Payoff Bike???
Ultimate HDF Member
Joined: Apr 2008
Posts: 5,356
Likes: 8
From: Roswell, NM
I just double up on my payments, and leave my savings alone. They always told me in the Army you should keep at least two months pay in a savings for emergency. I will have mine paid off in half the time, so the doubling up works for me.
Tourer
Joined: Jul 2005
Posts: 462
Likes: 0
From: Northwest Pa.
Go ahead and bash me.... but if you can't pay cash for a toy than you shouldn't buy it. Period.
Banned
Joined: Sep 2009
Posts: 7,580
Likes: 7
From: The Internet (& Dyer, Indiana)
You might be in for a surprise when you find out how much you can save by paying it off. You can buy many cases of beer with the money!
Road Warrior
Joined: Oct 2007
Posts: 1,916
Likes: 19
From: Sunshine State
You have a very "limited" view of life xm, granted you have to know up to when to "play" but regardless you play, you pay the "secret" is knowing HOW to play and it's definitively, absolutely NOT with your own money. Anyways ...whatever "floats your stuff" ...my friend.
Outstanding HDF Member
Joined: Jul 2008
Posts: 2,250
Likes: 0
From: St. Cloud Minnesota
Check what the payoff today amount is?
What is the amount that will be at term? That is what is the balance to the term of the loan. This will be the amount that you would save by paying it off today.
There will be a difference you then should determine if you want to make the payments or pay it off.
What is the amount that will be at term? That is what is the balance to the term of the loan. This will be the amount that you would save by paying it off today.
There will be a difference you then should determine if you want to make the payments or pay it off.
You can use the below calculator to figure out how much interest you'll pay if you just make payments the rest of the way. I believe you can use your payoff amount for the loan amount field and that should give you an idea of how much interest you'll pay. Not for sure if that's exact, though.
http://www.tcalc.com/tvwww.dll?CalcL...ts.htm&SlvFr=3
http://www.tcalc.com/tvwww.dll?CalcL...ts.htm&SlvFr=3
Tourer
Joined: Jul 2005
Posts: 462
Likes: 0
From: Northwest Pa.
You have a very "limited" view of life xm, granted you have to know up to when to "play" but regardless you play, you pay the "secret" is knowing HOW to play and it's definitively, absolutely NOT with your own money. Anyways ...whatever "floats your stuff" ...my friend.
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Banned
Joined: Sep 2008
Posts: 178
Likes: 0
From: Fayette, AL
Scenario 1: Bike is paid off. Lose job/Family medical emergency/Tree falls on roof. No money in savings. Struggling to pay for food, mortgage, electric, insurance, taxes, etc. But at least you can ride. Wait, can't afford gas. Wife is pissed off.
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.
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.
Exactly
