Financing a new bike

5/11/2019 2:37am Edited Date/Time 5/11/2019 2:39am
opyguy wrote:
if you have bad credit you SHOULD NOT be financing dirt bike..
The problem with bad credit is youre going to be paying 19% interest. Your interest payment alone will be $150 a month. But if you can...
The problem with bad credit is youre going to be paying 19% interest. Your interest payment alone will be $150 a month. But if you can be responsible and swing it, it can help you clean up your credit.
Haven't seen it mentioned here but have you considered getting a bank loan to buy the bike outright off the dealer? The reason I ask is because they're usually much lower % interest rates than financing something unless you can get it at 0% ofc.

Put as much of your own money forward as you realistically can and use a loan to cover the rest (just as you would by financing) you'll sleep easier knowing that you own your bike 100% and banks are usually better understanding if you get made redundant etc and can't make payments (my experience).

I'm in the UK so could be completely different ball game to you but this is how most people I know "finance" their bikes here! Just a thought
Rjk31
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5/11/2019 3:48am Edited Date/Time 5/11/2019 3:49am
This is a bike forum and you have all these pompous losers telling your that financing a bike is bad?
If that's your way to get into a bike, do it. Money will always come and go, making memories and riding while you are able to might not always be.
If you guys are so disgusted by paying for something that will lose value how do you buy gas for your bike? Or wash it.. just spraying money out the hose! Ffs even your house has a chance of being worth next to nothing these days.
Buy the bike, have fun, wear a smile and make your payment on time.
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mysterion117
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5/11/2019 3:49am
I financed a leftover 2015 YZ250 a few years ago. Like $5700 OTD. $0 down, 0% interest if I paid off in 36 months. I paid like $230 a month and paid it off around 30 or 32 months. Don’t listen to these dudes with more money than god. Financing is alright as long as you understand how much you’ll be paying for how long. Don’t let the salesmen talk you into anything you don’t fully understand
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crf584
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5/11/2019 3:54am
kb228 wrote:
This guy gets it!
yea no shit. But how many people on here actually buy cars, motorcycles etc cash? As long as you have some money in the bank and...
yea no shit. But how many people on here actually buy cars, motorcycles etc cash? As long as you have some money in the bank and aren't getting rapped by interest who gives a fuck. If you can pay your bills, save for retirement and always have some cushion in the bank if something happens then go for it.



clemsonsc wrote:
This is actually not very difficult. I have purchased 2 ford trucks in my life, and got them both for 0%. Excluding my home, I have...
This is actually not very difficult. I have purchased 2 ford trucks in my life, and got them both for 0%. Excluding my home, I have paid less than $600 interest on anything ever.


To answer the op. Look for low interest, maybe a credit union.?? Pay 50% down you will not regret it. The goal is, figure out how to pay for something and then buy it. Don’t buy something and then figure out how to pay for it.
Not trying to stir the pot but when Ford offers zero percent it’s always zero percent or the slew of rebates being offered. Usually actually save more money by taking the rebates and negotiating price assuming a rate of 2.9 or lower. That zero percent deal always hovers at a higher sale price.
To the original poster, usually pay cash but have financed in the past. I actually preferred personal loans over bank financing. Title in hand is nice when you get hurt and may need to sell. Who the hell buys a bike from a stranger and waits 30 days for a title. A couple of points of interest on a 7k under loan doesn’t equal much more of a payment. As an older more established guy my advice is to try and put at least half down, and I love me some prior year model smoking deals.
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The Shop

kb228
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5/11/2019 4:10am
Rjk31 wrote:
This is a bike forum and you have all these pompous losers telling your that financing a bike is bad? If that's your way to get...
This is a bike forum and you have all these pompous losers telling your that financing a bike is bad?
If that's your way to get into a bike, do it. Money will always come and go, making memories and riding while you are able to might not always be.
If you guys are so disgusted by paying for something that will lose value how do you buy gas for your bike? Or wash it.. just spraying money out the hose! Ffs even your house has a chance of being worth next to nothing these days.
Buy the bike, have fun, wear a smile and make your payment on time.
Its not about being a “pompous loser” its about doing basic math dude. Nothing wrong with trying to help someone save money and stay out of debt.

