Current Financing on New Bikes
Cruiser
Joined: Nov 2011
Posts: 142
Likes: 0
From: cincinnati
Haha! As I said, I knew this was going to open a can of worms. I appreciate the concern and advice, but I won't be paying cash for this purchase. Sure, I could save up the money and buy the bike for cash in a few years, but who knows if I even live that long. We're not guaranteed tomorrow.
As the title of the post stated, I just want to find out the rates / scenarios that most people are getting when they FINANCE a bike. No sense in grown men arguing over paying cash on something when I know that is not what I'm going to do.
With that said, though I appreciate your concern for the big picture outlook (and I do agree that paying cash makes more sense) please only respond if you have some real info regarding the FINANCING, the rates I can expect, where you got them, etc.......
It makes these forums much more informational and easier to have dialogue if everyone sticks to the point at hand.
Thanks,
outlaw
As the title of the post stated, I just want to find out the rates / scenarios that most people are getting when they FINANCE a bike. No sense in grown men arguing over paying cash on something when I know that is not what I'm going to do.
With that said, though I appreciate your concern for the big picture outlook (and I do agree that paying cash makes more sense) please only respond if you have some real info regarding the FINANCING, the rates I can expect, where you got them, etc.......
It makes these forums much more informational and easier to have dialogue if everyone sticks to the point at hand.
Thanks,
outlaw
Advanced
Joined: Jun 2010
Posts: 60
Likes: 0
From: Tampa, FL
Financing . . .
Not gonna get involved in the debate over should or should not finance . . .
I bought a used bike May 2010 and got 5.5% through Eaglemark with a high credit rating. No haggling or anything. Seemed fair to me.
Nuff said.
I bought a used bike May 2010 and got 5.5% through Eaglemark with a high credit rating. No haggling or anything. Seemed fair to me.
Nuff said.
Ultimate HDF Member
Joined: Feb 2006
Posts: 5,190
Likes: 5
From: Eastern Washington
Close, but DR doesn't recommend borrowing any money. He has an entire chapter dedicated to, "Why 0% is never 0%." The goal is to eliminate risk. If you lost your job or fell under hard times and had to decide on what you will or can pay first, it will be food, clothing and shelter. If the loan payment can't be made you'll get repossessed at 0% just the same as 20%. I can't stand looking at a bike or a car in my garage and all I see is a car payment. Then again, that's just the way of life for some. Does it have to be?
As for calling the disciplined "mamas" I won't comment. I just can't feel prosperous by showing off with someone else's money. Do what floats your boat, but remember, every time the the tide rolls back out, we all see who was skinny dipping.
Actually, I take that back, I will comment. Who the hell finds the logic in calling names to those who work hard, save, and pay cash? I have a wife and 3 boys and live on an active duty military salary, yet I saved enough for my bike and our new car. Did I mention my wife qualifies for WIC and my children qualify for reduced lunches? Somehow I drive new vehicles and a new Harley with a custom paint job, but have no debts, and I invest almost a quarter of my salary in mutual funds. It's so funny when those in debt find it noble to borrow money and feel superior to those who actually have sound finances.
As for calling the disciplined "mamas" I won't comment. I just can't feel prosperous by showing off with someone else's money. Do what floats your boat, but remember, every time the the tide rolls back out, we all see who was skinny dipping.
Actually, I take that back, I will comment. Who the hell finds the logic in calling names to those who work hard, save, and pay cash? I have a wife and 3 boys and live on an active duty military salary, yet I saved enough for my bike and our new car. Did I mention my wife qualifies for WIC and my children qualify for reduced lunches? Somehow I drive new vehicles and a new Harley with a custom paint job, but have no debts, and I invest almost a quarter of my salary in mutual funds. It's so funny when those in debt find it noble to borrow money and feel superior to those who actually have sound finances.
Road Master
Joined: Nov 2005
Posts: 826
Likes: 0
From: Foothills of NC
You actually are proving that you don't know his philosophy, read his books, nor listen to his show. Every scenario you throw out like this one has already been debunked. You should really call him yourself. He'll dress you down in a heartbeat. Basically, what you're saying is if you were 100% debt free you'd take out loans against your bike, cars, and home to invest the money. Do you realize this type of behavior is exactly how DR went bankrupt himself?
BTW, it's not about putting all the pennies towards paying cash. It's about budgeting while investing and eventually accumulating the cash for the toy. Hell, I've been debt free since 31 years old. How many riding seasons have I missed by saving? It isn't a factor now, because I'm at the front of the race and just coasting downhill now.
Your theory is that you live in a perfect world where you consistently clear 4% in your investments just to break even with the loan APR. Let's not forget the taxes you have to pay. Then you failed to address or outline a risk equation. You put your (the bank's) assets at risk to only make a small gain in the end...that is if the market performs perfectly.
BTW, it's not about putting all the pennies towards paying cash. It's about budgeting while investing and eventually accumulating the cash for the toy. Hell, I've been debt free since 31 years old. How many riding seasons have I missed by saving? It isn't a factor now, because I'm at the front of the race and just coasting downhill now.
Your theory is that you live in a perfect world where you consistently clear 4% in your investments just to break even with the loan APR. Let's not forget the taxes you have to pay. Then you failed to address or outline a risk equation. You put your (the bank's) assets at risk to only make a small gain in the end...that is if the market performs perfectly.
Road Master
Joined: May 2008
Posts: 909
Likes: 29
From: Indiana
If someone is paying cash for their bike, but their wife gets WIC and their kids get reduced lunches... then WE are helping pay for that bike.
I agree that cash is best, but it is not always an option for everyone.
I agree that cash is best, but it is not always an option for everyone.
Tourer
Joined: Sep 2011
Posts: 278
Likes: 0
From: North Carolina
This is the current rate (with a credit score). It may be negotiated, with an EXCELLENT credit score, but no one will get much below 3.9 right now from anyone. A different credit score may leave a bit more negotiation room, but the rate will be higher than 3.9.
Road Warrior
Joined: Jun 2010
Posts: 1,907
Likes: 3
only reason i went with HD was becasue they would go out seven years. i got more bike for the monthly payment. im getting it in the backside, interest wise, but i got the bike i wanted for the payment i could afford.
Outstanding HDF Member
Joined: Aug 2007
Posts: 2,874
Likes: 8
From: Earth
If you can't pay cash for it, don't buy it! Unless it is a buiness exspense that you can put on the books.
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Cruiser
Joined: Nov 2011
Posts: 142
Likes: 0
From: cincinnati
You are correct i do not listen to his show regularly because he generally is not talking to me...i never said i would borrow against cars,motorcycles or houses to invest but lets say you have a certificate of deposit with guarenteed 6.75% return (they are out there with some digging and large enough deposits) would you then cash in this CD or a portion to buy a toy or leave it alone and borrow money at 3.9-4.9% ? Granted your net is roughly only 2.75 -1.75 % but it is still a gain and you still have you capital that you can make liquid if a life changing event arises...pay cash for everything and an unexpected event happens before you can rebuild your capital you have to sell to regain your capital and at a loss more than likely to boot...Dave Ramsey may not agree with this model and that is his right as an american but i would say he is in the minority of financial people that would have an opinion.
Sorry for hijacking your thread, but seriously, I have to know. I'll ****** a CD with 6.75% interest in 2 seconds.
Last edited by Johnny Nitro; Dec 2, 2011 at 11:19 PM.