i wanted to finance part of my busa purchase ... i can go though my bank but i like the deal that suzuki is offering now ($99/month for purchases under $10,500) ... i believe that i have pretty good credit ... i three years ago i financed a $19,000 vehicle with a co signer and paid it off in 14 months and none of my credit cards have ever been paid late... my question is how strict are the requirements for the suzuki credit card? with suzuki financing you don't have to get full coverage right?
Suzuki's financing?
- Thread starter cooper
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si-lo
Registered
Suzuki will require you to secure insurance (full coverage) before you leave the building. To save time you can call ahead and get the VIN # and have your agent write you a binder showing that you will have coverage. Hope this helps.
The only way to get out of having full coverage is to not have a lien on the bike. (ie signature loan or take loan out against something else like a car so the car becomes the collateral, however the car will require full coverage)
The only way to get out of having full coverage is to not have a lien on the bike. (ie signature loan or take loan out against something else like a car so the car becomes the collateral, however the car will require full coverage)
I can partially answer this because I was looking into it over the weekend. It is exactly as you say, the "catch" is if you are ever late the offer is void. I'm not exactly sure how it will affect the base payment ($99 or $129 monthly depending on bike) but I do know it will void the 9.95%APR. Also after the 60 months, if the bike isn't paid in full the remaining balance will have to be paid at 18% APR.
The base payment and low APR are incentives to get the purchasers to make their payment on time.
The base payment and low APR are incentives to get the purchasers to make their payment on time.
yeah i was told that what ever remained on the balance would go to the default rate...
i dont plan on having a balance past a year or so...
as far as insurance is concernd i know that other companies like kawas. wont let you leave the floor without providing proof of full coverage but i was told by the dealer ( who said that she check with suzuki for past customers) that it is a suzuki credit card and they dont require you to have full coverage...
anyone who has applyed for a suzuki card are the requirements strict how much did they offer? (if you dont mind me asking)
<!--EDIT|cooper
Reason for Edit: None given...|1113329035 -->
i dont plan on having a balance past a year or so...
as far as insurance is concernd i know that other companies like kawas. wont let you leave the floor without providing proof of full coverage but i was told by the dealer ( who said that she check with suzuki for past customers) that it is a suzuki credit card and they dont require you to have full coverage...
anyone who has applyed for a suzuki card are the requirements strict how much did they offer? (if you dont mind me asking)
<!--EDIT|cooper
Reason for Edit: None given...|1113329035 -->
Rongotti
Registered
FALSE FALSE FALSE!!!!!!!!!! If you finance thru suzuki there is NO insurance EVER required. I uesed the str8 financing on mine and my friend did the card both of us rode out with no insurance whatsoever. I secured mine at a later date, he still does not have any. I dont recomend the card though, outof the 4 people I know who have used it none of them have gotten any where near positive equity using that method. My payment is 198 a month and I usually pay 400 my equity is awesome. But the choice is yours
1127 TO 1299
Registered
I would get financing elsewhere,
9.95% is not the best rate.
Put it on your credit card if you can.
9.95% is not the best rate.
Put it on your credit card if you can.
NEA.Drew
Registered
I just purchased a '05 busa from my local dealership a month ago. The suzuki dealership where I live finances through HBS, which allows liablity ins. on any suzuki vechicle under 9k. Hope this helps. However, any bike I've owned always had full-coverage just for my peace of mind. So, if the dealership where you live finances through the same lending company.. pay the busa down under the alloted amount in order to qualify for liability insurance.
DO NOT FINANCE A BRAND NEW BIKE AND NOT HAVE FULL COVERAGE!
I have seen to many posts with HORROR stories about people doing this and getting the shaft (Either crashing or getting stolen). You might as well kiss it goodbye while you have it if you are going that route.
Also the credit card IS NOT A GOOD DEAL! If that is the only way you can get the bike, I still wouldn't do it. Esp. if you aren't getting full coverage insurance. Any credit union or bank should be able to beat 9.95%. If you have good history like you stated on a previous loan, it shouldn't be a problem.
Heck I shopped around and got 3.9% on my bike!
I have seen to many posts with HORROR stories about people doing this and getting the shaft (Either crashing or getting stolen). You might as well kiss it goodbye while you have it if you are going that route.
Also the credit card IS NOT A GOOD DEAL! If that is the only way you can get the bike, I still wouldn't do it. Esp. if you aren't getting full coverage insurance. Any credit union or bank should be able to beat 9.95%. If you have good history like you stated on a previous loan, it shouldn't be a problem.
