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Old 08-25-2015, 09:25 PM   #41
Adamrides
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Originally Posted by BUSA II View Post
Did someone say they were quoted $8K/yr for comp coverage? Was that for four bikes, or what? Lol
Yeah me, 8k per year on an r6 my fz-07 is 6k per year if I want full coverage
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Old 08-25-2015, 10:07 PM   #42
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Yeah me, 8k per year on an r6 my fz-07 is 6k per year if I want full coverage
da fuq?
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Old 08-25-2015, 10:29 PM   #43
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You must have totalled like 14 cars. I've never heard anything like that.

I was 21 when I started riding, I was a habitual traffic offender (more than 20 speeding tickets) had had my license suspended twice for tickets, a dwi and had totalled 3 cars in less than two years and had two other at fault accidents and i could still get coverage through usaa, geico and progressive. Think m highest quote for full coverage on the hayabusa was $255/month.

Thefaq do they want almost $700/month from you?
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Old 08-25-2015, 10:45 PM   #44
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Old 08-26-2015, 06:24 AM   #45
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Old 08-26-2015, 02:50 PM   #46
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This is one of the best threads ever! - In response to a question that was beaten to death several decades ago, hmmm...

Hey dude, we don't want to tell you what to do. Part of what makes the motorcycle riding community so tight is the fact that we've all had to go it ourselves, and end up coming to share the same knowledge and experiences. We just want to shine a light on the path (figuratively speaking) you'll end up going on.

+1 to the comment about not getting your "dream" bike as your first. EVERYONE thinks this is the one they'll have for years to come, and it NEVER happens. This is a lesson you're going to learn either way, and learning the hard way isn't "better".

Let's take a look at the "learning curve": motorcycles are unique compared to everything else. If you want to be a guitar , you start with an acoustic, get bored with learning how to tune the strings and find single notes - and the first song you play will be a horrible rendition of "Twinkle Twinkle Little Star". If you start martial arts lessons, you get bored with learning stances and how to keep your wrists straight. Your first fight will be feather-light taps against a punching bag. Catch is, in these instances you may practice for years before you're in front of an audience performing. Bikes are not like that; you whiz-bang through practice and POW you're on the road, dealing with traffic, animals, children, people on their cell phone, people running lights and stop signs, and a thousand other things that can kill you. Dogs chase bikes, and they don't stop just because you're new. Children will run out in the road, pointing and making comments starting from day one. And did I mention the idiots on their phone and texting?

The bike you get will likely be very different from the one you putt-putt around on in the parking lot for the MSF class. The bigger and more powerful it is the more intimidating it will be, and the likelyhood of a mishap skyrockets. Yes, you're on your own here and you can buy whatever you want; nonetheless the overwhelming opinion is to start small. It's great advice. Think of it this way: if your first guitar came with a 10,000 volt shock collar that zaps you for every wrong note, would you get a 4-string bass/rhythm guitar, or a complicated Spanish 12-string? Clutch control simply takes a while to learn. So does throttle control. And braking control (there's two brakes, front and rear, unlike cars). And you need to learn body position. Plus you need to learn new techniques for staying visible to other drivers, while keeping as much of the road in YOUR vision as possible. Basically, you're actually learning nearly a dozen new skills all at once, with only 2-3 days practice before you're in the ring against a sea of larger opponents. That little 250cc starting to sound good?

Now, as for the buying process: take note of the word "process". Start by buying your gear (helmet, gloves, jacket with CE-armor). You'll end up wearing it if you buy it, and if all else fails you can sell your gear and get most of your money back. Know that most dealerships will require you to have insurance on a bike before they can let it leave the parking lot (state law), even if it's paid for in full. I'd suggest a reputable dealer instead of a private seller. Not only will a dealer inspect the vehicle and make sure that it's safe to ride, but also with private sellers there's tons of horror stories from stolen bikes and/or issues with titles and registration etc.

FORGET FINANCING! Conditions on co-signers, credit scores requirements, etc. are more stringent with bikes. Don't buy until you can pay in full, and be prepared to make the bike itself the final item in the purchase process (MSF class, license, insurance and gear first). If it's any condolence I myself spent 4 years (yes, FOUR!!) saving up the money. Thankfully, this is the exception to the rule. Don't lose hope - you CAN do this. Take a second job if you need to.

Sorry for the novel - and good luck.
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Old 08-26-2015, 03:47 PM   #47
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Well said Bart!
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Old 08-26-2015, 05:14 PM   #48
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Just never understand why all the argument against financing a bike. Never see any solid reasoning behind it - unless you're just irresponsible.

If you can make the payments on time then financing is as good or better than purchasing outright because maintaining a loan and successfully paying it off will absolutely help your credit score.

The only possible negatives are: 1) The finance charge/interest rate, which in this market you can get down to the low single digits, which might actually be worth the expense when you consider the advantages gained from the benefit of a higher credit score - and if you can make back-end payments and pay it off early you can avoid much of this anyway. 2) Having outstanding debt can hurt your credit while you're making payments - but, this is not like credit card debt, this is a loan on tangible property so $5K of debt doesn't hurt you like $5K of credit card debt does. 3) You might have to get full coverage - but then again, some lenders may not require it or as a personal loan, you wont need it.

