Re: Bank Loans for a Super Bike

Are the SBK prices gonna change because of the Dollar-Rupee rate?

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Re: Bank Loans for a Super Bike

They did.

Please watch for some update sometime in next week about the detailed procedure for obtaining loans for superbikes (even used ones)

Re: Bank Loans for a Super Bike

Hi All,
Am back again. Almost finalized the SBK, Kawasaki ZX10R.
Had been looking around for a new 2014 R1 but failed miserably. My heart still wants the R1,not the 2015 model though, the price is sky high.
Here is the cost break up of the ZX10R. Need some help from senior sbk buyers as I want to get the best deal possible.
Ex-showroom: 16,14,000
Tax & Regn.: 3200 + 161400 (Kolkata)
Insurance: 35000 (Thankfully the dealer has agreed that I can get the insurance done from outside,which comes out to be way cheaper)
Other Handling Charges: 2000

The financing is a bit complicated. Both the dealer and my company's accounts (with OD Facility) are with HDFC Bank. HDFC is offering 12% reducing rate of interest, whereas SBI is offering 12.75%. But can't I bargain the interest rate to around 10.5% if the tenure is for 5 years?

Does registration of the SBK really involve 10% of the ex-showroom price? I have few known agents in RTO.

Any help whatsoever will be highly appreciated.

P.S.: How difficult is it to retain my current vehicle's Regn. number and use the same to register a new vehicle with the same regn. number?

Re: Bank Loans for a Super Bike

Congrats


Normally two wheeler loans are expensive when compared to four wheeler loans but a few nationalized banks offer same rate of interest on 2/4 wheeler loans. Check with Vijaya bank as i believe they may offer around 10.5 to 11% for two wheeler loan.
You can't bargain because rates are typically fixed at headoffice.

10% is not registration cost. Its Road Tax/Life time tax (LTT). Its 13.2% in KA. ZX10R costs 18.5L in Karnataka.

Re: Bank Loans for a Super Bike

that's almost 4L above the ex-showroom price...

Re: Bank Loans for a Super Bike

My apologies. 19.89L is for ZX14R. ZX10R costs 18.5L onroad in KA.

Ex-Showroom is 1580000
Road Tax (incl regn charges, bribe etc) 226000
B2B Insurance 43700
Total 1850000.

Re: Bank Loans for a Super Bike

You can always bargain for a better RoI, more so because your loan amount is quite high. From my experience, if quoted interest rate is 12%, you can bargain for 1-0.75% reduction easily. Making the application in last week of the month also gives you a better bargaining power (since sales teams are trying to achieve their monthly targets).

Also check out what processing fee is charged.

Finally keep an eye on the foreclosure/part payment fees as well.

Re: Bank Loans for a Super Bike

My calculation say's reduction in interest rate of 1% is better than processing fee of 1% for any tenure.
For a 10L loan amount, reduction in processing fee of 1% will save 10,000. But a reduction of 1% interest rate from 12 to 11 for tenure of 60 months will save him over 30,000. For 36 months tenure, savings will be over 17,000.

http://www.deal4loans.com/Contents_Calculators.php can be used to check EMI and total interest outgo.

Its better to go with nationalized bank as most of them have part payment facility and zero/less preclosure charges compared to private players.

Re: Bank Loans for a Super Bike

Thanks for the replies.
Here is today's update.
The HDFC "SBK Division" guy had called. I negotiated to a 5 yr tenure with 11% reducing interest with zero processing fee. He agreed, most probably since its month end and target needs to be achieved. I had wanted a 10.5% reducing interest,whereas base rate is 9.7% currently. Lets see how things go further. Maybe I will negotiate to 10.5% to 10.75%
Now, the dilemma is...this model was launched in 2011. Is there a new ZX10R on the way for 2016? Should I wait for that? What about the rumours of Kawasaki giving discounts for the ZX10R,similar to the 50000 discount on the Z800?
I am getting the insurance done from outside, which saves me around 10000.
Ex-showroom price in Kolkata is 1614000 for the Anniversary edition (White & Green) and 1596600 for the Standard Green.

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I bluntly denied to pay any processing fee. He agreed. SBI denied to give any SBK Loan in the name of the company.

Re: Bank Loans for a Super Bike

Thanks for correcting me, this was a mistake on my part. I goofed up with the compounding effect of interest.

Re: Bank Loans for a Super Bike

Looks like new ZX10R is going to be launched. Check out What Can We Expect From Kawasaki’s Next ZX-10R in 2016?: Our Tech Editor shares what he expects to see in Kawasaki’s next ZX-10R.

I doubt about discounts on ZX10R though. Would suggest you to wait for new model. All the best.

Re: Bank Loans for a Super Bike

keeping it on hold for the time being. Even I think there will be some update in 2016 for the 10R.

Re: Bank Loans for a Super Bike

Confusion again! How about an RC8 for 11 lakhs on-road? Sounds like a better deal to me.

Re: Bank Loans for a Super Bike

The RC8 are showroom models which might have been "used" by many people who have influence in those PBK showrroms,have seen the RC8 they keep here at Bangalore being used for joy rides of people who know the service enter managers and all. they are simply clearing the display bikes, i'd suggest not to go for that.

Cheers
Ride Safe
Krishna

Re: Bank Loans for a Super Bike

Yes i checked the RC8. Disc brake rotors were pretty scratched up (depicting a lot of usage) and there were small scratches on the tanks.