Suzuki's 0% V-Strom financing question - Stromtrooper Forum : Suzuki V-Strom Motorcycle Forums
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post #1 of 22 Old 11-02-2013, 10:44 PM Thread Starter
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Suzuki's 0% V-Strom financing question

Is it true that you have to be in the top 5% to quality for their 0% offer?

I took a hit in credit paying off my car loan in hopes to get a motorcycle (CC over 50% to do so) which knocked me down further than I expected. Car loan payoff (sold it) is taking forever to show up on credit report and was double the amount of the V-Strom's OTD price.
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post #2 of 22 Old 11-02-2013, 10:48 PM
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I think the finance manger told me 720/750, can't remember. Call your local Suzuki dealer and ask.


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post #3 of 22 Old 11-02-2013, 10:58 PM
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I took advantage of the offer this spring though I have no idea about the specific qualifications. I found a 650 in white at a dealer a couple hundred miles away. Filled out an online form. They called and said to come and get it. A few minutes of paperwork and picture ID and I was out the door.
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post #4 of 22 Old 11-03-2013, 12:34 AM Thread Starter
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What credit credit bureau does their financing use or do they use the VantageScore? The numbers are reported quite different from bureau to bureau.
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post #5 of 22 Old 11-03-2013, 01:48 AM
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suzuki credit

I got 0% on my dl1000 in sept. Its Sheffield finace that does Suzuki credit. paying a loan off early shouldn't hurt your credit?
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post #6 of 22 Old 11-03-2013, 07:31 AM
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My 0% financing was through GE Capital Retail Bank.
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post #7 of 22 Old 11-03-2013, 07:38 AM
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Quote:
Originally Posted by chicago View Post
I took advantage of the offer this spring though I have no idea about the specific qualifications. I found a 650 in white at a dealer a couple hundred miles away. Filled out an online form. They called and said to come and get it. A few minutes of paperwork and picture ID and I was out the door.
I did the same thing. My financing was through Sheffield. I'm not sure the required credit rating, but you might as well try it. As long as you don't apply for financing or credit cards all the time it won't hurt you credit rating to apply for this one.
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post #8 of 22 Old 11-03-2013, 09:03 AM
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Unless you have a very short credit history, paying off a loan early is not supposed to make your credit score lower...I've done it several times.

A word of advice about these 0% financing rates: There is always a catch. 99% of the time manufacturers offer 0% or cash back, not both.

Do the math, and you will find that in many cases, over a 4 year period, you really are not getting any benefit from the 0% offer.

One dealer near me said that he can sell me a brand-new 2012 Wee still in the crate for $7699 plus t/t/t. I asked him about the 0%, to which he said "Well, the price will be $8299 if you want the 0%...the $7699 price is for cash".

Same thing applies with new car advertising.

I did some research and found that my credit union offers 1.89% financing on new motorcycles for 4 years.

$7699 at 1.89% is still a better deal than $8299 at 0%.

Note: in some very rare cases, when manufacturers are desperate, they will offer both a 0% and big cash back to get rid of stock, but, there is always a catch to these deals.

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post #9 of 22 Old 11-03-2013, 09:51 AM
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Quote:
Originally Posted by Green427 View Post
Unless you have a very short credit history, paying off a loan early is not supposed to make your credit score lower...I've done it several times.

A word of advice about these 0% financing rates: There is always a catch. 99% of the time manufacturers offer 0% or cash back, not both.

Do the math, and you will find that in many cases, over a 4 year period, you really are not getting any benefit from the 0% offer.

One dealer near me said that he can sell me a brand-new 2012 Wee still in the crate for $7699 plus t/t/t. I asked him about the 0%, to which he said "Well, the price will be $8299 if you want the 0%...the $7699 price is for cash".

Same thing applies with new car advertising.

I did some research and found that my credit union offers 1.89% financing on new motorcycles for 4 years.

$7699 at 1.89% is still a better deal than $8299 at 0%.

Note: in some very rare cases, when manufacturers are desperate, they will offer both a 0% and big cash back to get rid of stock, but, there is always a catch to these deals.
I think that the dealer was trying to pull a fast one on you. I bought a 2013 this past spring , made my deal with the dealer and then went through with the 0% financing at the lower price.
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post #10 of 22 Old 11-03-2013, 10:12 AM
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I have to agree with woodentoy. I bought a "new" 2012 650 Adventure from a dealer and qualified for the 0% Suzuki ( Sheffield Financial) offer. I'm in the higher credit score range but the salesman was pushing for me to get the "house financing" that was running around the 5.9%-9.9% range depending on your credit. I told him my credit was good enough for the 0% offer. I got home and did the math and I saved enough to buy some farkles. If I were axero I'd check my credit score and then try for the 0% deal or at least get preapproved so your not at the dealers will. I think it's dealer frame of mind as far as cash vs. financing. If paying cash then they've got their money and don't have to worry about hunting you down if you stop making payments. On the other hand if you use in house financing then their making money on interest plus the profit for selling the product.
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