Anyway, the only real drawback I can see to financing is if you use it to overextend yourself. If you're a responsible borrower it may actually be a smarter move than paying cash.
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Old 08-27-2015, 06:22 AM   #49
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I have NO doubt in my mind I would have killed myself if I would have had "any 600" for my first bike at that age.
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Old 08-27-2015, 06:25 AM   #50
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The only thing is I don't want to be stuck with it you know? Its a nice first bike tho but I'm gonna grow out of that really quick I just know.
No you won't, but even if you "did" You could ride that for a year and sell it for EXACTLY the same price you bought it for.
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Old 08-27-2015, 08:35 AM   #51
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Just never understand why all the argument against financing a bike. Never see any solid reasoning behind it - unless you're just irresponsible.

If you can make the payments on time then financing is as good or better than purchasing outright because maintaining a loan and successfully paying it off will absolutely help your credit score.

The only possible negatives are: 1) The finance charge/interest rate, which in this market you can get down to the low single digits, which might actually be worth the expense when you consider the advantages gained from the benefit of a higher credit score - and if you can make back-end payments and pay it off early you can avoid much of this anyway. 2) Having outstanding debt can hurt your credit while you're making payments - but, this is not like credit card debt, this is a loan on tangible property so $5K of debt doesn't hurt you like $5K of credit card debt does. 3) You might have to get full coverage - but then again, some lenders may not require it or as a personal loan, you wont need it.

Anyway, the only real drawback I can see to financing is if you use it to overextend yourself. If you're a responsible borrower it may actually be a smarter move than paying cash.
If a motorcycle is your only means of transportation then there's nothing wrong with financing it.

If it's a toy, then financially speaking it's a stupid idea to tie up money that way.
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Old 08-27-2015, 08:35 AM   #52
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Quote:
Originally Posted by BUSA II View Post
Just never understand why all the argument against financing a bike. Never see any solid reasoning behind it - unless you're just irresponsible.

If you can make the payments on time then financing is as good or better than purchasing outright because maintaining a loan and successfully paying it off will absolutely help your credit score.

The only possible negatives are: 1) The finance charge/interest rate, which in this market you can get down to the low single digits, which might actually be worth the expense when you consider the advantages gained from the benefit of a higher credit score - and if you can make back-end payments and pay it off early you can avoid much of this anyway. 2) Having outstanding debt can hurt your credit while you're making payments - but, this is not like credit card debt, this is a loan on tangible property so $5K of debt doesn't hurt you like $5K of credit card debt does. 3) You might have to get full coverage - but then again, some lenders may not require it or as a personal loan, you wont need it.

Anyway, the only real drawback I can see to financing is if you use it to overextend yourself. If you're a responsible borrower it may actually be a smarter move than paying cash.

Most union creditors will have a special low interest promotion for 1st time buyers. I'm in total agreement with Busa, there should be no reason not to finance if you are responsible with your money. Even though I have the cash on hand to buy vehicles, I always finance them to give me a head start at building up what I'm about to spend.

If you have a veteran in your immediate family with good credit, you might want to utilize them for a co-signer. You could possibly get zero down with a low monthly interest rate
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Old 08-27-2015, 08:37 AM   #53
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Most union creditors will have a special low interest promotion for 1st time buyers.
For motorcycles? I'd like to see that promotion in print or on or the web.
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Old 08-27-2015, 08:43 AM   #54
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Quote:
Originally Posted by Bevo View Post
If a motorcycle is your only means of transportation then there's nothing wrong with financing it.

If it's a toy, then financially speaking it's a stupid idea to tie up money that way.
I don't agree with you. Every chance I get to keep more money in the bank, I jump on it. Why drop $10k all at once, when you can partially pay it down? With interest rates being so low, it's not like you will suffer a huge hit. Now if you have credit, well, then you should have been more careful in the beginning... but it is never too late to start recovering your credit.
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Old 08-27-2015, 08:45 AM   #55
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For motorcycles? I'd like to see that promotion in print or on or the web.
Not for motorcycles Vehicles only. Recreational vehicles are in a class of their own.
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Old 08-27-2015, 08:58 AM   #56
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Quote:
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If a motorcycle is your only means of transportation then there's nothing wrong with financing it.

If it's a toy, then financially speaking it's a stupid idea to tie up money that way.
It's a stupid idea contingent on your financial goals. If you want to have the most money in the bank when you retire, sure, it's dumb. So is buying a toy at all, at that rate. The aggregate finance charge for my 300 when I financed it was like $300. That's practically irrelevant.
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Old 08-27-2015, 08:58 AM   #57
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I don't agree with you. Every chance I get to keep more money in the bank, I jump on it.
What kind of interest are you pulling on your bank accounts?
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Old 08-27-2015, 09:00 AM   #58
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I don't agree with you. Every chance I get to keep more money in the bank, I jump on it. Why drop $10k all at once, when you can partially pay it down? With interest rates being so low, it's not like you will suffer a huge hit. Now if you have credit, well, then you should have been more careful in the beginning... but it is never too late to start recovering your credit.
If you get an interest rate below 4% on any given loan, and you could afford to pay cash for said item, then it is financially in your best interest to take the loan and invest the lump sum and only draw from it to make loan payments. You'll make more than the 4% over the years by investing.
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Old 08-27-2015, 09:01 AM   #59
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It's a stupid idea contingent on your financial goals. If you want to have the most money in the bank when you retire, sure, it's dumb. So is buying a toy at all, at that rate. The aggregate finance charge for my 300 when I financed it was like $300. That's practically irrelevant.
Did you have to pay for full coverage insurance on that financed bike? How much did that cost?
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Old 08-27-2015, 09:02 AM   #60
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