If you wanna go into debt then by all means go for it. Nobody really cares.
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sandtrack315
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5/11/2019 4:31am
MOTO732 wrote:
Financing depreciable assets is not wise.
Depends on the interest rate. If it’s lower than you’d get in an investment / savings account, then it would be silly to not take the cheap loan while your cash grows in the bank. Of course, this is not always the case, but over the last 10 years S&P500 returns have greatly outpaced interest rates. If you took loans on cars and bikes and kept the cash in the market you’d be ahead of someone who paid cash up front.
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BobKerr
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5/11/2019 4:43am Edited Date/Time 5/11/2019 4:45am
Cash only for me. I'm older now, but still did it that way in my teens and twenties. I would just save up. I never owned a new bike though. Same thing with cars and trucks, just saved up until I could pay cash. I've never owned a new car or truck either.
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clemsonsc
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5/11/2019 4:57am
yea no shit. But how many people on here actually buy cars, motorcycles etc cash? As long as you have some money in the bank and...
yea no shit. But how many people on here actually buy cars, motorcycles etc cash? As long as you have some money in the bank and aren't getting rapped by interest who gives a fuck. If you can pay your bills, save for retirement and always have some cushion in the bank if something happens then go for it.



clemsonsc wrote:
This is actually not very difficult. I have purchased 2 ford trucks in my life, and got them both for 0%. Excluding my home, I have...
This is actually not very difficult. I have purchased 2 ford trucks in my life, and got them both for 0%. Excluding my home, I have paid less than $600 interest on anything ever.


To answer the op. Look for low interest, maybe a credit union.?? Pay 50% down you will not regret it. The goal is, figure out how to pay for something and then buy it. Don’t buy something and then figure out how to pay for it.
crf584 wrote:
Not trying to stir the pot but when Ford offers zero percent it’s always zero percent or the slew of rebates being offered. Usually actually save...
Not trying to stir the pot but when Ford offers zero percent it’s always zero percent or the slew of rebates being offered. Usually actually save more money by taking the rebates and negotiating price assuming a rate of 2.9 or lower. That zero percent deal always hovers at a higher sale price.
To the original poster, usually pay cash but have financed in the past. I actually preferred personal loans over bank financing. Title in hand is nice when you get hurt and may need to sell. Who the hell buys a bike from a stranger and waits 30 days for a title. A couple of points of interest on a 7k under loan doesn’t equal much more of a payment. As an older more established guy my advice is to try and put at least half down, and I love me some prior year model smoking deals.
That is not a false statement. But when purchasing through ford, dealers try to match Internet pricing. I try to let the dealer believe he’s smarter than me, negotiate a price based on what you find on the web. Then get a x plan pin #, in my last purchase it took off around $9,500. Then I wrote them a check for $45,000. I took the %0 on the remaining balance for 3 years.
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chump6784
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5/11/2019 5:06am
When it comes to bikes i don't like buying second hand. I've had some second hand bikes be great and I've had others where i ended up with new bike money into them once i fixed things that can't be seen on an inspection and quick test ride.
When i was younger I would put as much down as i could and finance the rest and pay it off usually within 12 months. Cost me a little bit of interest but i had a new bike or car sooner. Just don't take the full term to pay it off. I have a mate who bought an r6 on 5 years finance. He just paid it off and he ended up paying over 20k all up for it with the interest.
Now I'm older and business is doing well i pay cash for toys but if you are sensible there is nothing wrong with financing
Natester551v
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5/11/2019 5:42am
This has probably already been mentioned, but the interest is not the only additional cost. The guy buying brand new takes a huge hit on overall cost just rolling it out of the dealership in most cases.

As to "buying someone else's hand me downs", I bought my last bike w/22 hrs for $5k less than the owner paid out the door, bike already had a full titanium exhaust (another grand). So I guess I'm okay with buying used in many cases.

