Motorcycle loans
Seasoned HDF Member
Joined: Jul 2009
Posts: 5,023
Likes: 1,352
From: Virginia
I finace any large purchase, at my age I can't afford not to. I add life insurance and disability to my loan. If I died the day after I got the loan it would be paid for without any worries for my wife. If I am hospitialized after I get the loan my payments are covered until I am well.
I paid cash for my first house Yes I am that old. But I won't pay cash for any large purchases now. I'll keep my savings safe from being depleted by impulse buys of "toys". My local credit union has consistantly offered the lowest rates. I get my loans from them. Check out the various banks and credit unions to see what your rates are.
I paid cash for my first house Yes I am that old. But I won't pay cash for any large purchases now. I'll keep my savings safe from being depleted by impulse buys of "toys". My local credit union has consistantly offered the lowest rates. I get my loans from them. Check out the various banks and credit unions to see what your rates are.
Road Warrior
Joined: May 2008
Posts: 1,368
Likes: 2,055
From: Paradise (almost, Florida )
Sorry to disappoint you.
And yes, the MOCO would NOT be alive today if everyone paid cash, geesh, you think otherwise?
Elite HDF Member
Joined: Apr 2010
Posts: 4,990
Likes: 9
From: Marina del Rey
finance?
You bring up perhaps a very important point.
The decision to finance, or not, is influenced partially by somewhat age-related factors, which can include modest fixed incomes for some, or a lifetime of solid earnings growth ahead for others. Count yourself lucky if your retirement income keeps up with living costs. (In California our auto registration fees doubled last year!)
Also I can attest to the point of view that, at 66, I want to ride while I still can! Should I plan to save some small part of my dwindling spendable income for, say, 4-5 years perhaps? Should I wait to buy a Harley until I'm 70-years old? See how this decision is age-related?
Also interest rates are extremely low. And as long as you know that you have a sure way to pay it back in a reasonable time, I see no reason to not finance, so it is easy justification. Remember, there's only one thing worse than dying young...that's dying young with money in the bank.
The decision to finance, or not, is influenced partially by somewhat age-related factors, which can include modest fixed incomes for some, or a lifetime of solid earnings growth ahead for others. Count yourself lucky if your retirement income keeps up with living costs. (In California our auto registration fees doubled last year!)
Also I can attest to the point of view that, at 66, I want to ride while I still can! Should I plan to save some small part of my dwindling spendable income for, say, 4-5 years perhaps? Should I wait to buy a Harley until I'm 70-years old? See how this decision is age-related?
Also interest rates are extremely low. And as long as you know that you have a sure way to pay it back in a reasonable time, I see no reason to not finance, so it is easy justification. Remember, there's only one thing worse than dying young...that's dying young with money in the bank.
Tourer
Joined: Jun 2009
Posts: 323
Likes: 0
From: Tulsa
Just do like everyone else did in 2006/2007 and use a home equity line of credit. You can usually deduct the interest, get a good rate, and have the imperial federal government bail you out if you default.
It's actually not a terrible idea if you have a good amount of equity in your property.
It's actually not a terrible idea if you have a good amount of equity in your property.
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Tourer
Joined: Mar 2007
Posts: 452
Likes: 1
From: Delaware
I have to agree with capitalist slave on this one. I am in the militray and by no means wealthy yet through patience and a second job I have an 07 fatboy that i paid cash for and just ordered a 10 limited that i will take delivery of in Sept. When I want a new "toy" i get a second job and save for it so i don't have to finance. This last bike cost me 3 years of stocking grocery store shelves to pay for. While you are going through this process it sucks but in the long run the pay off is huge. It is an individual decision to finance or save and pay cash but folks shouldn't judge people for whatever decision they make.
Elite HDF Member
Joined: Aug 2008
Posts: 4,933
Likes: 11
From: Kentucky
I don't have kids and I can make my house and both car payments. Both Harleys (mine and my wife's) are financed through Eagle Mark/Harley, which is why I bought from a dealer to begin with.