Payoff Bike???
#51
10-16-2009, 10:52 PM
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my .02...keep your money in the savings and continue saving your money like you have been. And keep paying the bike note. Because, how long will it take you to get the same amount of money back into your savings? What if you suddenly become un-employed. You wont have any money and will more than likely sell the bike.
What about the interest? You have paid 90% of it already.
What about the interest? You have paid 90% of it already.
#52
10-17-2009, 10:23 AM
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.
That $200 figure sounds awfully low.
Edit: I suppose you could have a small loan with a small payment. LOL You never did say how BIG your payment was.
.
Last edited by Faast Ed; 10-17-2009 at 10:26 AM.
#53
10-18-2009, 12:36 PM
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I have about the same amount of payments left on my truck and if I pay it off early I would safe $172.26. I would guess the op numbers are pretty close.
#55
10-18-2009, 05:51 PM
Stellar HDF Member
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.)
#57
10-19-2009, 06:16 AM
"Utopian Overlord"
If you pay it off, the motorcycle is YOURS. It will look different, smell different, and ride different. If you get into financial trouble, you will be forced to find a way to cope (you might consider borrowing some money...remember, the motorcycle is YOURS now).
If you don't pay it and get into financial trouble, I'm sure the bank will be very reasonable about letting you keep the bike and not make any payments...oh, wait. I'm wrong.
Nothing rides as smooth as your own bike!
If you don't pay it and get into financial trouble, I'm sure the bank will be very reasonable about letting you keep the bike and not make any payments...oh, wait. I'm wrong.
Nothing rides as smooth as your own bike!
#58
10-22-2009, 06:45 PM
Please let us know what you have decided to do.
You were curious for our opinions, some of us are curious as to which way you went with this.
Don't leave us hangin' here! LOL
You were curious for our opinions, some of us are curious as to which way you went with this.
Don't leave us hangin' here! LOL
#59
10-22-2009, 07:20 PM
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#60
10-22-2009, 07:28 PM
Me? I had $200 payments to a credit card.....more percent than what you may be paying on your bike.
My GF finally convinced me....why should I give the card people ANYTHING!
So I wrote a check for a thousand, every month (while still putting into my savings) and in a few monthes...my credit card was paid off. I now put my card payment plus what I would normally put, into my savings. I have not run into a 'rainy day', except two or three times while riding with some friends from HD Forums.
The money is yours.......pay off the bike and keep the rest to put into your bank account (You have to be serious though and put the money back).
Chuck
My GF finally convinced me....why should I give the card people ANYTHING!
So I wrote a check for a thousand, every month (while still putting into my savings) and in a few monthes...my credit card was paid off. I now put my card payment plus what I would normally put, into my savings. I have not run into a 'rainy day', except two or three times while riding with some friends from HD Forums.
The money is yours.......pay off the bike and keep the rest to put into your bank account (You have to be serious though and put the money back).
Chuck