As to the OP, if you have to but new, lots of good advice on here (previous model year, low interest rates, accelerated payments, etc. Just know up front what the total cost will be and be smart about it. New bikes are sweet!
Brentyancich
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5/11/2019 6:26am
Money is sensitive subject no doubt . I financed an 09 kx 450 with $1500 down . Had to have fuel injection ?. A few months later had an ugly C class crash resulting in multiple fractures and surgery. You can guess how things snowballed from there. Loss of income , medical bills, etc. Took a long time to dig out of that hole . Buy a clean $3k bike and enjoy the freedom of less payments .
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KHI Guy
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5/11/2019 6:48am
Muzzle wrote:
There are ways to make financing a depreciable asset work for you if you're creative and are disciplined. Back in the day I financed my 06...
There are ways to make financing a depreciable asset work for you if you're creative and are disciplined. Back in the day I financed my 06 KTM on a KTM credit card that had 0% interest for 24 months. Then at month 23 I transferred the balance to a Discover Card that was offering 0% for the lifetime of the balance with no transfer fee. I then proceeded to pay a little more than the minimum payment for the next 10 years and kept my cash in the bank and other investments earning a return. I never paid a dime in interest and I still ride the bike today. Now I realize that for quite some time I was under water with this strategy and it only worked by keeping the bike long term.

Too bad those 0% for the life of the balance offers are now extinct...

You can find credit cards that offer 0% for 21 months on purchases, however. If you can be disciplined and afford the payments to pay it off in that time-frame, keep your cash working for you. You won't get under water with that short of a term either.

Or, you pay interest for the privilege of using someone else's money to get your bike now, rather than waiting until you save enough on your own.
yz25 wrote:
That is how it’s done! Did this a few times. But had world of problems getting my title!
Why did you have problems getting the title? The minute you pay with a Credit Card (like a Visa or Discover), the bike is paid for and you get the title right away. You are now the owner. Credit cards are unsecured loans.

I'm sure the KTM or Yamaha card holds your title to secure the loan (I've never gone that route), but if you use a Discover card to pay off the balance on the KTM card (like in the post above), then you'd get the title at that time.

I bought a CRF 450 years ago with my Visa card. Got the title right away. Good thing because I had to sell the bike shortly after, and I had my title in hand vs. trying to sell a 1 year old bike with a lien on it.
SEE ARE125
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5/11/2019 7:35am
Example: $9600 bike

Option A - Finance @ $200/mo for 48mos
Option B - Save $200/mo for 48mos

After 48 months

Option A - You finally own a worn out 4yr old bike
Option B - You finally own a brand new 2023 bike

I’ll finance @ 0%, but only if it’s truly 0%. I bought a mower this spring, they had 0% financing for 48mos. Tag on the mower had 2 prices, cash price was $4,500, financed price was $4,800. So in that case 0% was actually like 3.2%.
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sandtrack315
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5/11/2019 8:18am
SEE ARE125 wrote:
Example: $9600 bike Option A - Finance @ $200/mo for 48mos Option B - Save $200/mo for 48mos After 48 months Option A - You finally...
Example: $9600 bike

Option A - Finance @ $200/mo for 48mos
Option B - Save $200/mo for 48mos

After 48 months

Option A - You finally own a worn out 4yr old bike
Option B - You finally own a brand new 2023 bike

I’ll finance @ 0%, but only if it’s truly 0%. I bought a mower this spring, they had 0% financing for 48mos. Tag on the mower had 2 prices, cash price was $4,500, financed price was $4,800. So in that case 0% was actually like 3.2%.
You also missed out on 4 years of riding...
SEE ARE125
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5/11/2019 8:42am
SEE ARE125 wrote:
Example: $9600 bike Option A - Finance @ $200/mo for 48mos Option B - Save $200/mo for 48mos After 48 months Option A - You finally...
Example: $9600 bike

Option A - Finance @ $200/mo for 48mos
Option B - Save $200/mo for 48mos

After 48 months

Option A - You finally own a worn out 4yr old bike
Option B - You finally own a brand new 2023 bike

