Just curious who all here owns their bike or lease/finance/bank loan. I currently own my bike but it's really old and I'm thinking of picking up an 01-03. Id have to get a loan for like 3k, which isn't a whole lot but I'm really against being in debt(only have 1 credit card JUST for emergency's)

 

Is the cost of repair more than the finance charges for the loan? If not, I suggest waiting to buy outright. That's what I did and it's the best move I've made in a long time.

-Chris, who also only has 1 credit card

 

It took me a little over 2 years to pay off $8k plus, not bad for a 21yr old student, with a car loan as well.

 

i bought my 04 600rr outright; loans suck.

 

I bought my SV outright too. Making payments on a bike would have made me sell it.

 

I would've never been able to get a bike unless I made payments on it.

Zero Down Financing! Yea its a pain but at least I'm riding.

 

There is nothing wrong with financing and paying off way before scheduled end of loan date. You can't be afraid of loans, especially if you are young...loans and credit cards are the best way to build credit.

Finance if you can afford to make payments and not be in financial trouble if you lost your job or got in another emergency situation that put a hit on your pocket.

 

I got a $2k loan for the 250 just so hopefully I could build myself up some good credit. I didn't have any before hand, and no one had to co-sign the loan with me, so I hope that works.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Apocalypse &raquo;</TD></TR><TR><TD CLASS="quote">
-Chris, who also only has 1 credit card</TD></TR></TABLE>

Damn that must be nice. lol. Debt is the American way
I got alot of nice things so I cant complain about life much. I make the money and I pay bills off with it. It is what it is. But i woulda paid for my bike in cash, but I bought my truck in cash instead

Pete who didn want a truck, but my significant other though all sports cars and sportbikes were getting to be a PITA in the winter. lo

 

I bought my SVS with cash. Gonna do the same for my 05 600rr too. Like others said, loans suck.

 

i bought my CBR900RR out right, i wanted to buy a new bike but how? if i get a loan dont i need to get full coverage? with full coverage and a perfect driving record ill be paying $12,000+ a year

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by hks85 &raquo;</TD></TR><TR><TD CLASS="quote">i bought my CBR900RR out right, i wanted to buy a new bike but how? if i get a loan dont i need to get full coverage? with full coverage and a perfect driving record ill be paying $12,000+ a year</TD></TR></TABLE>

Get a personal loan or put it on CC&gt; i got a personal loan for my bikes, i paid the person in cash and the bank doesnt know what the money is for so i use Liability .I pay 140$ or so a year for an 01GSXR750 with a bad driving record.

 

My first bike, Yamaha FZ600, I purchased with cash ($1000). I bought my F3 on credit card, which had insanely high interest rates ("cash advance"), but I paid it off in two months. Why didn't I just wait two months to buy it? I bid on the bike on eBay and figured I'd never win it at my bid price...eBay is EVIL...

As for the VTR, the wifey bought me that one.

 

CC? ~gasp~

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Apocalypse &raquo;</TD></TR><TR><TD CLASS="quote">CC? ~gasp~ </TD></TR></TABLE>


hey he asked how to do it to not pay cash and not pay for full coverage. Not everyone has the option to pay cash like you do.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr206 &raquo;</TD></TR><TR><TD CLASS="quote">


hey he asked how to do it to not pay cash and not pay for full coverage. Not everyone has the option to pay cash like you do.</TD></TR></TABLE>

Still... buying a bike on a credit card? That can't be responsible.

FYI - It took me 4 years to save enough to pay for the bike, gear and insurance. Then I blew it all on an engagement ring and it took me 2 years the second time around. Patience is a virtue.

 

[QUOTE=Apocalypse]

Still... buying a bike on a credit card? That can't be responsible.

QUOTE]

Honestly who cares what you think is reponsible. Im not trying to be a dick, but dont down on people becuase you think you are better for paying cash. Not everyone has the same situation as you. I make pretty damn good money and have a **** load of nice stuff. Yea I wish i coulda paid for it all cash, but if i did i wouldnt nearly have 1/2 of what i have now. Even if i saved for the next 10 years. I can afford it so i dont think much about it. If I want something that I dont have money for I charge it. Wether a bike is on CC or loan whats the diff? Most CC's these days are less then loans. What makes it so diff from getting a car loan?

