Down Payment?

[eighty6gt]

I'm wondering what the typical down payment is on a bike when you finance through Suzuki?

Should I decide to buy a new bike, I'd save a bit of money buying now as interest rates have fallen and there are rebates on.

I'm in Canada, The DRZ400s is 7400 w/o rebates, plus 13% taxes... $8362

[Ross Buckingham]

Well, here's my unsolicited advice and I've been scratchin' around planet Earth for almost 54 years so take it for what it is worth...I've owned many bikes starting at the age of 10 and have never bought a new one yet. Look around...you'll find some very nice bikes out there with very little use. Many suffer more from sitting in the garage than they do from riding. But ya gotta have a good eye and know what you're lookin' at because some are truly thrashed. You can save half the price you quoted, or more, and use another $600 to $800 and mod it, set it up just exactly the way you want it. Even on the new DRZ there are some things you'll want to change after you get a little education here...at least if you're "normal" like the rest of us Just so you know the word "normal" and DRZ forum are completely different animals I know it's pretty tempting to put down a small down and make payments but when you really figure it out... you're payin' for it about twice ? Good luck with whatever you do ?

[Neil Claydon]

I have to agree with Ross. I have bought two new bikes in the last 2 1/4 years. First a Honda FX 650 Vigor (like a road going XL650) which lost £900 in 2000 miles and 2 months, and then a Honda CB600F Hornet. Which lost £2150 in 10,000 miles and 2 years. Now I have a 2003 registered DRZ400S-Y that I have paid the right sort of money for in A+++ Condition.

I will never buy a new bike again, it's a mug's game, and that goes double for dirt bikes. I was offered a 1 year old DRZ400E (k4) that had been used off road, and ridden hard. But it only had 750 miles on the clock, the asking price was £3100. £350 more than I paid for my mint low milage (1750 miles) But it would have needed over a £1000 spent just to hide the dents and scratches, it was a wreck.

Neil. ?

[orange chicken]

Pardon me for offering another non-direct response from someone who's made lot's of dumb choices. Buy new if you want, or buy used and you'll save money and should still be able to get a great bike. Either way though, DON'T FINANCE TOYS. If you don't have cash for toys, then you're hurting yourself. Buy a rat bike, wait, sell something...do whatever it takes but don't finance toys, and the only situation when a bike ain't a toy is when it's your primary means of transportation.

Personally I think it's good to be as debt free as possible, which means that you should avoid financing anything unless you're pretty certain it will appreciate in value. I've bought new and used bikes, and I sure like new ones better, but I also know that it's not the best move from a $$ perspective.

Sorry. I'll get off the soapbox now.

[TORKED]

I worked at a Zook dealer a few years back, and can completely agree with all the fellas here. You are shooting yourself in the foot buying a new dirt bike or dual sport. They depreciate faster than anything out there. The reason being, its an off road bike, and no matter how little dirt it sees, it still dont get no respect.

I can also recommend not financing one. If you end up trying to sell/trade it, you will owe way more than its worth unless you have a huge down payment.

Never buy a used dirt bike at a dealer either unless you just cant save enough to buy a used one. They dont pay anything for them and then mark them way up.

Bottom line, buy a used bike, in good or not so good shape, pay cash for it, and slowly fix it up. Sometimes there are barely ridden gems out there that some putz bought, rode a couple of times, then didnt want the hassle of cleaning and caring, hauling it around. I passed on a used CR125 once, and a friend bought it. Turned out it was barely ridden and just never got washed. he got a sweet bike for steal.

[Spud786]

(I'm wondering what the typical down payment is on a bike when you finance through Suzuki?)

Normally about 10%, unless no money down stated. Normally you only have a short period of time to pay off or all intesrest from beginning gets reapplied and interest rate shoots way up.

So best to go check it out for sure, but Ideally I go to credit union, get initial loan approval and go make my best deal.

[bayoubikebruiser]

I did my deal with the dealership over the phone, showed up, signed my name, gathered some freebies and rode away. No cash.

This is not a good deal for long term as I knew I was getting soaked on the financing and payment plan, but intended (and did) refinance with my credit union the first month. Get on the bike with Suzuki financing if you must, but don't stay with it at low payments. Suzuki sold me a plan that wouldn't pay off the bike in 5 years! Timing was an issue, so I got the bike out the door, but when I had a chance to move some money around, I got them paid off fast.

I do not intend to sell the bike as it's enough for what I want to do and I will ride the wheels off it well after it's paid off in 2 years.