I’ll finance @ 0%, but only if it’s truly 0%. I bought a mower this spring, they had 0% financing for 48mos. Tag on the mower had 2 prices, cash price was $4,500, financed price was $4,800. So in that case 0% was actually like 3.2%.
You also missed out on 4 years of riding...
It’s called delayed gratification, more people should try it instead of needing everything right now like a 2 year old. Funny thing is, once someone has scrapped and saved and finally has $10k in the bank, they don’t want to blow it all on a dirt bike. Sort of amusing how emotions can change when it’s YOUR money and not the banks.
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-MAVERICK-
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5/11/2019 8:44am
SEE ARE125 wrote:
Example: $9600 bike Option A - Finance @ $200/mo for 48mos Option B - Save $200/mo for 48mos After 48 months Option A - You finally...
Example: $9600 bike

Option A - Finance @ $200/mo for 48mos
Option B - Save $200/mo for 48mos

After 48 months

Option A - You finally own a worn out 4yr old bike
Option B - You finally own a brand new 2023 bike

I’ll finance @ 0%, but only if it’s truly 0%. I bought a mower this spring, they had 0% financing for 48mos. Tag on the mower had 2 prices, cash price was $4,500, financed price was $4,800. So in that case 0% was actually like 3.2%.
You also missed out on 4 years of riding...
SEE ARE125 wrote:
It’s called delayed gratification, more people should try it instead of needing everything right now like a 2 year old. Funny thing is, once someone has...
It’s called delayed gratification, more people should try it instead of needing everything right now like a 2 year old. Funny thing is, once someone has scrapped and saved and finally has $10k in the bank, they don’t want to blow it all on a dirt bike. Sort of amusing how emotions can change when it’s YOUR money and not the banks.
Who says you'll be alive in 4 years time? No one can predict the future.

Live for today, not tomorrow.
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mxb2
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5/11/2019 8:50am
You also missed out on 4 years of riding...
SEE ARE125 wrote:
It’s called delayed gratification, more people should try it instead of needing everything right now like a 2 year old. Funny thing is, once someone has...
It’s called delayed gratification, more people should try it instead of needing everything right now like a 2 year old. Funny thing is, once someone has scrapped and saved and finally has $10k in the bank, they don’t want to blow it all on a dirt bike. Sort of amusing how emotions can change when it’s YOUR money and not the banks.
-MAVERICK- wrote:
Who says you'll be alive in 4 years time? No one can predict the future.

Live for today, not tomorrow.
Bingo
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MOTO732
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5/11/2019 8:57am
I was. Wtf does that have to with anything?
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BobPA
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5/11/2019 9:18am Edited Date/Time 5/11/2019 9:21am
I financed a leftover 2015 YZ250 a few years ago. Like $5700 OTD. $0 down, 0% interest if I paid off in 36 months. I paid...
I financed a leftover 2015 YZ250 a few years ago. Like $5700 OTD. $0 down, 0% interest if I paid off in 36 months. I paid like $230 a month and paid it off around 30 or 32 months. Don’t listen to these dudes with more money than god. Financing is alright as long as you understand how much you’ll be paying for how long. Don’t let the salesmen talk you into anything you don’t fully understand
$230 x 30 months = $6900

Either it was not zero percent, or you paid a lot more than $5700.

I have both financed a bike, and paid cash for a new bike. To each his own, I had great experiences doing both. The guy who says to save up to buy a bike for 4 years....That is completely ridiculous, if you want to ride...make it happen. A few hundred bucks more in interest should not kill you in the long run.

FYI cash is not king anymore. Dealers could't care less if you have cash in your pocket, or a pen to fill out a loan application. They get paid either way....Sometimes even get a kick back for using certain creditors.
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clemsonsc
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5/11/2019 9:20am
MOTO732 wrote:
I was. Wtf does that have to with anything?
I think I know who wears the pants in this house. ?
mysterion117
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5/11/2019 10:05am
I financed a leftover 2015 YZ250 a few years ago. Like $5700 OTD. $0 down, 0% interest if I paid off in 36 months. I paid...
I financed a leftover 2015 YZ250 a few years ago. Like $5700 OTD. $0 down, 0% interest if I paid off in 36 months. I paid like $230 a month and paid it off around 30 or 32 months. Don’t listen to these dudes with more money than god. Financing is alright as long as you understand how much you’ll be paying for how long. Don’t let the salesmen talk you into anything you don’t fully understand
BobPA wrote:
$230 x 30 months = $6900 Either it was not zero percent, or you paid a lot more than $5700. I have both financed a bike...
$230 x 30 months = $6900

Either it was not zero percent, or you paid a lot more than $5700.

