Motorcycle loans
Seasoned HDF Member
Joined: Jan 2007
Posts: 20,616
Likes: 4,440
From: anacoco, la
lets see, i can finance a bike and ride now, or set the money aside each month for a bunch of months, then add a couple of more in because each year that you wait the msrp goes up, then finally buy it outright.
in the meantime, i've missed a bunch of good/great riding. lots of memories and good times. but hey, at least the bike is paid for.
i don't really see much difference in paying myself for 60 months, or paying the credit union for 60 months. it still would take me 60 months to pay the bike off, but i've got to ride for 5 years while waiting. besides, my truck is paid off, so whats the difference, its like having a (cheaper) car note?
in the meantime, i've missed a bunch of good/great riding. lots of memories and good times. but hey, at least the bike is paid for.
i don't really see much difference in paying myself for 60 months, or paying the credit union for 60 months. it still would take me 60 months to pay the bike off, but i've got to ride for 5 years while waiting. besides, my truck is paid off, so whats the difference, its like having a (cheaper) car note?
Road Master
Joined: May 2010
Posts: 935
Likes: 2
From: Upstate NY
Gonzy
Joined: Apr 2010
Posts: 1,141
Likes: 7
From: Foggy Coastside California
Responsibility
I run a bank for my job. As such, I make money by people buying stuff and paying over time.... .with that being said, i will echo the theme of save first then buy for cash. I see countless persons that borrow to the hilt with little savings. When hard times hit... they go broke, loose their house etc.
A motorcycle....especially an expensive one is not a necessity but an indulgance. It should go at the bottome of the list on must haves in life.
Saving the payment for a few years and then paying in cash significantly decreases your ultimate cash expenditure over time. And for the poster that said that all who did this were rich and bragging I will say.... BS. But those that do this and follow this life style will be rich or at least wealthy some day by following these type of principals.
do what you want as it is your right to do so.... but beware that high debt, and especially in difficult economic times leads to many unwanted consequences. I know because I see it EVERY DAY.
But to each his own.
R. Todd
A motorcycle....especially an expensive one is not a necessity but an indulgance. It should go at the bottome of the list on must haves in life.
Saving the payment for a few years and then paying in cash significantly decreases your ultimate cash expenditure over time. And for the poster that said that all who did this were rich and bragging I will say.... BS. But those that do this and follow this life style will be rich or at least wealthy some day by following these type of principals.
do what you want as it is your right to do so.... but beware that high debt, and especially in difficult economic times leads to many unwanted consequences. I know because I see it EVERY DAY.
But to each his own.
R. Todd
Advanced
Joined: Sep 2009
Posts: 58
Likes: 0
From: CT
All the guy was asking was where to get a motorcycle loan with the best apr i always love when people evaluate other people's lives. Just answer the question if you know it or shut the f*** up holy chit its insane. People get more chit around here for asking a question than needed
Btw: get to a credit union like everyone said best apr hands down. If you want to finance thats your business not anyone else and good luck with it
Btw: get to a credit union like everyone said best apr hands down. If you want to finance thats your business not anyone else and good luck with it
Last edited by Onedaful; Jun 9, 2010 at 10:23 PM.
Tourer
Joined: Jun 2009
Posts: 432
Likes: 5
From: Tennessee
As a banker surely you have to know the value of responsible credit use. It sounds to me like the OP is aware of his financial limits otherwise he might be looking for a new bike. If anyone can responsibly finance a bike that's within their mean I say go for it. Not everyone can afford to pay cash or even want to wait for years to fulfill their dream.
I make my money from good people like the OP borrowing and paying me back over time. But I can tell you from first hand experience.....lots of these good people have lost jobs, been demoted taken part time, had medical bills etc. and been devestated by debt that was once very managable.
Not trying to tell anyone what to do but wanted to give an opinion from a finance guy that (especailly now) has seen lots of poop happen. Any and all may discount same and ignore it if you desire. No skin off my nose.
R. Todd
Road Warrior
Joined: Aug 2009
Posts: 1,345
Likes: 0
From: south Texas
People that get on here and say 'it's a toy, pay cash" are just showing off their wealth and trying to be a bigger man than they probably are anyways. My bikes are paid off, but if they weren't and I could afford to, I'd make payments on them, and that's my business.
Also, if it weren't for guys making payments on Harleys, there WOULDN'T be ANY Harleys, they'd have gone under WAY long ago !!!!!
So, if you paid cash, good for you, you're still gonna die some day and your wifes NEXT husband will enjoy that paid off bike, you win I guess !
Also, if it weren't for guys making payments on Harleys, there WOULDN'T be ANY Harleys, they'd have gone under WAY long ago !!!!!
So, if you paid cash, good for you, you're still gonna die some day and your wifes NEXT husband will enjoy that paid off bike, you win I guess !
I don't recall any posts of people bragging about their wealth.
Personally, i saved up for a year and a half after taking the Motorcycle Safety Course then paid CASH for my Nightster. I'm by no means 'wealthy', i spent my day rebuilding glycol pumps and moving oilfield equipment in the hot sun with a forklift. You don't have to be rich to be wise with your money.
I can't speak on whether the MoCo would go under if people only paid cash for bikes, but i can tell you must be very un-happily married. Luckily i haven't made THAT mistake either, haha.
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Joe Kucinski
Ultimate HDF Member
Joined: Feb 2006
Posts: 5,190
Likes: 5
From: Eastern Washington
He asked for advise on loans, not speech's about saving money and paying cash. I am sure if he had the cash to pay he would not be here asking who's got the best rates.
To the OP. Credit unions will almost always have the best rates. If you can get a 3% loan on say 15k for 5 years you will end up paying about 16k total. Sure it will cost a little more to have it now, but to some it's worth it. I
To the OP. Credit unions will almost always have the best rates. If you can get a 3% loan on say 15k for 5 years you will end up paying about 16k total. Sure it will cost a little more to have it now, but to some it's worth it. I
Road Captain
Joined: Feb 2010
Posts: 540
Likes: 0
From: carolina
the OP isn't asking Dave Ramsey. you always say the same thing, and it's good advise but, enough already, not all have that discipline