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Discussion Starter · #1 ·
Does anyone know how Suzuki Financing works for used sales? can you buy from private individuals with suzuki financing or is it only avalible through a suzuki dealer? I was approved for 5000 and dont know of any dealers that have used GSXR's
 

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Is there any reason you want to use the financing through suzuki? If your just looking for a used bike, find the bike first and figure out exactly how much you need... (Don't forget to figure in all your gear and everything else.) Once you have a general idea of how much, add a little extra just in case. Then just go get a personal loan... You'll probably get a better rate than the suzuki financing anyway... The first bike I bought, I used "Lending Tree"... I told the guy I'd take the bike pending approval of the loan. Gave him a small down payment just to show him I was serious (which was NOT refundable if I backed out of the deal, but WAS refundable if the loan was turned down. I went online and filled out the info. I think this was on a Friday night. By Saturday (I know, seems odd doesn't it?) I had several offers for loans... Found the best one (which happened to be through MBNA) and accepted it. The had everything online to fill out... Filled it out, and then gave them my bank routing number for the deposit... In the mean time I spent all day sunday studying the DMV's guide for motorcycles, online info, etc.... Went Monday afternoon to the DMV to take the written test. (wanted to ride the bike away, not trailor it away... Mainly cause I didn't have a trailer). Got the permit. Money arrived in the bank account on Tuesday afternoon. Dropped it off at his house that night after work and rode the bike away (screw the cage... came back for it later!
)
Anyway, the point is, the whole process couldn't have been easier.
 

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Discussion Starter · #3 ·
Well i wanted to use Suzuiki financing because they do not require comprehensive and collision coverage which would raise my insurance more drastically than it would be worth. And if i went though a bank, they may require comp and collision untill i pay it off.
 

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No, you'll probably NEVER find a bank that will give a loan with the BIKE for collateral... The whole reason you have to carry comp and collision on a car for example is because the car is securing the loan... Banks don't like the idea of securing a loan with a bike...
So that's why it's a "personal" loan.... A "personal" loan isn't secured by collatoral... Or if it is, they usually use things around the house... Like maybe a nice tv... the fridge, etc.... It's really more of a technicality... bottom line is... You get the cash, and pay for the bike... when it's all said and done, YOU get the title, not the bank....
HOWEVER.....

I would NOT suggest getting liability insurance only on a bike that your paying payments on... ANYTHING can happen at any time... I feel what your saying about the cost of insurance, but two things.... First, check with state farm... They have awesome prices on full coverage bike insurance.... Two, consider the cost of keeping the bike covered with full coverage for the length of the loan (4 years lets say)... Now do the math... How much is it really gonna cost you in insurance.... And how much do you think it's gonna cost you the first time you drop that bike? There's probably not many people out there that DIDN'T drop their first bike.... I was fortunate enough to have a small incident... Had it parked in the yard washing it...Ground softened up, had my back turned and wham!.... Fortunately in the soft ground it only cost me about $150 to repair.... A friend of mine wasn't so lucky... Only had the bike about 4 days.... Pulled up to a stop light and didn't pay attention to where his foot went down... Put it right in a puddle of oil (these are common at stop lights by the way in case you didn't know
). Foot went out from under him. He had over $1300 worth of damage...
 

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agree. Also, you don't want to go cheap on insurance at times because most insurance will total your bike because it cost too much to fix. Think of it this way, a fairing (one piece) alone will cost you 1k
 
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