I have both financed a bike, and paid cash for a new bike. To each his own, I had great experiences doing both. The guy who says to save up to buy a bike for 4 years....That is completely ridiculous, if you want to ride...make it happen. A few hundred bucks more in interest should not kill you in the long run.

FYI cash is not king anymore. Dealers could't care less if you have cash in your pocket, or a pen to fill out a loan application. They get paid either way....Sometimes even get a kick back for using certain creditors.
It was just estimates. It was a loonnngggg time ago so numbers are fuzzy. It was definitely 0% though, after the 36 months it would’ve been 24.9%. Don’t you have better shit to do on a Saturday than check people’s shitty math?
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BobPA
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5/11/2019 10:19am
I financed a leftover 2015 YZ250 a few years ago. Like $5700 OTD. $0 down, 0% interest if I paid off in 36 months. I paid...
I financed a leftover 2015 YZ250 a few years ago. Like $5700 OTD. $0 down, 0% interest if I paid off in 36 months. I paid like $230 a month and paid it off around 30 or 32 months. Don’t listen to these dudes with more money than god. Financing is alright as long as you understand how much you’ll be paying for how long. Don’t let the salesmen talk you into anything you don’t fully understand
BobPA wrote:
$230 x 30 months = $6900 Either it was not zero percent, or you paid a lot more than $5700. I have both financed a bike...
$230 x 30 months = $6900

Either it was not zero percent, or you paid a lot more than $5700.

I have both financed a bike, and paid cash for a new bike. To each his own, I had great experiences doing both. The guy who says to save up to buy a bike for 4 years....That is completely ridiculous, if you want to ride...make it happen. A few hundred bucks more in interest should not kill you in the long run.

FYI cash is not king anymore. Dealers could't care less if you have cash in your pocket, or a pen to fill out a loan application. They get paid either way....Sometimes even get a kick back for using certain creditors.
It was just estimates. It was a loonnngggg time ago so numbers are fuzzy. It was definitely 0% though, after the 36 months it would’ve been...
It was just estimates. It was a loonnngggg time ago so numbers are fuzzy. It was definitely 0% though, after the 36 months it would’ve been 24.9%. Don’t you have better shit to do on a Saturday than check people’s shitty math?
No need to get mad at me for your "fuzzy" memory. Why have false info on the internet? That helps absolutely no one. Took me 8 seconds to calculate that in my head....Surely less time than you spent trying to insult someone of far superior intelligence on the interwebs. As you clearly used a calculator to check your own math....
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PTECH
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5/11/2019 11:17am
As long as you're paying under 5% I don't think there's a problem financing. Is it absolutely the smartest use of your money, no, but frankly neither is riding a dirt bike in general. Negotiate like you're paying cash, not just off the monthly payment. Enjoy your new bike, theres nothing like a freshie.
motoman617
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5/11/2019 11:46am
Old guy here that financed bikes when I was younger. Was always careful and did not jump into foolish deals but usually got what I wanted. I worked hard and wanted to enjoy things. Enjoyed the hell out of riding and racing all those bikes. If I had not financed them I would not have been riding. Now I cannot ride but I have a ton of good memories.

Do like people here have said and find a good deal you are comfortable with and get out and ride. Do it while you can. Never know where you will be in 4 years. Life is too short to sit on the sidelines.
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SEE ARE125
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5/11/2019 12:17pm Edited Date/Time 5/11/2019 12:27pm
You also missed out on 4 years of riding...
SEE ARE125 wrote:
It’s called delayed gratification, more people should try it instead of needing everything right now like a 2 year old. Funny thing is, once someone has...
It’s called delayed gratification, more people should try it instead of needing everything right now like a 2 year old. Funny thing is, once someone has scrapped and saved and finally has $10k in the bank, they don’t want to blow it all on a dirt bike. Sort of amusing how emotions can change when it’s YOUR money and not the banks.
-MAVERICK- wrote:
Who says you'll be alive in 4 years time? No one can predict the future.