 

Someone's getting a little defensive.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr206 &raquo;</TD></TR><TR><TD CLASS="quote">Im not trying to be a dick, but dont down on people becuase you think you are better for paying cash. Not everyone has the same situation as you.</TD></TR></TABLE>

I could give two ***** how you spend your money. We'll avoid the basic fiscal repsponsibility lesson here but let's just say that buying large items with high interest credit cards does not make good fiscal sense. Down the road, spending like this usually catches up with you. Anyone will tell you that and it's your issue if you think I'm looking down on you for it.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr206 &raquo;</TD></TR><TR><TD CLASS="quote">Yea I wish i coulda paid for it all cash, but if i did i wouldnt nearly have 1/2 of what i have now. Even if i saved for the next 10 years. </TD></TR></TABLE>

Maybe if you weren't paying finance charges for all those things you bought you coulda saved for it.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr206 &raquo;</TD></TR><TR><TD CLASS="quote">Wether a bike is on CC or loan whats the diff? Most CC's these days are less then loans.</TD></TR></TABLE>

Most credit cards are less than loans? Do you honestly think that? If so, please do a little research or else you'll never have any money in your bank account.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr206 &raquo;</TD></TR><TR><TD CLASS="quote">What makes it so diff from getting a car loan?</TD></TR></TABLE>

The difference is cars are not a luxary item. Most people need cars to get to where they make their money. If someone has a bike as their primary transportation and needs to finance it, fine... but financing (or charging) recreational items just doesn't make sense in the long run. So you're thinking "I want what I want, even if I don't have the cash" and that's fine, but don't tell me I'm condescending when I'm trying to offer sound advice.

 

All Im saying is dont make comments like your better than anyone because you paid cash for yours and others need to finance. I am the type of person that if I really want it, I get it. Whatever I have to do. I deal with the payments. Wether its smart or Fiscal in your eyes doesnt matter much to me. You are not my financial advisor. Diff strokes for diff folks. I could see if I was complaining that I had to finance and I couldnt afford it, but thats not the case. %90 of the **** i have is far from ness, but I get it because I want it. I enjoy it, it makes me happy, so who cares that I make payments on it.

Point blank, is it the best choice to finance? No, you are giving money away, but if you havent saved for the past 5 years for a bike and really want one, then finance it and have fun on it.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr206 &raquo;</TD></TR><TR><TD CLASS="quote">All Im saying is dont make comments like your better than anyone because you paid cash for yours and others need to finance. </TD></TR></TABLE>

Please show me where I said I was better than someone and I will gladly go away.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Apocalypse &raquo;</TD></TR><TR><TD CLASS="quote">

Still... buying a bike on a credit card? That can't be responsible.

FYI - It took me 4 years to save enough to pay for the bike, gear and insurance. Then I blew it all on an engagement ring and it took me 2 years the second time around. Patience is a virtue.</TD></TR></TABLE>


To me that sounds a little off. But whatever. Like i said. Some have to do it. Some might not, and good for them.

 

I bought my bike in cash but the honda dealer in my area will let you get a loan without full coverage but it is like a 20% intrest rate.

 

I Make payments. 21 years old, No Credit cards, I dont want any so i figured this would be a good way to build up my credit.

My opinion is if Im paying for it every month, I appreciate it more.

 

i was just waiting for this thread to turn nasty.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr206 &raquo;</TD></TR><TR><TD CLASS="quote">

Get a personal loan or put it on CC&gt; i got a personal loan for my bikes, i paid the person in cash and the bank doesnt know what the money is for so i use Liability .I pay 140$ or so a year for an 01GSXR750 with a bad driving record. </TD></TR></TABLE>

I would get a personal loan if I were to not pay in cash. I applied for one 2years ago and they did ask what it was for. They still don't make you have full coverage but I'm pretty sure any bank will ask you what it's for. No?