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.)

 

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.

 

Make double payments pulling a little each month out of savings if you have to. Bike will be paid off in less then 10 months saving you a lot of money in interest, and you will still have some in savings just in case.

 

+1 Make sure on the double payments the second payment goes to the princabile not just a double payment as you will be paying interest on the second payment.

 

Tough call on this one. Without knowing your personal financial situation, you could handle this in different ways. I'd say go for it and get er done, then continue to bank payments to save for your future. Saving anything these days is a rare task and good on ya for being able to do it.
I just think it's great that you have the opportunity to possibly pay off your bike and wish you all the best no matter what you choose.

 

pay it off and put money back in the bank. If for some reason the rainy day comes before you are ready for it you can go to the bank if need be and maybe get a lower interest rate on a small loan to dry the rain so to speak.

 

Since you got 20 months left...IMO, Best leave money in the bank and just pay the payments cuz Bank accumulating interest off 20 month isn't much compared to 48, 60, 72 and 84 month financing. 20 month isn't long before you know it's paid for.

Not trying to imply on you, but Worst Case scenario...You paid it off this afternoon and say, Hoorah...No more payments. Go out during the rush hour and get involved in an vehicular accident causing serious injury/death. One of your family members need the money for immediate emergency reason(s) and it's not in the bank causing a wreak havoc. Then one family member have to sell your Harley as they don't know if the bike will sell or not thus lowering the cost to sell it fast even hurting them at the very end.

IMO Again, Let the Disability or Life Insurance Policy pay it off.

Tough Decision ahead of you,

Thorey

 

Pay it off and be done with it.

 

Be careful. You don't want to become "debt poor". I like the double payment suggestion from above, using some money from savings if necessary. That's less than a year until it's paid off and you then can start putting that payment money in the bank for your next bike.

 

Take 10 months of payments and pay down the bike and leave the rest in the bank for a rainy day ? just my