Heck I shopped around and got 3.9% on my bike!
Definitely wouldn't recommend financing a bike without full coverage. I still have the full coverage on my 04 and have no lien on the bike. Just worth it for a good piece of mind.
Relsek
Registered
Maybe I don't know how interest works, but 9.95, let's just say 10% of $10,000 is $1000.00, so if that's your interest for a year and you only pay $1200.00 in a year (the $99.00 per month payment) you only pay down $200.00 in a year, and after 5 years of this, you still owe around $9000.00 on a $10,000.00 bike that might be worth much less than you owe at that time, and then you have to come up with the $9000.00 to pay it off. It doesn't sound like a good deal to me. I would suggest that if the only way you can get a bike is on a revolving credit card, that you shouldn't get one. Even if you think you can pay it off quickly, things sometimes happen and that card could put you in a real bind.
Kevin
Kevin
you can get better thant he 9% anyways if you got decent credit..
the only real "gain" (and it's not really a gain IMO) is the cheap monthly payments.. but if you only make that minimum payment your gonna have several thousand left at the end of the 60 months and then the blade plunges in and your socked with 18% on whatever is left..
it's not worth it.. if your gonna finance (as I did) get it thru a bank or go with a normal loan and forget that credit card crap.
the only thing credit cards are good for is getting you in needless debt at ridiculous rates.
the only real "gain" (and it's not really a gain IMO) is the cheap monthly payments.. but if you only make that minimum payment your gonna have several thousand left at the end of the 60 months and then the blade plunges in and your socked with 18% on whatever is left..
it's not worth it.. if your gonna finance (as I did) get it thru a bank or go with a normal loan and forget that credit card crap.
the only thing credit cards are good for is getting you in needless debt at ridiculous rates.
Yeah, they are right. No insurance is required when financing thru Suzuki because its a credit card and not a real auto loan. I found that out when I bought my Busa. I went thru my credit union because the rates were better and I could have it taken directly out of my check.
yep yep yep No insurance required with Suzuki but a BAD idea. the $99 monthly pmt covers your interest only meaning after 60 monthly payments of $99 you still owe them for the purchase price at now 18%+. NOT Advised. credit union rates for bikes are at 5.75% Full coverage costs me $500 a year Money well spent for perhaps the most desirable bike around!
mrjoshua101
Registered
Look into internet bank financing like Capital One. The rates are much cheaper than regular banks and credit unions. I applied for a loan and it was approved within five minutes. I received a blank check a week later.
to all who says get full coverage... thanks for your comments
i would get full coverage if it was $500, $2000 or even $4000 a year... my issue with that is for me the lowest price that i have found is $9000 a year...i could just buy another one for that cost... plus that is more than my two car together... i have no tickets no accidents but i am only 22... as far as the credit card goes if i was to only pay 99 dollars a month i would be a idiot... i like the idea of only having to pay 99 a month but i actually plan on having the bike paid off in 12 to 15 months the 99 dollars a month just give me room for other things that come up. i love the idea of full coverage i still have it on my cars even though they are paid off ... once it goes down i plan on getting full coverage but right now it doesnt seem like a good deal.
p.s. the bike will be mostly used on the weekend on the road other than that it will be in my garage... if a theif come in my house to get it and gets away without bullet holes everwhere then they really deserve it...
i would get full coverage if it was $500, $2000 or even $4000 a year... my issue with that is for me the lowest price that i have found is $9000 a year...i could just buy another one for that cost... plus that is more than my two car together... i have no tickets no accidents but i am only 22... as far as the credit card goes if i was to only pay 99 dollars a month i would be a idiot... i like the idea of only having to pay 99 a month but i actually plan on having the bike paid off in 12 to 15 months the 99 dollars a month just give me room for other things that come up. i love the idea of full coverage i still have it on my cars even though they are paid off ... once it goes down i plan on getting full coverage but right now it doesnt seem like a good deal.
p.s. the bike will be mostly used on the weekend on the road other than that it will be in my garage... if a theif come in my house to get it and gets away without bullet holes everwhere then they really deserve it...
Just out of curiosity, what sort of rates are you talking about?
My last bike thru my credit union was @ 4.5% fixed ....if I paid off the loan the slowest way possible over the course of 6 years id be paying something like $750 in interest.
My Busa is @ a higher rate because the Union changed a few things up but I got it @ 6.7% .
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