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Old 05-02-2014, 02:23 PM   #41
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Quote:
Originally Posted by Kawafasty View Post
Full coverage isn't always the smartest option imo. 5grand a year for zx-14 , 2 years of insurance payments buys me a new bike. But check that whrn u finance they are gonna want fc and it can be higher than giraffe p*ssy
Have you shopped around? That is ridiculous... How old are you? I have never paid over 100 a month for full coverage 500 deductible, theft/wind/fire, uninsured/underinsured all that even when I was under 25 with a liter bike.
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Old 05-02-2014, 02:25 PM   #42
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Get my soap box out here...

With the exception of a few months in 2010 I have been in debt since I was 16 years old and got my first vehicle which was a used family hand me down that I still had to pay for. Now I'm still young at 33 but that is essentially half of my life paying some other smuck for the privilege to spend my own money which I am to make in the future.

The subject for this thread is scary crazy in my opinion. Here's why and speaking from my own experience.

You're reaching further than you even reasonably can to purchase something you can't afford with money you don't have and possibly to impress people you really don't even like. So basically you want to buy the bank a bike for them so you can continue to pay for that bike to the bank for who knows how long. It's a f-cking slippery slope.

Pay cash or don't buy anything. That simple. Pay cash it your's and only yours on that first day. You don't have to pay someone 110-115-120% for something you could have waited for and only paid for the cost of purchase.

In my experience, I have been fortunate enough to keep good jobs. This allowed me in the past to keep kicking the can down the road. Get a nice pay increase, go buy something else and finance it...., I can afford the payments. Then the next pay increase the same thing. Next thing you know you're spending hundreds, if not thousands, a month in interest for you don't need and in the end don't really use after the first few months. It took me until a couple years ago to change my thinking and say screw paying interest on things and started paying cash for everything I purchase in order to work out of an amount of debt that would paralyze most peoples minds. All because I knew I could afford the payments....well sooner than later life throws a curve ball and you're out of luck. I'm hoping to avoid that curve ball and if you haven't bought this bike yet you can help yourself by waiting. It's an awesome feeling to walk out of a dealership with a new car or bike paid for in cash with absolutely no stress and no worry about 5-6 years of payments plus interest.

Remember when you were a kid and you had no worries in the world? Everyday was fun and games and maybe just a few house chores for your parents. Well, debt is the arch f-cking enemy of that freedom.

Debt ruins families, marriage, relationships with your kids, your life, and sometimes takes peoples lives.

It's not worth it. Take that cost of the interest you would be paying for the bike and put it into an account somewhere every month along with the payment for the bike itself. Then when you get enough for the bike go buy it if all your other debts are paid and count out how much you have in cold hard cash that is still yours and in your pocket because you didn't pay it to the bank.

Cash loans, title loans, and all other loan sharks don't set up shop in low income areas for now reason. Once you're on the hook it's to get off of it if ever. Simple, don't start.

My goal at this time is to have 0% debt and both my house and my wife's old house paid off in the next 5-6 years. For those of you that are in debt and still buying things with loans think about how much money you'd have in liquid cash to do whatever the heck you wanted to on any given day if you didn't have to pay those loan bills and mortgages. That's something that helped change my mind and looking at the numbers and really studying them can have a profound effect on the outlook of things when it comes to getting a loan, credit card, or waiting a little to pay cash.

Debt ruins families when you can't manage it. He's 17, probably at home. Granted, he probably shouldn't get a 11k+ bike, but who cares. All this says, is you were irresponsible when it came to borrowing money. Doesn't mean everyone else will be. Sad story, glad you got it turned around.
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Old 05-02-2014, 02:25 PM   #43
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Oh, you know what bank beats 3.99% Fixed APR on a superbike?
Something tells me that if your CU isn't giving you a loan that you'll have a hard time getting that factory sponsored 3.99% as well.
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Old 05-02-2014, 02:30 PM   #44
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Goe kawasaki was 2.9% btw. Thought rate was awesome
2.9% with a 690 direct through Kawasaki finance? Good luck! Best bet is a credit union and having financing already before going to a dealer. If you finance through them they are partnered with finance companies and will hit you high on a rate then go down as you start to walk. They will never throw the lowest rate at you first, why do that when they can make more if you don't complain?
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Old 05-02-2014, 02:36 PM   #45
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2.9% with a 690 direct through Kawasaki finance? Good luck! Best bet is a credit union and having financing already before going to a dealer. If you finance through them they are partnered with finance companies and will hit you high on a rate then go down as you start to walk. They will never throw the lowest rate at you first, why do that when they can make more if you don't complain?
I think people say " Go to a credit union " because they see other people say it, and feel it makes them in the loop of information.

