New rider tips, guides, and reviews on great starter bikes.

new bike question: how much deposit did you put down?

mochiman's picture
Wed, 10/15/2008 - 10:49 -- mochiman

I have to test out a lot more bikes, but I am thinking about putting a deposit down on a 2009 Ninja 250r as my first ever bike.

How much have you put down and what were your payments like? I'm also wondering if anyone is thinking about reserving a 2009 Ninja 250 because the 08s sold out so quickly and completely.

Elwood1960's picture

Submitted by Elwood1960 on

I put down over $4000, but mine was close to 9K when all was said and done. (-: I set out that day to buy a 250 cash, things as they worked out I over spent a little. LoL

Putting a solid amount down keeps you "right side up" when its time to trade or sell. If you do minim down payments buy gap insurance. If you crash and the bike is worth less than you owe, you still have payments to make and no bike. Gap covers the difference if ya total it or it grows legs one night.

Hows your credit? In the end your payment is simple math, the amount financed after your down payment, months financed and interest rate. Bikes are simple interest loans, Google a loan calculator and you can run a few different amounts and know exactly what your payment will be if you know the interest rates you'll be getting, and what a change in interest rate means to ya. Don't forget to factor in the sales tax, tags and proof of insurance all that jazz. (-: (Regardless of state law on insurance, the bank will require full coverage.)

""""Democracy is Two Wolves and a Lamb Voting on What to have for Lunch. Liberty is a Well-Armed Lamb Contesting the Vote--Benjamin Franklin"""""

2006 Harley Davidson Dyna Wide Glide
Sales, Peterson's North Miami Store

smokeizfire's picture

Submitted by smokeizfire on

I'm only paying a little over a hundred bucks a month. Everything out the door was about $4300 in total. I use to be the spend cash for everything guy. Only thing is, you can't build any credit that way. = * )



ilnam's picture

Submitted by ilnam on

but who needs credit if you spend cash on Everything? Candy bar - cash; Car -cash; House - cash. No credit necessary :)

Budd's picture

Submitted by Budd on

I would suggest buying used and paying cash. I know it isn't what you asked, so I will rephrase my answer. I would put as much down as possible and carry the lowest possible monthly payment.

"I am the best there is at what I do, and what I do ain't nice."-Wolverine

"I am the best there is at what I do, and what I do ain't nice."-Wolverine

briderdt's picture

Submitted by briderdt on

Put as much down as you can, and get as low a payment as you can. But then pay it off as soon as you can. It gives you the flexibility to pay less when an emergency comes up, but also gets the loan paid off sooner (with less total paid).

adrenalinerush's picture

Submitted by adrenalinerush on

I put about 2000 down on a total price of about 8000... payments werent bad about 150 a month... but they were almost entirely INTEREST.. which i could NOT afford! So I ended up rearranging things and paying it off early. If you MUST finance, I would recommend what a friend told me he did (too bad he didnt tell me beforehand!) ... go through your bank or a credit union to get the loan instead of through the dealership.. you'll get a LOT better interest rate and the payments will take less time to pay off the bike!

Candice's picture

Submitted by Candice on

I borrowed the money from my 401K right before the market crashed. So I pay myself back with 6 percent interest, but it goes to me and I own the bike. Then they automatically deduct however much from my paycheck each pay period and it just goes back into the 401K.

Andrew's picture

Submitted by Andrew on

I got about 6% on my bike loan for my used Ninja from my credit union.


Angelval's picture

Submitted by Angelval (not verified) on

Im a beginner im  planning to buy a used bike thats 3000 if i give a down payment of 1,000 or 1500 will it be good or give much is insurance in nyc ?

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