Payoff Bike???
Tourer
Joined: Aug 2009
Posts: 319
Likes: 0
From: Kearney, MO
Pay it off and just make the monthly payment to yourself. Then you can actually call it your bike, because right now the bank owns it!
It will run a lot better when it’s not dragging a payment book behind it.
It will run a lot better when it’s not dragging a payment book behind it.
Former Sponsor
Joined: Nov 2007
Posts: 2,241
Likes: 7
From: Rochester, NY
Pay it off and drop the payment into the savings account. I did the same thing after making two months of payments. We had the extra money and why put the interest in someone else's pocket. It just makes no sence to give your money away. Just hope those rainy days don't come along.
Road Captain
Joined: Sep 2008
Posts: 723
Likes: 2
From: Nc
like you I have about 20 payments left on my truck.I was going to pay it off .I called for my payoff amount than I multiplied the months I had left times the payment .And I figured if I paid it off I would save about 175.00 .It was not worth it to ME.I kept the money in the bank.
Outstanding HDF Member
Joined: Oct 2006
Posts: 2,263
Likes: 36
From: Georgia Mountains
The only way I'd pay it off is if you had some insane interst rate. Figure out how much interst you'll be paying over the next 20 months. The idiots version is to multiply your payment amount times months remaining. Then request a payoff amount over the phone and subtract that from the first number. Then decide if that amount is worth depleting your savings for.
Had this same dilemma with my truck. Pay it off and make payments to yourself until your savings is back if you don't anticipate having anything come up. Huge relief and sense of accomplishment when getting that title in the mail with the lien released stamp.
Tourer
Joined: Jul 2009
Posts: 431
Likes: 0
From: southeast indiana
pay it off
If it was me, I would pay it off. Not sure what interest rate you are paying but I am sure it is alot more than what you are earning in interest on your savings. Subtract the percent you are earning in interest on your savings from the percent interest you are paying on your loan and this is what you will be saving. The only time it become more cost viable is if you buy a bike using a home equity loan. This interest is tax deductable so it becomes a better deal.
As for rainy day, it is a dice roll. If you have a credit card you can always use that as your backup incase one of those unexpected circumstances happens.
Like everyone else said, if you do pay it off put that payment right back into your savings. It will grow back quickly
Again if it was me I would roll the dice and pay it off.
As for rainy day, it is a dice roll. If you have a credit card you can always use that as your backup incase one of those unexpected circumstances happens.
Like everyone else said, if you do pay it off put that payment right back into your savings. It will grow back quickly
Again if it was me I would roll the dice and pay it off.
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Outstanding HDF Member
Joined: Oct 2006
Posts: 2,263
Likes: 36
From: Georgia Mountains
Scenario 2: Bike is not paid off. Lose Job/Family medical emergency/Tree falls on roof. Rainy day money is in savings. It's raining. All bills are getting paid, including motorcycle. Lenders will negotiate with you for deferred or interest only payments if things get real tight. Wife is impressed with your economic savvy. You get to use the word savvy.