Credit unions are excellent choices, but credit unions take the risk when they know you ( generally ). And MOST of the ones the people who say it, you know, the ones who actually know what they are talking about. Are at ones that are worth a . If it requires more than just living in an area, then those are generally the better ones. Brazos valley schools credit union for example, is nice. Dow jones fed credit union, that's nice to. Those guys like to help you out, even as a new member.

On the other hand, the " you live within 100 miles of this building, so you can join this credit union " , is just a bank, owned by another bank.

so, hopefully, when we say " go to a credit union ", we are not just saying it to look cool because everyone else says it. Plenty of in house financing companies, yamaha, honda, kawi, polaris, ect, give EXCELLENT APR rates, and IF YOU can qualify for them, then take them. 99% of the Credit unions won't / can't beat it.
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Old 05-02-2014, 02:39 PM   #46
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Old 05-02-2014, 02:40 PM   #47
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Old 05-02-2014, 02:43 PM   #48
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Originally Posted by Yillbs View Post
Debt ruins families when you can't manage it. He's 17, probably at home. Granted, he probably shouldn't get a 11k+ bike, but who cares. All this says, is you were irresponsible when it came to borrowing money. Doesn't mean everyone else will be. Sad story, glad you got it turned around.
It doesn't say anything other than my opinion on things. You know, like you said in your earlier post about people giving their two cents to people who could care less.

I have had no family problems or issues. Never missed a payment in my life. It's just utterly f-cking stupid to pay someone so you can spend your own earned money. Add to the fact, that this appears to be a very high risk loan that nobody wants to touch just multiplies the stupidity. To each their own, but if one person reads all the stuff I wrote and takes it into consideration then great. If not, no harm done and hopefully nobody looks at it later in life wishing they had gone about their financial lives in a more responsible way.

The younger he is the better off he is to save himself a ton of money by not going down the rabbit hole that the majority of the United States population does.

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Old 05-02-2014, 02:50 PM   #49
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I think people say " Go to a credit union " because they see other people say it, and feel it makes them in the loop of information.

Credit unions are excellent choices, but credit unions take the risk when they know you ( generally ). And MOST of the ones the people who say it, you know, the ones who actually know what they are talking about. Are at ones that are worth a . If it requires more than just living in an area, then those are generally the better ones. Brazos valley schools credit union for example, is nice. Dow jones fed credit union, that's nice to. Those guys like to help you out, even as a new member.

On the other hand, the " you live within 100 miles of this building, so you can join this credit union " , is just a bank, owned by another bank.

so, hopefully, when we say " go to a credit union ", we are not just saying it to look cool because everyone else says it. Plenty of in house financing companies, yamaha, honda, kawi, polaris, ect, give EXCELLENT APR rates, and IF YOU can qualify for them, then take them. 99% of the Credit unions won't / can't beat it.
I hear ya! I have several credit unions but only one I will recommend as they truly go above and beyond to help you.
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Old 05-02-2014, 02:53 PM   #50
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Old 05-02-2014, 02:58 PM   #51
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I'm surprised dbuck hasn't made a post in this thread yet. I feel like I normally see him get into the cash over credit discussions.
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Old 05-02-2014, 03:10 PM   #52
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I'm surprised dbuck hasn't made a post in this thread yet. I feel like I normally see him get into the cash over credit discussions.
I'm rising to the top baby!!!! No more hard knock lessons from DBuck. I'm cashing in on my investments these days to a degree. I drive paid off vehicles (3 of em), I ride a paid off motorcyle, I only owe about 20% on my first home (renters are paying that off for me while bringing me additional income), working on paying off the second house....I didn't get here by financing my . that's all from me.

other than my house....no debt.

