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Old 09-03-2010, 12:18 PM   #21
JOEBUSA
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So all toys shouldn't be financed? Theres no way in i'm gonna drop 70g on a boat when i can finance it
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Old 09-03-2010, 12:22 PM   #22
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Quote:
Originally Posted by JOEBUSA View Post
That's why you can finance a bike and keep your savings! How much more does it cost you to finance?

If you can finance it, you can afford it
This:
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I didn't want to take the time to save(plus I suck at saving).
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Old 09-03-2010, 12:24 PM   #23
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If your rate of return is higher than the interest rate on your loan, then financing does make sense. How's your rate of return?
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Old 09-03-2010, 12:25 PM   #24
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Quote:
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So all toys shouldn't be financed? Theres no way in i'm gonna drop 70g on a boat when i can finance it
Put it on your AMEX
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Old 09-03-2010, 12:29 PM   #25
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Buy used for cash. Bikes are toys and shouldn't be financed.
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+ 1,000 Unless it's your only means of transportation, financing a bike is not smart
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That's why you can finance a bike and keep your savings! How much more does it cost you to finance?

If you can finance it, you can afford it
+1
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Old 09-03-2010, 12:40 PM   #26
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Put it on your AMEX
I'll just use your's
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Old 09-03-2010, 12:52 PM   #27
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Quote:
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That's why you can finance a bike and keep your savings! How much more does it cost you to finance?

If you can finance it, you can afford it
There you go, just ask all those people that financed homes and are losing them right now. Great financial advice.

Quote:
Originally Posted by Bevo View Post
If your rate of return is higher than the interest rate on your loan, then financing does make sense. How's your rate of return?
Exactly, the interest rate on toys typically sucks.
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Old 09-03-2010, 12:54 PM   #28
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I have a savings for when SS and come crashing down!

I am saying my spending funds, I didn't want to save them. They are getting blown on something, may as well put them towards a bike.
I wanted a bike, and less than 2 weeks later, I had one! No need to want and want while I save up 5k!


I still say, if you have the cash, pay cash! but................
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Old 09-03-2010, 01:21 PM   #29
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Old 09-03-2010, 01:22 PM   #30
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My whole thing is I'm going to pay cash so I don't have a payment. I hate payments, if I didn't love my iPhone so much I probably would have a prepaid phone or something like that.
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Old 09-03-2010, 01:32 PM   #31
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I paid cash for one bike, financed another. My credit is great! Its good to finance and just pay it off quick...you pay little if any interest plus you get credit boosts. PLus, sometimes you can get the bike cheaper if you finance through the dealer, then reng the load to another bank. Done that a few times on cars and stuff.
smart!
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Iím really happy for you and Iím going to let you finish but AJFlo is one of the baddest mother fockers of all time!!!
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Old 09-03-2010, 01:38 PM   #32
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Quote:
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why is it dumb to finance a toy? I didn't want to take the time to save(plus I suck at saving). I don't see why everyone is flaming financing a bike.

Yes, cash is the ideal way, but it's bad to finance? Not at all dude!
I wish this thread existed before I bought my bike. Listen to some of these guys but learn as much as you can about bikes before purchasing
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Old 09-03-2010, 01:52 PM   #33
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Also, another thing to consider is the economy. I personally would prefer to be as liquid as possible. You never know whats going to happen with the economy tomorrow. If you own it outright, it becomes an asset instead of a liability when things get rough.
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Old 09-03-2010, 02:11 PM   #34
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it's not necessarily bad to finance something as long as you don't pay an exorbitant interest rate on the loan.

But it is almost always better to pay cash and avoid interest and other associated cost altogether.
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Old 09-03-2010, 02:28 PM   #35
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Old 09-03-2010, 02:33 PM   #36
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I guess I'm just dumb. I financed my bike and I have FC ins. Payment and ins. are still lower than my electric bill. 8 hours of work a month goes towards the note and ins. I wouldn't call that being in a bind.
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Old 09-03-2010, 03:10 PM   #37
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It's all about understanding what's a necessity and what's a luxury. Can you afford a luxurious lifestyle?
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Old 09-03-2010, 03:34 PM   #38
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Old 09-03-2010, 04:18 PM   #39
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Quote:
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It's all about understanding what's a necessity and what's a luxury. Can you afford a luxurious lifestyle?
I seem to find that anything I want is a necessity.
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Old 09-03-2010, 04:30 PM   #40
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I used Freedom Road Financial to get my brand new bike. low rates, and they're aimed towards financing bikes. you should have full coverage REGARDLESS of if you pay cash or finance IMO. i use progressive, geico wanted 850 per month for insurance, but progressive charges me 120 per month, and that's with all the perks.
my bike is my only transportation so it helps not to have a car payment on top of that. my bike payment is actually cheaper than the payments on the POS hyundai i had.


BTW...I don't know about everyone else, but my bike is not a toy, it's an extension of myself. It's a finely crafted, more beautiful, more perfect extension of myself
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