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Hey hope this is the right spot for this, I was just wondering what would be a fair interest rate in your opinion for my credit score

m willing to do more of a down payment but would have to wait longer lol

So, with with taxes and registration will be between 6-6200$ USD

Planning on 1500$ down payment, but was hoping for like a 8% interest rate, and for 3-4 years, for 105-135$ a month depending on how long, which leads to a question of do you get punished for paying it off faster?

Here’s the kicker, My credit score is 537, but I’m putting down like a 23% down payment, what do you guys think? If I can find a straight black one for 5200 instead of the solar or the krt I might do that as well, save like 300$
 

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Discussion Starter #2
NOTE: After doing the math I’ll be doing the plain black ABS one, planning on custom painting in the future anyways, wish I could just get the solar in red instead of orange
 

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Most places don’t have a prepayment penalty but you should make sure to ask. As far as interest rate, I honestly don’t think you’ll get 8%. It will be more like 15-20%....That’s not what you wanna hear and I could definitely be wrong, I’m no expert and don’t claim to be. I’d say expect around 140 a month depending on actual interest and down payment. This is financing about 4500 of it for 4 years at 20%.
 

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Most places don’t have a prepayment penalty but you should make sure to ask. As far as interest rate, I honestly don’t think you’ll get 8%. It will be more like 15-20%....That’s not what you wanna hear and I could definitely be wrong, I’m no expert and don’t claim to be. I’d say expect around 140 a month depending on actual interest and down payment. This is financing about 4500 of it for 4 years at 20%.
Hey I came here for honest replies not what I wanna hear ? I’m hoping I can get a co signor but no one wants me to have a bike so probably not lol
 

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I financed my 400 through the credit union I have my car loan with. My score was 612. Not horrible. Not great. I was getting interest rates through the dealership at like 19%! No thanks! Anyway, my credit union came through with 9.5% and my payments are around $130/month for 36 months with a $1700 down payment. My credit union will only finance 80% of a motorcycle's value. I'd say wait a little bit longer and try to get your credit score polished up a bit and then try again.
 

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I let the dealer do the financing. My credit score is 667. I ended up getting approved for 7.99% fixed. I didn't plan on putting anything down but they wanted $500. My otd price was $6170.
 

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I qualified for the 0% interest for 12 months promo with the Kawasaki Credit Card. I’m not sure what the minimum credit score required to qualify but it’s probably 700 or above.

My suggestion is that you try to secure a loan from another bank like a credit union. The interest rates may be better and then you may have more leverage and ability to negotiate better loan terms including lower interest rate with Kawasaki and the lenders they use.

Just keep in mind when you apply for a loan it will usually involve a hard inquiry which could decrease your credit score a few points each hard inquiry.

I monitor my credit scores monthly and for some reason I did not get a hard inquiry when I applied. I think it’s because one of the banks Kawasaki uses is Citibank and that’s the lender I requested to apply for the financing. I have a Citibank credit card so the bank probably did not require the hard inquiry.
 

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Powersports is very different than auto financing which comes as more of a "luxury item" APR will be very different depending on several options, the loan term and credit score and debt to income. 6-8% is very common for a 3-4 year loan.
 

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I financed my bike through my bank navy federal. My credit score at the time was 635. I got approved for 6k at 11% which I then went around and looked at dealerships that would sell the bike at that price OTD. My monthly payments is set at $135. I always recommend financing because if you’re responsible enough it’ll pay off in the long run...credit wise that is.
 

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I went with Kawasaki financing because they were the same interest as the Credit Union.
I put $1000 down and got 6.5% My credit score is 780....The payment was $115 but I put it on Auto payment and pay $135....No prepay penalty....
 

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I'm going to throw my 2 cents of wisdom in here. I don't think financing is a good option unless they are offering a 0% APR AND are reducing the price because you are financing AND you have the money sitting in the bank to pay it off before any interest payment is applied. You should never buy a toy with money you don't have.

I see lots of young (and old) people make this mistake and by taking on debt that could have been avoided.

Also, never cosign with somebody. There is zero advantage to the cosigner and if you need somebody to cosign on a few thousand dollar purchase, it simply means you can't afford it in the first place.

Sorry if I am being a killjoy but I've seen people hurt by these financial mistakes. Better to save up your pennies and buy things when you can afford them. Again, not here to judge anybody, but take this advice from somebody who has worked for their money and now has a 7 figure net worth.
 

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Man I guess I'm lucky. Traded a 03 FZ1 for an '18 blue one and financed it through kawi credit card for $2500 0% intererest for 12 months.

Bought a 2013 R1 in 15 with zero miles. Financed 7500 and got a 3.75% interest rate for 5-6 years? I can't remember. My credit score is in the mid 700s and I'm almost 30.

But everything invenio said... don't pay for outrageous interest rates for a toy. Honestly the Ninja 400 is priced pretty high compared to other bikes you can get on the used market. I set myself a goal of not buying one unless the difference was 2500 or less.

IF you do decide to go to a crazy finance rate best advice i cant give you is pay most of the principle off in the first year or as much as you can afford. The way loans work is they charge most of the interest on the front end. That's where you'll realize the most savings in money spent on interest.
 

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You would need to update your address at a bare minimum. Also, you may be charged foreign exchange fees if you use the card in a different country than the origin. Not sure what you mean by "money remain on the card." A credit card is offering you,... well credit,... so there is no money of yours on the account, it's a short term loan that you are going to pay off the following month.

It sounds like you may just want to open a credit card in the country or local bank. You can find zip codes for any town by just googling the town or using google maps to click on an address that is close to where you plan to live.
 

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You would need to update your address at a bare minimum. Also, you may be charged foreign exchange fees if you use the card in a different country than the origin. Not sure what you mean by "money remain on the card." A credit card is offering you,... well credit,... so there is no money of yours on the account, it's a short term loan that you are going to pay off the following month.

It sounds like you may just want to open a credit card in the country or local bank. You can find zip codes for any town by just googling the town or using google maps to click on an address that is close to where you plan to live.
Invenio, Is there any possibility bmiikol could be talking about a pre-paid card? My son lives in Hungary, and has in the past, had to be creative to transfer funds. Just wondering.
 

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If he is talking about a prepaid card, then it's not truly a credit card by it's very definition. If it's a prepaid card, it most likely can be used anywhere they take credit cards, but again, foreign transaction fees may apply.
 

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Welp, if you can finance a bike under 3 years I say do it. But never ever lease a bike. Bc your having to put more money down and pay longer terms.
 

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I let the dealer do the financing. My credit score is 667. I ended up getting approved for 7.99% fixed. I didn't plan on putting anything down but they wanted $500. My otd price was $6170.
I know you posted this over 2 years ago but I’m in nearly an identical situation as you getting ready to get a 400. Did they finance you at 36 or 48 months? Trying to figure out what my payments will be. Thanks man.
 
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