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Old 05-02-2014, 03:13 PM   #53
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I'm not against financing toys...makes it possible for me to have enjoyment in my fairly young life. With the right interest rate, the difference between putting aside a couple hundred a month or paying on a "toy" would be minimal.

Unless you are just balling and can put aside a couple grand a month haha
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Old 05-02-2014, 03:19 PM   #54
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Something tells me that if your CU isn't giving you a loan that you'll have a hard time getting that factory sponsored 3.99% as well.
1. That's assuming you applied at a CU first
2. Ok, what CU can beat 3.99%?
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Old 05-02-2014, 03:23 PM   #55
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Bro Honda are the hardest bikes to get go for Kawasaki or Yamaha Honda you need about 720 or higher or just go Harley they have there on bank called eagle trust me I just got my harley was the fastest bike to get and this is my 4 bike
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Old 05-02-2014, 03:27 PM   #56
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Cash is king and your 11.5 otd bike is more like a 8k bike cash
That's bullshit because the last 4 new bikes I bought were paid for with cash and the dealer didn't give a if I borrowed the money or not. FYI, you realize dealers make money off the financing too, often more than off the vehicle itself so many times they're eager to come off the sticker price a lot to get you on the financing.
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Old 05-02-2014, 03:33 PM   #57
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1. That's assuming you applied at a CU first
2. Ok, what CU can beat 3.99%?
First off, I'll admit having only financed one bike in my life (back in '07) my experience with that is limited. I financed through the dealer because I didn't know better (7 or 8% IIRC) and then did a re-fi through Houston Federal Credit Union who cut my rate by more than half. Still had it paid off in something like 12-16 months.

But, my first step before buying any car has been to call up HFCU and see what they'll offer me in terms of interest, get pre-approval for $X, and I've got that in my back pocket going in. So far, dealer financing has beaten my CU each time (1.9% through Mazda in '08, 0.9% through VW just last year), but I feel pretty certain that if my CU had turned me down, the dealership wouldn't be offering me those rates either.

BTW, as of right now, HFCU is offering 2.25% on up to 36 month motorcycle finance.
https://www.houstonfcu.org/home/rates/personal

Yes, I've pre-qualified for that in the last year only to find out the bike I was considering was already sold, thus I bought nothing at the time and ended up picking up my sidecar rig for cash a couple of months ago.
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Old 05-02-2014, 03:34 PM   #58
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Bro Honda are the hardest bikes to get go for Kawasaki or Yamaha Honda you need about 720 or higher or just go Harley they have there on bank called eagle trust me I just got my harley was the fastest bike to get and this is my 4 bike
Yeah, in my experience (through friends), Harley will finance just about anybody.
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Old 05-02-2014, 03:36 PM   #59
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First off, I'll admit having only financed one bike in my life (back in '07) my experience with that is limited. I financed through the dealer because I didn't know better (7 or 8% IIRC) and then did a re-fi through Houston Federal Credit Union who cut my rate by more than half. Still had it paid off in something like 12-16 months.

But, my first step before buying any car has been to call up HFCU and see what they'll offer me in terms of interest, get pre-approval for $X, and I've got that in my back pocket going in. So far, dealer financing has beaten my CU each time (1.9% through Mazda in '08, 0.9% through VW just last year), but I feel pretty certain that if my CU had turned me down, the dealership wouldn't be offering me those rates either.

BTW, as of right now, HFCU is offering 2.25% on up to 36 month motorcycle finance.
https://www.houstonfcu.org/home/rates/personal

Yes, I've pre-qualified for that in the last year only to find out the bike I was considering was already sold, thus I bought nothing at the time and ended up picking up my sidecar rig for cash a couple of months ago.
Very easy to check bank, CU, and factory rates before you buy. You should never go to any dealership blind
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Old 05-02-2014, 03:49 PM   #60
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With 620 you are good just do your homework go to different place
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