Payoff Bike???
Cruiser
Joined: Aug 2009
Posts: 152
Likes: 1
From: Central Texas
All this talk of saving for a "Rainy Day" is starting to get to me. If you folks are SO concerned with saving for a rainy day then why did you BORROW money to buy the bike in the first place? In fact, why did you even BUY a bike PERIOD, considering that money could be used for some unforseen eventuality in the future? This FEAR of the future coming from a bunch of hardened manlyman HARLEY riders is a tad bothersome. Do you look under your bed before going to sleep at night to make sure the things that go "bump" in the night aren't residing there? 
I say that anyone who councils someone to make interest payments on an ASSET while leaving money in a savings account is playing on one's fears to make money for the bank! If you pay the bike off you STILL have an asset that can be mortgaged in the event you may need emergency funds in the future. Shucks, leaving the money in a savings account only serves the bank's best interest financially. I'd invest the money in ANYTHING to avoid helping some pencil pushing geek make his house payments off my hard earned cash! So I say COWBOY UP MY MAN, pay that suckah off and spend the savings on gasoline, beer and fine women!!! Assuage your fear of future eventualities as you must, but remember, Mr. Banker has a steady eye on HIS bottom line, not YOUR financial well being 
I say that anyone who councils someone to make interest payments on an ASSET while leaving money in a savings account is playing on one's fears to make money for the bank! If you pay the bike off you STILL have an asset that can be mortgaged in the event you may need emergency funds in the future. Shucks, leaving the money in a savings account only serves the bank's best interest financially. I'd invest the money in ANYTHING to avoid helping some pencil pushing geek make his house payments off my hard earned cash! So I say COWBOY UP MY MAN, pay that suckah off and spend the savings on gasoline, beer and fine women!!! Assuage your fear of future eventualities as you must, but remember, Mr. Banker has a steady eye on HIS bottom line, not YOUR financial well being
Banned
Joined: Sep 2009
Posts: 7,580
Likes: 7
From: The Internet (& Dyer, Indiana)
All this talk of saving for a "Rainy Day" is starting to get to me. If you folks are SO concerned with saving for a rainy day then why did you BORROW money to buy the bike in the first place? In fact, why did you even BUY a bike PERIOD, considering that money could be used for some unforseen eventuality in the future? This FEAR of the future coming from a bunch of hardened manlyman HARLEY riders is a tad bothersome. Do you look under your bed before going to sleep at night to make sure the things that go "bump" in the night aren't residing there? I say that anyone who councils someone to make interest payments on an ASSET while leaving money in a savings account is playing on one's fears to make money for the bank! If you pay the bike off you STILL have an asset that can be mortgaged in the event you may need emergency funds in the future. Shucks, leaving the money in a savings account only serves the bank's best interest financially. I'd invest the money in ANYTHING to avoid helping some pencil pushing geek make his house payments off my hard earned cash! So I say COWBOY UP MY MAN, pay that suckah off and spend the savings on gasoline, beer and fine women!!! Assuage your fear of future eventualities as you must, but remember, Mr. Banker has a steady eye on HIS bottom line, not YOUR financial well being
I say that anyone who councils someone to make interest payments on an ASSET while leaving money in a savings account is playing on one's fears to make money for the bank! If you pay the bike off you STILL have an asset that can be mortgaged in the event you may need emergency funds in the future. Shucks, leaving the money in a savings account only serves the bank's best interest financially. I'd invest the money in ANYTHING to avoid helping some pencil pushing geek make his house payments off my hard earned cash! So I say COWBOY UP MY MAN, pay that suckah off and spend the savings on gasoline, beer and fine women!!! Assuage your fear of future eventualities as you must, but remember, Mr. Banker has a steady eye on HIS bottom line, not YOUR financial well being But I could not put it so eloquently as you. Are you a poet or sumfin'?
Thread Starter
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Seasoned HDF Member
Joined: Dec 2006
Posts: 9,918
Likes: 4,688
From: West Texas Sandhills
Thanks for all of the replies. If I paid it off now, I would only save about $200 in interest (4.9%), which, as someone said, would buy many cases of beer, but still, that isn't a lot. I'm not too concerned about loosing my job, as at least for now, my company has a no layoff policy, but that could be changed at a moments notice. I am more concerned about getting hurt or sick and having to go on short term disability. I would lose between 50-60% of my regular income. I will probably go ahead and pay it off and put part of the payment in the bank and use part of it paying off what little debt I have left.
