ok so im trading my 954 + some cash for an 05 636.... im stoked about the deal, ill miss the power, but high speed wheelies will be the death of me if i keep it up, besides, im in college and right now i just want a nice looking bike that with a couple suspension settings and very little modification will make a great track tool... that being said here are my finances right now

SAVED IN BANK- 1200 ish
SAVED IN CREDIT UNION - 400 ish
WEEKLY INCOME - about 350ish

EXPENSES- about 1000 a month (gas, electric, insurance (home,car,bike), cell phone, water/sewer, garbage, taxes)

I HAVE ZERO CREDIT ESTABLISHED- so my plan is to take out a loan for $$$xxx$$$
between 1000-2000, the loan i have secured is a personal loan through my credit union but its at 18%, i should be getting taxes back this month and if i am NOT claimed by my father i think i will be getting about 1200 back..

MY QUESTION IS, do you think it would be better to take the loan out for 1500 or 2000, i plan on dropping all my taxes into the loan as soon as i get it, so the majority of the loan would be paid off early and then i will pay the rest off at %18 for the remainder of the loan

my bday is in march so i plan on getting a damper for my bday, and if i take out 2k i will buy leathers and HID's with the leftover money and some of my spare cash....

in this case.. would you try to take out a loan for the least amount necessary or take out a little extra and buy some new gear and toys for the bike....

IM STOKED ABOUT THE BIKE>.. just torn between what to do.. thanks for the input and listening...

also i can get an EXTENDED warranty on the bike FULLY transferable for 4 more years for $470 bucks... would you do that too?? (it covers everything except cables and light bulbs he said)

 

18% is alot but if you are gonna pay it off in a month or 2 then its not too bad. I say get the extra cash cause getting your gear is important.

 

why not finance through the kawi dealer? i just got 5.9% for the first 2 years, and 9.9% there after on my 06 636

 

they wouldnt give me a good deal on my bike, i just want to get a new bike and i dont want payments for a while....

what about the warranty... is 4 years worth 470 bucks???

 

any other input is appreciated..

 

How old are you?

Do you live at home?

Why are you so hell bent on getting a new bike, you're already on your 3rd? Do you already have gear? Doesn't seem like something I would do. I would wait until I had some more money saved up and pay cash.


***EDIT**** Sorry, I msied the part that said you were in college. I would definitely not take an 18% loan out of you're in college. I also wouldn't spend every last penny I had on another bike....what happens when you need the money to fix your car or something like that?

 

you're only a thousand or two away from getting another bike...just wait and save. Not worth it to take a loan out especially with such a high interest rate. Also, if you have to take a loan out, dont blow the money on stuff you dont need for the bike (ie hids...). Pay the loan off AND THEN start modding the bike

 

im 21... the loan will be paid off in a matter of months.. like 3 or 4.. so i doubt i will have accumulated much interest.. it might be paid off earlier.... but i think i like big petes POV ill just pay the loan off at the least amount i can get by with and then save to mod the bike... taxes will be back shortly and im not too concerned with the loan... it wont take more than 4 months to pay off...