayin the 99/month deal only applies to a 24 month finance?
 
#32 · (Edited)
poolshark said:
Or you could live within your means. Y'know, maybe accept the fact that you might not absolutely have to have that big house or new bike? Taking out a loan for 40% of a house is one thing, but 0-down high-interest financing a toy, especially when you've next to nothing anyway, is just stupid. Everybody wants it all, and they want it now for next to nothing. You can sugar-coat it however you want, but that's the bottom line.
if you reread my post, I specifically said to check for finances, and get aleast below 8%apr, so that you aren't paying to much interest. Also when the 24 is up (if that is your deal), check with the other banks... So I believe that is living with your means, what are you talking about, again sorry us ~20 year olds, don't have the live of you older guys....

Ryan
 
#34 · (Edited)
GSXRREV600 said:
if you reread my post, I specifically said to check for finances, and get aleast below 8%apr... So I believe that is living with your means, what are you talking about...

Ryan
Paying interest on an overpriced toy that'll depreciate at least 20% in two years simply can't be considered a good economic decision. I didn't mean to rant, but that's how it is.

However, it is ultimately the choice of the buyer. The rationale just doesn't make any sense to me. I doubt I'm any older than you are: I simply choose not to waste my money on inflated prices and interest.
 
#35 ·
poolshark said:
Paying interest on an overpriced toy that'll depreciate at least 20% in two years simply can't be considered a good economic decision. I didn't mean to rant, but that's how it is.

However, it is ultimately the choice of the buyer. The rationale just doesn't make any sense to me. I doubt I'm any older than you are: I simply choose not to waste my money on inflated prices and interest.
Yeah that is why I said 7.5 to 8 at the max.

I am not trying to start an bitching fight, just saying if you can look at your fin. (and can afford it) and get a low apr, have fun when you are young. Don't wait....Have a good time

Rock on....(I am drinking with my dorm buddies, so sorry if I am being a bitch)
Ryan
 
#36 ·
Ghostrydr600 said:
ok..lets see...imma do this in about a month..will have about 1500 as a down payment...if i get the 99/month deal and lets say put..150 a month on it..am i gonna be ok?

thanks..let me know the best route to go.....and i dont have cash in hand...i will be finacning through suzuki as well..
No your going to need to pay $300 or more a month on it. You can pay $250 but you have to remember that $99 pretty much makes up the finance charges. So the less you pay monthly the less that it will go to the principal. I wanted to pay the bike within 1.5-2 years and my payments worked out to be around $3-450 a month which am doing.
 
#37 ·
I agree with poolshark on this one.

If you put 0 down and finance a bike...especially if you finance it for 5yrs to get low payments, you will never be ahead on that SOB. It will take you years to get past the initial depreciation because your payments are so low and you are paying interest.

Cars and houses are different things. I am not one patch of oil away from losing my house and taking a huge loss.

No matter how you look at it, these bikes are expendable and should be considered as such when they are purchased.
 
#39 ·
Get a quote on one from these guys CLICK HERE You'll have to do some notarizing and some fedexing of paperwork, but it's damn near gaurenteed to be the best price you'll find on a new bike...even after the $300 shipping charge. Buddy of mine just ordered an 07 R1 from them. After all was said and done, he paid $10,200 and the bike was shipped within a week
 
#40 ·
Obviously you really want this bike. And it's understandable. I'm 34 years old and in my time I've owned 4 bikes. My first was financed, because at the time I felt like I had to have it. But I owned it until I paid it off which took about 3 years. During that time I was kinda stuck with it.

What you may want to take into consideration is what a couple of these guys are telling. When you finance anything due to interest you wind up paying extra. So weigh your options and consider a method which will cost you the least amount over what the bike is actually worth. I'd suggest that you shop around for a used '06 or '07 instead of a brand new one. Cuz just like a car, the moment you roll off the lot it's worth 10-20% less than it was. So guess what? If you decide a month later that you wanna sell it, it's no longer worth the $9k or $10k you owe on it. It's worth about $7 to $8.

And find one from a private seller rather than a dealership. Dealers charge more because they have to make money. Remember they are the middle man. Try to cut them out of the equation altogether. Seek financing at a bank or credit union. Or even a (sympathetic) relative if you have one that will trust you to pay them back on time with interest. All in all it's ok to finance but do so wisely. Don't let your enthusiasm force you into a bad decision. Take out the emotion and think about it. If it doesn't make sense then don't do it. Good luck!
 
#41 ·
I would buy a bike to tool around on for now and save your $$. Get something to go out on (an older SV or the like) that you can sell for around what you buy it for. Save your green for a year or so, then get what you want. You're about halfway to the new bike, why not just wait till you can get it in full?

I've seen a lot of people get sucked into the deals that Suzuki puts out. They make it seem so great, low payments and all, but then if you don't pay in full by the end of the term, you get slammed with interest. Or, worse yet, you wreck the bike and still have to make the payments on it.

Since this is a toy and not a necessity, I would say wait till you can buy it in full. Or, at the very least, get a loan through a bank/credit union. One that is a FIXED rate for the life of the loan so you don't end up paying the ridiculous interest that Suzuki will charge you (which if you keep till the end of the loan would probably add up to 2 bikes).

Good luck with whatever choice you make!!
 
#42 ·
Since You Have Limited Credit It Would Be A Good Idea To Finance It. That Way You Can Build Up Your Credit So You Don't Run Into The Same Situation When You Decide To Buy A Car Or Even A House. Just Be Responsible. Just Get Financed Through A Credit Union Or A Bank, They Are Simple Interest Loans So You Can Pay Them Off Early With No Penalties. I Had Enough Money To Pay Cash For My Bike But I Decided To Finance It. I Put A Few Grand Down And Will Pay It Off Over A Year. It Is A Good Way To Get Your Credit Established.
 
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