Everytime I am about to click the submit button to pay off the loan, I have that little voice in my head talking to me. It isn't like I HAVE to pay to loan off now, but I guess I will give it some more thought in the next few days.
Everytime I am about to click the submit button to pay off the loan, I have that little voice in my head talking to me. It isn't like I HAVE to pay to loan off now, but I guess I will give it some more thought in the next few days.
Seasoned HDF Member
Joined: Jan 2007
Posts: 20,616
Likes: 4,440
From: anacoco, la
i don't care what anyone says, there is absolutely nothing wrong with financing a motorcycle, if you can comfortably afford the payment each month, and still put money in savings.
in your case, instead of wiping out your savings to pay the bill off, i would make extra payments to pay it off sooner. that way, you still get to retain your 'cushion' (wouldn't want to call it a rainy day fund, after all thats for pussies....) so instead of 15 cases of beer, you get 8 or 9.....
Seasoned HDF Member
Joined: Jun 2008
Posts: 5,478
Likes: 184
From: Mount Airy, MD
All this talk of saving for a "Rainy Day" is starting to get to me. If you folks are SO concerned with saving for a rainy day then why did you BORROW money to buy the bike in the first place? In fact, why did you even BUY a bike PERIOD, considering that money could be used for some unforseen eventuality in the future? This FEAR of the future coming from a bunch of hardened manlyman HARLEY riders is a tad bothersome. Do you look under your bed before going to sleep at night to make sure the things that go "bump" in the night aren't residing there? I say that anyone who councils someone to make interest payments on an ASSET while leaving money in a savings account is playing on one's fears to make money for the bank! If you pay the bike off you STILL have an asset that can be mortgaged in the event you may need emergency funds in the future. Shucks, leaving the money in a savings account only serves the bank's best interest financially. I'd invest the money in ANYTHING to avoid helping some pencil pushing geek make his house payments off my hard earned cash! So I say COWBOY UP MY MAN, pay that suckah off and spend the savings on gasoline, beer and fine women!!! Assuage your fear of future eventualities as you must, but remember, Mr. Banker has a steady eye on HIS bottom line, not YOUR financial well being
I say that anyone who councils someone to make interest payments on an ASSET while leaving money in a savings account is playing on one's fears to make money for the bank! If you pay the bike off you STILL have an asset that can be mortgaged in the event you may need emergency funds in the future. Shucks, leaving the money in a savings account only serves the bank's best interest financially. I'd invest the money in ANYTHING to avoid helping some pencil pushing geek make his house payments off my hard earned cash! So I say COWBOY UP MY MAN, pay that suckah off and spend the savings on gasoline, beer and fine women!!! Assuage your fear of future eventualities as you must, but remember, Mr. Banker has a steady eye on HIS bottom line, not YOUR financial well being Well said.
Road Warrior
Joined: Jan 2008
Posts: 1,405
Likes: 6
From: Portland, Oregon
I have a decision to make concerning paying off my bike. I have the money in savings to pay off my bike, but paying it off will take most of what I have saved and will leave me little for a "rainy day", should something happen and I need the cash. What do y'all think, pay it off and deposit my payment amount in savings, or keep making the payments? (Have about 20 months remaining on note.)
By paying off your bike you are going to save yourself a lot of interest. If the interest you are making off your savings is greater than the interest you are paying on you HD then no need to pay it off...
However most likely you have an interest rate of 6-7% on the HD and are gaining only 1% interest or maybe 3% off the bank.
What I would do is pay off the HD. then make payments to myself in the amount of 3/4 the amount payment I was making on my bike.
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Big Kahuna HDF Member
Joined: Feb 2006
Posts: 23,881
Likes: 34
From: USA
Before you pay it off be sure to check the paperwork and be sure there is no prepayment penalty written into the loan which will negate any savings. For $200 in savings I would run the term of the loan and leave your savings alone.
If you needed your savings you may end up having to sell the bike to get cash which really sucks.
$200/20= $10 per month. BFD.
If you needed your savings you may end up having to sell the bike to get cash which really sucks.
$200/20= $10 per month. BFD.