Got my License today

[siracer69]

i would say just go for it! don't wait till you have enough money saved up. it is such a thrill and so much fun just riding around....i bought my bike almost 2 months ago. i didn't put any money down. i didn't have to make my first payment for a month and my payment is only $99 a month for a 04 gsxr 600

[pug]

But you know for $99 a month you won't have it paid off in 5 years. Then your interest rate goes up a lot

[c50tiger]

Originally Posted by pug

One dealership said they usuallly require 1/3 down. Is this unusual?

I don't know about unusual... maybe not for more standard financing and without an extensive (and good) credit history. Does seem a bit on the high side, though.

[c50tiger]

Originally Posted by pug

But you know for $99 a month you won't have it paid off in 5 years. Then your interest rate goes up a lot

Some of the (US) dealers are doing this through 'Household Retail Finance'. What you're basically doing is getting a credit card with Household Retail. They'll usually give you a credit limit high enough to buy the bike and a few accessories. One advantage is that you can go back in later and add more accessories (or gear) and just charge it on that card. Down side is the interest rate. They'll typically give a low rate for the first few months or a year, and then it jacks up. And no, at $100 a month you ain't gonna have it paid off in 5 years. One way to take advantage of this is to go ahead with that deal, but make payments higher than the minimum due. As much higher as you can stand. Get it knocked down, and before the interest rate climbs, take out a more conventional (and lower percentage) loan and pay off that HR credit card.

Just a thought.

[LayinLo]

Couldn't have said it better, c50.


As far as down payments, my advice would be to put down as much as you can afford after you buy your safety gear. You'll be happier 2 years from now that you put down a lot versus no down payment.