Bike payments?

[The Arson]

Well recently I had to sell my katana and I'm looking to possibly get a gsx-r when i save up some money. For anyone who is making payments on a bike, if you dont mind saying how much do you pay monthly? I'm just trying to judge how much I would need to be making and if it would even be possible for me to do.

[ndn]

honestly i dont know how anyone affords payments... the problem is that it requires full coverage, which last time i checked was about $6000 a year for an R6 for gixxer 600 for me. (24, 1 at fault accident in a car a few years ago)... i could afford the $300 a month for a new bike, but not more than double that for the insurance...


anyone have a way to do it besides saving up for used? please tell me im way off base with the insurance info....

[WildKat]

Depending on your credit score and if you are going to buy new. I know suzuki and yamaha both right now are offering sick low monthly payments for the first 24 months. Of course it gets higher after that but its an option.

It all depends mainly on your credit score and how much you can put down on a bike that determines your payments. Also depending on your age and driving record your insurance can be sky high too.

[JohnE1000]

Are you going to buy the bike as a toy, or as main mean of transportation?
If you are buying it as a toy, try to avoid financing it. Buy what you can afford cash- used one. Don't trap yourself in unneccesserly monthly payment. You are simply going to put a hole in your pocket, and you will limit your future financial prosperity.

[93kat750]

its not a great i dea, but you can get a personal loan from your bank and not a auto/motorcycle loan then not get full coverage, however if you crash your screwed unless you fix it yourself

[dragkota]

Some buy here pay here shops down here will let you buy without requiring insurance!

[h382]

I was at the dealership last night with a friend looking for a bike, and they guy there told us if we finance through Suzuki, he doesn't need full coverage because you're basically putting it on a Suzuki credit card, and you tell your insurance company you bought the bike on a credit card.

Not sure if that's 100% true, but at least that's what the salesman said.. Could have been trying to make a sale too..

[suzukisportrider2004]

mine 149 a month.... on a cc they dont care what happens to the bike buy the bank when you do pay takes the bike so they want insurance that its somewhat re sellable

[Danimal]

I was at the dealership last night with a friend looking for a bike, and they guy there told us if we finance through Suzuki, he doesn't need full coverage because you're basically putting it on a Suzuki credit card, and you tell your insurance company you bought the bike on a credit card.

Not sure if that's 100% true, but at least that's what the salesman said.. Could have been trying to make a sale too..

This is true. The Suzuki card is just a credit card. I financed my GS500F on the Suzuki card. I pay $105 a month and about $15 a month for insurance because full coverage is not required.

-Danimal

[Yellow2002Kat]

I was at the dealership last night with a friend looking for a bike, and they guy there told us if we finance through Suzuki, he doesn't need full coverage because you're basically putting it on a Suzuki credit card, and you tell your insurance company you bought the bike on a credit card.

Not sure if that's 100% true, but at least that's what the salesman said.. Could have been trying to make a sale too..

This is true. The Suzuki card is just a credit card. I financed my GS500F on the Suzuki card. I pay $105 a month and about $15 a month for insurance because full coverage is not required.

-Danimal

Yes, it is true. However, be very mindful that if you wreck the bike, or if it is stolen and you don't have adequate coverage you're on the hook for whatever you owe on the credit card. That's gonna sting like a mo-fo if you still owe a lot on the bike and have no bike to show for it...

Before making your financing decision I think it would be prudent to find out what your insurance payments would be with full coverage. You may then choose to get a conventional bike loan or use the credit card option for financing. Insurance rates are based on your coverage, not your financing, so you can choose whichever financing has the best rates.

I'll assume your credit is good. I know Yamaha has something like 2.5% for 36 months with their credit card. I'd say a conventional bike loan rate would be ~9+% because a bike is considered an RV for loan purposes.

Good luck and let us know how you make out!

[Steve_Guelph]

I was at the dealership last night with a friend looking for a bike, and they guy there told us if we finance through Suzuki, he doesn't need full coverage because you're basically putting it on a Suzuki credit card, and you tell your insurance company you bought the bike on a credit card.

Not sure if that's 100% true, but at least that's what the salesman said.. Could have been trying to make a sale too..

This is true. The Suzuki card is just a credit card. I financed my GS500F on the Suzuki card. I pay $105 a month and about $15 a month for insurance because full coverage is not required.

-Danimal

Not sure about the U.S. but here in Canada that is partly true. Your GS500 was less than 10,000.00 in total finance so no collision is required. If your total loan or credit card is over 10,000 you will require collision. That is how it works here. You may want to check it out before the purchase.

Steve

[iwannadie]

get GAP coverage what ever you do if you finance. my first bike i financed(never again) and it was wrecked, the payout on the bike was no thing compared to my loan. lucky for me the GAP coverage paid up and saved me big time. other wise id be paying a loan with no thing to show for it.

[jw]

I thought the insurance was a bit much on my new Kat until I got a quote for a 'busa just for s**** and giggles, looking at like 6k a year. *yikes*

[Dan Dubeau]

I was at the dealership last night with a friend looking for a bike, and they guy there told us if we finance through Suzuki, he doesn't need full coverage because you're basically putting it on a Suzuki credit card, and you tell your insurance company you bought the bike on a credit card.

Not sure if that's 100% true, but at least that's what the salesman said.. Could have been trying to make a sale too..

This is true. The Suzuki card is just a credit card. I financed my GS500F on the Suzuki card. I pay $105 a month and about $15 a month for insurance because full coverage is not required.

-Danimal

Not sure about the U.S. but here in Canada that is partly true. Your GS500 was less than 10,000.00 in total finance so no collision is required. If your total loan or credit card is over 10,000 you will require collision. That is how it works here. You may want to check it out before the purchase.

Steve

I was told $7500 by the bank holding my loan. (laurentian)

[clstan0113]

I have an '05 Kat that I bought out of the crate fresh last spring.... I pay 116 a month (through a bank)...they hammer you on interest rates because they know it is not a neccissity like a car. Suzuki has a credit card with a decent interest rate if your credit is good. As for insurance, I hear all these horror stories about rates. My insurance is $449 a year... full coverage. I must disclaimer however, that i carry $1000 deductible on comp and collision, but I have drive insurance, and they got this thing called a dissapearing deductible which drops the amount of your ded. by 25% for every year you are with them.. so my actual deductibl is 500 bucks. Hope this helps you out!!