I got lasered at 95mph according to the cop who snagged me 5 miles later. Let me and a buddy go with a warning because we're older, didn't give him any crap and told him we were on a shakedown run. I'm the luckiest SOB! Motarding in the country on twisty one-laners is addicting. Just don't pass traffic ON THE RIGHT IN TURNS and cross the double-yellow. ?

[Spud786]

((Motarding in the country on twisty one-laners is addicting))

UH OH, another has discovered the secret SAUCE ?

[orange chicken]

I got lasered at 95mph according to the cop who snagged me 5 miles later. Let me and a buddy go with a warning because we're older, didn't give him any crap and told him we were on a shakedown run.

I would have fought that ticket had it been issued, on the grounds that the radar was clearly inaccurate. ?

[offday]

Pardon me for offering another non-direct response from someone who's made lot's of dumb choices. Buy new if you want, or buy used and you'll save money and should still be able to get a great bike. Either way though, DON'T FINANCE TOYS. If you don't have cash for toys, then you're hurting yourself. Buy a rat bike, wait, sell something...do whatever it takes but don't finance toys, and the only situation when a bike ain't a toy is when it's your primary means of transportation.

Personally I think it's good to be as debt free as possible, which means that you should avoid financing anything unless you're pretty certain it will appreciate in value. I've bought new and used bikes, and I sure like new ones better, but I also know that it's not the best move from a $$ perspective.

Sorry. I'll get off the soapbox now.

I have to strongly agree. If you want new, walk in, chew them down to the bottom line. pay cash and walk out.

Otherwise buy a used bike and save youself the headache

Dirt toys depreciate rapidly and the dealer kills you on the finance charges

I know people who got a wild hair and finaced a whole family's worth of bikes and quads. and here they are several years later, STILL paying the tab, and I doubt at this point, even if they sold them all, could walk away with anything. ?

But if you MUST finance. try your best to put as much as you possibly can down. I know they will tell you "no we don't need that much down" but the less you have to finance the better. Payment and intrest wise.

I financed my KTM, but I paid it off in 6 months. This I did for a couple of reasons. No.1 was to get a full drive train warranty for the ENTIRE FINANCE PERIOD, which I got to keep even though I paid it off early. and No.2, believe it or not I also had FULL COVERAGE on the insurance, even thought it was a dirt bike. which I also got to keep as long as I felt like paying the insurance fee.

So while as a rule I don't finance toys, In this case it was to obtain warranties and insurance I would NOT have been able to get otherwise. So for 6 months I bit my lip and payed the bank. ?

So while I recommend cash only, you can see in this instance financing can have its perks. you pay a little for them, but if you can pay the bike off early you can keep your head a little above water. But in the end you will still loose money. Like a said, toys can deprecate quickly, and you've lost money as soon as it leaves the showroom, no matter what you do

[specialk]

My down was $0 less than a year ago. I have 5 year financing @ 6.9% but Ill pay ir off this year.

Suzi does that $77 credit card scam. It is ok if you pay more than the MIn.

[tagger]

That's like asking how long a string is

I personally use leverage (financing, debt, other people's money, etc.) as much as possible, but only if it makes sense. I haven't bought a major appliance, tv or piece of stereo equipment w/out using a 12-month interest free deal. However, you must ALWAYS pay them off w/in 12 months. In other words, if you are financially savvy and can beat the interest on the loan on your own (i.e. saving/investing the difference), then you're better off keeping you're own money (unless you already have a lot of oustanding debt - in that case, you truly can't afford the bike anyway). If the interest rate is high, then you should pay cash in full or put down as much as you can. A lot people (w/out sounding condescending) aren't very responsible w/ money and can only afford a bike w/ loans - just because you can afford the payment, doesn't mean you can afford the item. Keep that in mind. I would suggest you go to a website like smartmoney.com and figure out the "larger" answer to your question (btw, I used to have a number of licenses/professional designations in personal finance before I made a career switch - also, my way, about using leverage to buy items, even if you can afford to pay the item in full is not conservative in nature and requires a watchful eye on payment timing and making sure you don't use too much debt i.e. over-leverage yourself). Sorry for the long answer.

[drzridertony]

Orange chicken good advice. I bought my 03 drz400E USED in 03 off ebay. Paid cash and 400 for shipping from tx to mn and still paid only 4400.00 but never paid a cent of interest!!!! That's what is stopping me from going to an orange 450 right now!!! finance a need, not a want

[eighty6gt]

Thanks for all the advice folks.

I wouldn't be taking 5 yrs to pay it off if I financed the bike, that's for sure.

I was going to ask the dealership what the penalties are for making extra payments or paying it off early. Looks like there are none!