Current Financing on New Bikes
Cruiser
Joined: Oct 2011
Posts: 139
Likes: 0
From: Pennsylvania
I just bought a Ultra Limited and financed it thru my credit union @ 2.9%
Road Warrior
Joined: Jan 2010
Posts: 1,291
Likes: 0
From: WireGrass, AL
Wow is about all I can say paying seven years for any motorcycle having the lender dictating what kind of insurance you have to cary knowing that no matter how many miles you put in there's that payment waiting every month but then in two years when a new bike catches your eye you'll have one of those craig's list ads that we all laugh at.
Road Captain
Joined: Mar 2007
Posts: 651
Likes: 12
From: Broomfield, Colorado
Only went 5 years on my loan, the same as did with the bike that I just traded in, paid that 60 month loan off in 18 months. I'll probably do the same with this one. At less than 4 percent interest I'll use their money for a year or two.
Road Captain
Joined: Mar 2007
Posts: 651
Likes: 12
From: Broomfield, Colorado
There are not many people in this country that can afford to pay cash for everything. I am not defending the millions of people out there who are clueless and spend every dime they have and finance cars, houses, boats, motorcycles you name it at high interest rates because they just have to have the item but cannot afford them. I could have paid cash, I have the money, but in MY case I'm willing to give a credit union a few hundred dollars to allow me to take 18 months to pay for my new bike.
I am an engineer by profession, borrowed all of the money to put myself through school 35 years ago. Don't regret one dollar of the interest I paid on that money. I borrowed most of the money to buy the house that my wife and I live in now and raised our family in. It is almost paid off, again I don't regret one dollar of the interest I have paid on that money. My wife and I helped all three of our daughters with college funds, it wasn't a free ride for any of them, they worked and borrowed too. I borrowed a fair amount of money in school loans for them during this time and I don't regret one dollar of the interest I have paid on this money. I could go on and on.
It is called "life" not many people have the means (money) early on in life to be able to save enough from the get go to pay cash for everything in their lives. Admittedly if I had not gotten married, lived in a dumpy apartment, rode the bus and ate macaroni and cheese my whole life I'd be in a different position financially. But I chose to marry my best friend (whom I still live with), buy houses, buy cars, raise kids, live life.
I have no regrets, and I am sure there many books out there will tell me that I am miserable and a failure.
Cheers,
Paul in snowy, cold Colorado
I am an engineer by profession, borrowed all of the money to put myself through school 35 years ago. Don't regret one dollar of the interest I paid on that money. I borrowed most of the money to buy the house that my wife and I live in now and raised our family in. It is almost paid off, again I don't regret one dollar of the interest I have paid on that money. My wife and I helped all three of our daughters with college funds, it wasn't a free ride for any of them, they worked and borrowed too. I borrowed a fair amount of money in school loans for them during this time and I don't regret one dollar of the interest I have paid on this money. I could go on and on.
It is called "life" not many people have the means (money) early on in life to be able to save enough from the get go to pay cash for everything in their lives. Admittedly if I had not gotten married, lived in a dumpy apartment, rode the bus and ate macaroni and cheese my whole life I'd be in a different position financially. But I chose to marry my best friend (whom I still live with), buy houses, buy cars, raise kids, live life.
I have no regrets, and I am sure there many books out there will tell me that I am miserable and a failure.
Cheers,
Paul in snowy, cold Colorado
Man, some of you guys on here got some great rates! Lucky.
Good luck and have fun, Mark H.
Seasoned HDF Member
Joined: Mar 2007
Posts: 66,948
Likes: 4,573
From: TOAK western branch
If the finance rate is for 48 months calculate your payment then set up a separate account and put that payment in that account then in 48 months go down and pay cash for the bike then take what you would have paid in intrest and buy some bling. Thats what i did.
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Cruiser
Joined: Jan 2010
Posts: 209
Likes: 1
From: North Cackalacky
There is always a way to pay cash, you just may have to delay the purchase until you can save up the money. A house mortgage is a different story, but for a toy (boat, sports car, atv, motorcycle, etc) cash is the way to go!
Road Master
Joined: Jun 2005
Posts: 1,212
Likes: 4
From: From Illinois; Currently Belgium
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.
So if I buy a new truck tomorrow, I'll still have the following accounts with money in them:
Car Repair
Home Repair
Vacation
Kid's College
My Retirement
Wife's Retirement
Christmas
Birthday Presents
6 months Salary.
When I want something I start a separate savings apart from those previously listed accounts. I may even press pause on some of them to save up for my toy faster. The beauty of it is I can press pause on all of those accounts and free up almost $4K in one month before I even have to dip into my emergency savings. You can't press pause on a bike payment...even at 0%. You really should read his book. I probably put you on the defensive by me being a dick and lacking in tact, but I think you'd find it very interesting.
Last edited by garand; Dec 4, 2011 at 12:12 PM.