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.
if you have some kind of credit history, i dont think you should have a problem. might need a cosigner, and get the worst APR. But atleast you get financed.
do you have any credit at all? usually it is harder to get financed on a toy such as a bike than it is a car. but in your situation, putting that much money down will put the bank in a good situation so it shouldn't be a problem, interest rates are higher on bikes though. you may want to try your local bank or credit union.
all this is good advice but your gonna want to shop around as well dont settle for th closest dealer you can end up saving alot by making the extra trip to another dealer
My brother just got his first bike. he is 22 with only a auto loan on his credit and he got a new Suzuki with 0 down and low payment. i think under 200. just pay cash like the big boys!!!
Put as much as you possibly can down because you'll have lower monthly payments.
Or you can do what I did, I figured out how much money I needed to save per month so that a year later (this past September) I could by a 2006 750 in full.
i am on my 3rd bike on the Suzuki Card and have never put anything down and i believe as long as you don't finance over $8900, your payments are $99/mo @ 12.9%, if you finance $8901 or above it is $149/mo @ same interest...all this does depend on your credit, but as long as it is around 700, you should be fine
Good idea with the large downpayment, but I still wouldn't recommend financing: if had 3500-4k laying around, I'd pay in full for an older used bike, just to avoid the commitment. If you want the latest and greatest, that's your option, but financing a toy (which you're likely to get overcharged on, anyway) is a bad idea.
i am on my 3rd bike on the Suzuki Card and have never put anything down and i believe as long as you don't finance over $8900, your payments are $99/mo @ 12.9%, if you finance $8901 or above it is $149/mo @ same interest...all this does depend on your credit, but as long as it is around 700, you should be fine
Please don't get the card if you do plan on purchasing anything in the future as it is a CREDIT CARD and not a LOAN, so lenders do look at it badly. Try to get financed through a credit union first.
Don't buy a brand new bike, buy a used 2006 or something older. I bought my 2006 used toward the end of the season with 850 miles and paid a little over $7000 for it. And all of the dealers around my area, both in massachusetts and new hampshire were charging $8799. The lowest I was able to talk any dealer down to was $8400 with a jacket and helmet. And buying used can save you if you go down. Parts will be cheaper for an older bike.
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.
i would def. try through a bank or credit union for a loan. many don't realize that when it says $99/month for an $8500 loan it is not that at all. this is revolving like a credit card and $99/month is your minimum payment. think about it if you pay $99/month you are only paying $1188/year. after interest you have only payed off about $500 of the loan. at that rate it would take probably around 17 years to pay off making minimum payments. if you can slap down say $200+ per month then it isnt all that bad. i am 19 and had the idea of getting a loan through suzuki last year when i got my bike because I saw the advertisements for $99/month. after talking to several people a just waited a few more months and paid cash for it. good luck.
i would def. try through a bank or credit union for a loan. many don't realize that when it says $99/month for an $8500 loan it is not that at all. this is revolving like a credit card and $99/month is your minimum payment. think about it if you pay $99/month you are only paying $1188/year. after interest you have only payed off about $500 of the loan. at that rate it would take probably around 17 years to pay off making minimum payments. if you can slap down say $200+ per month then it isnt all that bad. i am 19 and had the idea of getting a loan through suzuki last year when i got my bike because I saw the advertisements for $99/month. after talking to several people a just waited a few more months and paid cash for it. good luck.
OK, I don't agree with some of the people on here but whatever...
I bought a 06 left over at the end of Jan. Great time to buy a bike, because the dealer really wanted to move it, got a great deal. I was approved for 8500 (didn't use all of it, just what I was approved for), and I am 20 years old, with a good credit history. (I have credit cards that i pay on time, had 1 car loan that I payed off, and am paying for school loans on time)
I went with the deal: 69 (min) a month for 24 months. My APR was 6.9% for the 24 months. Now if you can't pay it off in that time you are fucked, and should try to refinance. But with my job, I know that I can pay it off. I set 1k down to start.
I would go with the new. Just set down and line up your finances, and make sure that you can handle the payment, making more than the min. I don't know if Suzuki is still running this deal, but as long as you can pay for the bike in two years, 6.9% APR is not bad for someone at our age group. But remember after that 24 months, the APR goes to almost 20%, and then you are fucked...Oh yeah, I didn't need a cosigner.