Hi,
I was trying to get financing through Kawasaki with the card but I wasn't approved. I wanted to get the 4.9% APR for 24 months but I guess it's a no go. They told me it's because I just brought a new SUV and the student loans was beginning to kick in. They said that I can however go through a credit Union but the APR would be about 18.9%, which I thought was kinda a ripoff so I walked on the deal. I do have credit cards that would cover the bike and I do have enough money in my saving and checking to buy the bike outright but I don't think it's such a smart decision. What did you guys do? I was thinking of buying the bike outright with a credit card, but the finance charge would be the same as the credit union.
BTW: The credit union they said would only finance me if I borrow more then 6,000 bucks which sounded kinda shady.

It's my first time buying a bike, which I never thought it would be so hard to do. When I brought my SUV, I qualified for 0.9% apr for 40K, and that was last month. The last car before I had my SUV the APR was only 3.9%APR. The dealer did say that buying a bike is harder to do then a car though. Can you guys tell me what exactly you guys did? Is it better just to buy the bike with cash or did you guys finance through the Kawa card or was it a union. Can I finance through a bank or does banks not do that kind of thing? Any help would be much appriciated.

The bike that I was trying to get was the Kawasaki 600RR. The sticker on it was 8899.00 and was lowered to 7299.00 and 60 bucks for doc fee. Free 89 dollar helmet too, that almost broke the deal lol.

 

The 40k SUV is probably hurting your credit score. I personally would wait and extra season and save the $$ and pay cash. 18.9% is foolish and darn right insulting, glad you walked away from that one.

 

Yeah i would agree with Notstock here. 18.9% is a llittle rediculous. If my math is right just the interest every month woulld be almost 140.00. Something that you might want to try and do is to get a new credit card with 0% intro APR for a year pay for half the bike with cash and put the rest on the card. that is if u can get a card with 0% interest rate though.

 

i went throught the stealership with my finance. i put 2500 down on the bike 9% INTERREST. which to me was still kinda high, but i wanted the bike... most banks will not finance for a bike. your best bet will be with a credit union. good luck....

 

If you have the cash, here's your best bet, and this is what I did. Put the cash in a CD. Take a personal loan out against that cd. The interest you pay in the loan will be covered by the CD interest you earn if you bank smart.

My interest rate is only like 5% for my "bike" loan because it's secured.

Good luck!

 

Interest on a motorcycle is high because they are considered a luxury, not a necessity, like car or truck is. Boats are the same way unless they are for work, like commercial fisherman.

When I bought my bike 4 years ago, I financed it through a credit union at 9%. I thought it was kind of high too since me and my girlfriend at the time had bought a brand new '02 Ford Expedition at 4% a few months earlier. But they explained to me about the
luxury and necessity thing I just said. The 9% looked good considering Kawi wanted 18%.

If I were you, since you have the cash available, just pay for it. Then take whatever the monthly payment would have been and put that back your savings account each month.

 

Thanks for the reply guys. I think I'm going to save up for the bike and a full year of insurance before I go out and buy one. So I guess I see you guys again in Feburary, I hope the price goes down a little bit more then. Thanks!

 

Not a bad Idea but stick around and go take the MSF course and get your license before you buy as well. I am assuming that you do not have your motorcycle endorsement; if you do, I am sorry.

Mike

 

Yea, I do have a license. I was thinking of taking a moderate class this October just in case though. I think it'll help refresh some memories.

 

I work at a motorcycle dealership, and this happens all the time. People can get approved for expensive houses and cars but they try to buy a $8000 motorcycle and get rejected. This is because the loan agency knows if something was to happen and you could not make one of your payments that month, most likely you will pay for your house, then your car, so that makes "most" peoples priority toward their extra toys not very high. This is something I see all the time. Best thing is to do what you are doing. Do not accept any rate over 9%. I personally did purchase my bike with the kawasaki card at 4.9%, just make sure if you do this you dont pay any less than $200 a month for those two years. Just so you guys know kawasaki is offering a theft coverage, its $500 up front but last 5 yrs, and if your bike is stolen you get your bikes value up to $5000. If your bike is new it wont pay it off, but I figure for $100 a yr, its worth it to me. Well Im off work today going to pick up my plates then do some riding. Later guys, ride safe.