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Old 08-15-2014, 02:12 PM   #1
IamStick
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Savings time

About how much do you think I should be putting back a week? I want to save up for a down payment on a bike. I know, I know it's better to just outright buy one, but no, I don't want to. It helps my credit.

So if I start putting 50-75$ back a week, do you think I could put a 1500$ down payment on a bike?
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Old 08-15-2014, 02:43 PM   #2
Eric6R
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If 200-300 a month is what you have to spare you are going to have a very hard time affording a bike, insurance, GEAR, tires, gas, and all the other little things that will "nickel and dime" more like hundred dollar you to death. Defiantly not trying to rain on your idea but it's an expensive hobby.
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Old 08-15-2014, 02:56 PM   #3
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Figure out what you can afford in a monthly note, then start putting that amount back and before you know it you'll have a nice down payment.
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Old 08-15-2014, 02:57 PM   #4
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This thread is so vague. Financing a bike is a bad idea IMO but you know that already so let me just do the math for you.

If you put 50 bucks a week away it will take you 30 weeks or almost 8 months.
With 75 bucks a week it will be 20 weeks or 5 months.

If it's taking you that long to just get a down payment I hope you have some credit cards to buy gear. It'll "help your credit" too!
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Old 08-15-2014, 03:16 PM   #5
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pro tip: buy. don't finance.
…or, do whatever you want. I'm not the money police.

but srsly. "building credit" by financing a depreciating liability is not being smart with your money.

Go to the bank. Get a $1000 unsecured loan and pay it back with interest. That will build your credit as much as any vehicle finance.
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Old 08-15-2014, 03:33 PM   #6
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Just go get a credit card and pay it off every month. Cheaper than paying high interest on a toy just to build credit. Not too long ago I had zero credit. A dozen cars, bikes, college, all paid with cash. Had about the lowest credit score possible because of it. After 18 months of having a credit card I had a really high credit score. High enough to get a low interest mortgage.
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Old 08-15-2014, 03:58 PM   #7
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Not enough info posted to know if your $1500 is worth a but. . .
do whatever you want to do with your money, it's your money and you obviously did something to earn it. As stupid as the previous posts make it sound, I financed 50% of my first bike when I was 21, and i had a blast on that machine! I paid the unusually high interest notes for a year before sending a check and paying off the remainder of the loan. I didn't go broke because of it, i was able to afford ALL of the gear I needed, and I don't regret it one bit! In hindsight, my mom thought i was an idiot, but some things never change!!!

Edited to add: I agree with those that say there are better ways to buy a bike, and to build your credit, but you have to be young and dumb before you can be old and wise...
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Old 08-15-2014, 04:06 PM   #8
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Figure out your insurance rates and your money available for a note. Then you can calculate how much you need to put down to get your note where you need it. Then you can figure out how much you need to save based on how soon you want a bike. Don't under estimate your insurance premiums in the formula
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Old 08-15-2014, 04:09 PM   #9
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You gotta pay to play....buy don't finance IMO when it comes to bikes
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Old 08-15-2014, 04:19 PM   #10
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If you must finance do not finance motorcycle. Go to credit union and take out personal loan at MUCH lower interest rate........problem solved.
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Old 08-15-2014, 04:25 PM   #11
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Okay thanks. Also, I've already got all my gear paid for, I am working another job soon, at Scream World as security, and I'm going to use the 1k that I get from there to buy my gear!
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Old 08-15-2014, 04:29 PM   #12
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I guess I cannot agree with a blanket statement of not financing a bike. The last couple of bikes I financed I financed between 0.9% and 3.5% There is no cheaper money to be had.

OTOH I do agree, that if you cannot afford about $300-$400 to come out of your paycheck, a bike could be a bit of a stretch financially.
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Old 08-15-2014, 04:31 PM   #13
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Well my car payment at the moment is like 327$ an extra 300-400 will not hurt me.
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Old 08-15-2014, 04:33 PM   #14
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Quote:
Originally Posted by apleschu View Post
I guess I cannot agree with a blanket statement of not financing a bike. The last couple of bikes I financed I financed between 0.9% and 3.5% There is no cheaper money to be had.

OTOH I do agree, that if you cannot afford about $300-$400 to come out of your paycheck, a bike could be a bit of a stretch financially.
sure there is....cash money you don't have to borrow.
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Old 08-15-2014, 04:35 PM   #15
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I don't know, I've never financed a bike before, I'm sure it's the same as a car more than so i'm assuming?
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Old 08-15-2014, 04:37 PM   #16
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Quote:
Originally Posted by IamStick View Post
I don't know, I've never financed a bike before, I'm sure it's the same as a car more than so i'm assuming?
except that your insurance will be sky high if you're young...maybe even if you're "old". do your homework before signing the dotted line if you must finance a new bike.
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Old 08-15-2014, 04:40 PM   #17
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Quote:
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except that your insurance will be sky high if you're young...maybe even if you're "old". do your homework before signing the dotted line if you must finance a new bike.
You actually have a point, My insurance at this moment is sky high due to all my speeding tickets in my car.
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Old 08-15-2014, 04:42 PM   #18
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Quote:
Originally Posted by IamStick View Post
You actually have a point, My insurance at this moment is sky high due to all my speeding tickets in my car.
how old are you? I'm going to go ahead and say, with the statement above, your insurance is going to be bonkers!!!
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Old 08-15-2014, 04:43 PM   #19
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At this moment in time I am 20 years of age. Ha ha.
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Old 08-15-2014, 05:38 PM   #20
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At this moment in time I am 20 years of age. Ha ha.
Full coverage will likely cost you 400+ a month.
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