Which Way To Spend?
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Seasoned HDF Member
Joined: Oct 2009
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From: North Dakota
Which Way To Spend?
Thinking of adding this to the stable. It would be my ride, for the times I'm not chauffeuring the wife on the trike. Went to talk to the banker lady, I still owe 12K on the trike, this would be 10K more.
Two ways to go - separate loan, two payments each month, or, extend trike loan out to cover it and own the dyna free and clear. One payment each month, and it would be about the same as it is now. I always pay ahead on my loans, and pay off about 40 - 50% ahead of time.
I'm leaning toward the single loan - any banker types that can tell me if this is good idea or not? (Note - this is my only debt, everything else is free and clear).
thanx
frost
Two ways to go - separate loan, two payments each month, or, extend trike loan out to cover it and own the dyna free and clear. One payment each month, and it would be about the same as it is now. I always pay ahead on my loans, and pay off about 40 - 50% ahead of time.
I'm leaning toward the single loan - any banker types that can tell me if this is good idea or not? (Note - this is my only debt, everything else is free and clear).
thanx
frost
Road Master
Joined: Nov 2009
Posts: 1,243
Likes: 7
From: MN
Thinking of adding this to the stable. It would be my ride, for the times I'm not chauffeuring the wife on the trike. Went to talk to the banker lady, I still owe 12K on the trike, this would be 10K more.
Two ways to go - separate loan, two payments each month, or, extend trike loan out to cover it and own the dyna free and clear. One payment each month, and it would be about the same as it is now. I always pay ahead on my loans, and pay off about 40 - 50% ahead of time.
I'm leaning toward the single loan - any banker types that can tell me if this is good idea or not? (Note - this is my only debt, everything else is free and clear).
thanx
frost
Two ways to go - separate loan, two payments each month, or, extend trike loan out to cover it and own the dyna free and clear. One payment each month, and it would be about the same as it is now. I always pay ahead on my loans, and pay off about 40 - 50% ahead of time.
I'm leaning toward the single loan - any banker types that can tell me if this is good idea or not? (Note - this is my only debt, everything else is free and clear).
thanx
frost
Thread Starter
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Seasoned HDF Member
Joined: Oct 2009
Posts: 7,483
Likes: 4,955
From: North Dakota
Was just wondering if there was something I wasn't seeing that could bite me in the ***.
Club Member
Joined: May 2007
Posts: 145,895
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From: 40 miles Northeast of Indy..
Myself I hate interest and before retiring 6yrs ago I was blessed with having a decent job with almost unlimited overtime for 37ys, so I was able to pay off the major bills and start saving at a young age, but I sure worked a lot of hrs average of 65 hrs a week..
Best thing IMO is for U to do the math, then see what Ur payments will be in each of the options U have and figure what will be the best way for U to go...
Only U know how much u can afford each month.
I'd prefer to pay off any bill as fast as I could to save from paying Interest...
.
Best thing IMO is for U to do the math, then see what Ur payments will be in each of the options U have and figure what will be the best way for U to go...
Only U know how much u can afford each month.
I'd prefer to pay off any bill as fast as I could to save from paying Interest...
.
Thread Starter
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Seasoned HDF Member
Joined: Oct 2009
Posts: 7,483
Likes: 4,955
From: North Dakota
Thanks for the answers, guys. I'll have to ponder this for a while.
Interest is what you pay to have something now, instead of saving up and buying it next year. When I was young a year wasn't that much; now I don't have so many of them.
Interest is what you pay to have something now, instead of saving up and buying it next year. When I was young a year wasn't that much; now I don't have so many of them.
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Road Master
Joined: Oct 2010
Posts: 811
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From: Oklahoma
That Dyna will be a fun bar-hopper. Sounds like the single loan would be more favorable to me.
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Road Master
Joined: Aug 2010
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From: Fair Oaks, Caliphornia
If you've been paying on the trike for more than a year and the interest rates are comparable, I'd stay with 2 loans. I'd only combine if the rate is much lower. If you refi the trike, the interest starts over from day one where you're paying more interest than principle. It depends on what you can pay and/or are willing to pay.