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Suzuki finance

Discussion in 'Businesses and Service Providers' started by Human Potato, Apr 15, 2008.

  1. Hi Guys,

    Can anyone tell me anything about the finance offered by Suzuki? I am interested in the interest rates mostly, as well as any fine print that might have bitten anyone in the arse. What are the general thoughts out there about this? I need to find $5000 to finance my new dream bike.

  2. Use your credit card or get one for this small amount, its cheaper and less hassles.Benefits are no upfront application fee or on going monthly fee.
  3. Not sure about Suzuki offering direct finance. The dealers will probably have their own brokers for finance. So it would pay to shop around for the best deal.
    Apparently BMW finance has really good deals, but by shopping around you can negotiate a best deal for you.

    Things to watch out for:

    Fixed or variable interest. You cannot make additional payments without penalty on thr first.
    Up front establishment fees (how much)
    Ongoing management fees (monthly charges usually going to the provider)
    Interest rate itself (based on whether its fixed or variable)
    Late fees, payout conditions and total monthly re-payments.

    Do your homework and you can usually beat or waive some of the fees at the time of the deal.

    Good luck!
  4. I brought 3 suzuki's with Honda finance.
    From what I can see ,most Suzuki and honda dealers are in the same shop ,it doesn't matter what make of bike you buy ,even a second had Yamaha.

    Its VERY VERY easy to get the Honda finance it ,take 10 seconds for approval. :shock:

    The set up fee is "around" $400
    And its a fixed rate.
    And the exit fee ,"if i remember" is about 2 of your monthly payments.
    So if its ,$250 a month ,them its $500 exit fee .

    Give the dealer a call and talk to the finance person and just ask for the info ,they got it their and will tell you when YOU ask.

    But like the guys said shop around.

    I just found it quick and easy and not that much more then the credit union ,I use.
  5. If you have a CC with the space and it's a no frills, 10% CC then some times it can be cheaper to use that than to apply for a loan.

    Another entry on your CRA and with the additional fees that accompany new loan apps, it makes sense to do all the sums before applying.
  6. Not many CC's have a 10% interest rate these days though Vic. My CBA is over 18% now, and some are over 20%.

    Do you have any assets Human Potato? Like a house? If so, look into a Line Of Credit. I have one which has an interest rate just above home loan rates, currently at 8.67%. A Line of Credit is much better than paying CC rates, and much more flexible. A once off establishment fee from memory, and a small monthly fee (which I could probably get out of paying if I tried), then never have to apply for a loan again. :)
  7. When I was buying my Strom I looked in to Suzuki finance and it looked great, slightly better deal then the over the counter bank loan.

    In the end though I was able to work with my bank manager on a customised personal loan and of course the bike isn't under finance so when it balances out I can sell it a little easier.
  8. I used Esanda Finance for my bike, they normally do cars and other capital purchases mainly for businesses. Rate was 9.10% so pretty good. Oh and a HSBC card is only 8.99%!

    Pay out for the Esanda was 1% of the balance.
  9. Depending on how long you expect to take paying the debt off, the Cr Card option could really bite you hard.

    How long will it take to save the $5k?
  10. +1 for Esanda (owned by ANZ) they are cheaper than most finance companies and less hassle than most banks.
  11. Hey Spud man, I just had a look at City Yamaha and the quoted interest rate they had was 22.30% :bannanabutt: WTF that is pretty high, now that was on a TTR90 minibike so it may be different to the bigger bikes. But I don't think so. :shock:
  12. I think you will find that is just an introductory balance transfer rate. . . yep, see http://www.hsbc.com.au/1/2/personal/credit-cards/compare

    In fact they have a 0% rate until the end of the year for balance transfers to one of their cards. CCs are (nearly) always more expensive than organising a loan to suit your needs.

    Esanda Finance can be harsh if you miss or have late payments aren't they? Not as bad as GE though.
  13. I never had a late payment with Esanda but I would guess they would be. GE is a high risk lender and needs high interest rates and killer credit practices to survive.

    I checked and HSBC are giving us that rate on all purchases, but I will double check it's my wife's card!
  14. GE does have high interest rates, but GMAC is also part of this, and their rates are competitve.

    If you go to a GE store in a shopping centre, you will get reamed.
    Their clientele is mostly the uninformed, uneducated, or unemployed. Hence the rates.

    I financed my bike thru gmac, (I work in a car dealership) for a rate better than CBA, and salary sacrifice against a car allowance. The interest is tax deductible for the work use portion. Cos I am on call for alarm purposes, and I work out of hours at times, a large portion of my costs are claimable.
    And everyone elses 45 minute commute takes me 20 minutes or less!.

    Because of this, I commute on a better bike than I would have otherwise. And of course the peace of mind that Kevin Rudd is paying for it!
  15. Yeah it sucks peter I would love to salary sacrifice a bike, but my employer only allows cars! OH and as I am office bound I can't even claim any travel
  16. Suzuki finance offered me a good deal but not quite as good as my Credit Union.
    For 5k if you can pay it off in 12 months a low % CC would be the way to go but over longer terms a credit union loan would win out I think.

    Someone on NR is into bike finance.
  17. Quite right, SteveGuzzi is the man. http://www.bikefinance.net.au/ Steve will look after you, or advise someone who can.

    He is a Netrider Partner as well.
  18. Here are some measures

    From a loan calculator.

    $12000 over two years.
    @ 12% $564.88 per month total interest $1557
    @ 14% $576.17 per month total interest $1827
    @ 16% $587.56 per month total interest $2101
    @ 20% $610.75 per month total interest $2567
  19. Just got back from the dealer, he says he can do Suzuki finance for me for %11.50, which is better than my current loan from Bendigo Bank. I was expecting something horrific but this sounds pretty reasonable to me.
  20. +1 sounds pretty reasonable. Give Esanda a call though