Live for today, not tomorrow.
I don’t want to argue with you Mav because you seem to be pretty level headed and make solid posts that I often agree with. Let’s say I die 2yrs from now. If I die 2yrs into saving for a bike, that’s $4,800 my family can use to bury my ass. If I die 2yrs after financing a bike, that’s $4,800 in debt left to my family. If I die in 1yr, that’s $2,400 to my family vs $7,200 in debt. I totally get the “live for today” thing, but if you have a wife/kids and don’t live for tomorrow, you’re being a bit selfish and doing them a huge disservice. My goal is to leave my family with assets as opposed to debt. This whole thread is pointless though, people are gonna do what people do, to each their own. Again, nothing but respect for you Mav, just expressing my personal stance on it.
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GoldenKTM
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5/11/2019 12:49pm
To answer your question I paid about 110 a month with 0 down for a leftover 2017 ktm 250 sx.

I learned more about finance and realized I spent my money paying navy federal that I could have been investing in my retirement so I deployed and payed it off lump sum.

Taking a loan and going into debt for a dirt bike is not a wise financial decision and I would highly encourage you to save money and pay in cash. If that’s not an option maybe you can’t afford a brand new bike and look for a low hour used bike.
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-MAVERICK-
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5/11/2019 1:46pm
SEE ARE125 wrote:
It’s called delayed gratification, more people should try it instead of needing everything right now like a 2 year old. Funny thing is, once someone has...
It’s called delayed gratification, more people should try it instead of needing everything right now like a 2 year old. Funny thing is, once someone has scrapped and saved and finally has $10k in the bank, they don’t want to blow it all on a dirt bike. Sort of amusing how emotions can change when it’s YOUR money and not the banks.
-MAVERICK- wrote:
Who says you'll be alive in 4 years time? No one can predict the future.

Live for today, not tomorrow.
SEE ARE125 wrote:
I don’t want to argue with you Mav because you seem to be pretty level headed and make solid posts that I often agree with. Let’s...
I don’t want to argue with you Mav because you seem to be pretty level headed and make solid posts that I often agree with. Let’s say I die 2yrs from now. If I die 2yrs into saving for a bike, that’s $4,800 my family can use to bury my ass. If I die 2yrs after financing a bike, that’s $4,800 in debt left to my family. If I die in 1yr, that’s $2,400 to my family vs $7,200 in debt. I totally get the “live for today” thing, but if you have a wife/kids and don’t live for tomorrow, you’re being a bit selfish and doing them a huge disservice. My goal is to leave my family with assets as opposed to debt. This whole thread is pointless though, people are gonna do what people do, to each their own. Again, nothing but respect for you Mav, just expressing my personal stance on it.
I get your point of view but that's what life insurance is for. Life insurance would take care of all those worries. I agree that taking care of your family important so I would encourage you to look into getting life insurance if you haven't already.

I'm not saying everyone should go out and finance a dirt bike but there are exceptions. Let's say a person has some savings in the bank but would have to drain their entire bank account in order to purchase it, that would be a selfish act.

Now let's say that same person has a steady job, is able to provide for their family, put food on the table, pay rent/mortgage, and still manage to put some money towards their savings account, I don't see a problem in financing a dirt bike. All the essentials are taken cared of and you get to enjoy doing something you love.

In my case, once my parents stopped paying for things I needed to take out a loan to purchase a new bike if I wanted to continue riding so I did. One of the reason I did it was because I was young and I knew that it would help start build my credit. From a young age I understood that having good credit was going to be important down the road. I was smart with the loan and paid it off in two years. That was the only bike I financed. After that I saved money and took the proceeds from the sale of the bike in order to get new bikes.

By all means if you have the liquid assets to purchase it, that is the best way to do it.

If someone is struggling to pay for the essentials and wants to finance a dirt bike in order to justify their expense because they can "make it work" that's just not being responsible.

Like you said, to each their own.
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SEE ARE125
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5/11/2019 2:41pm
-MAVERICK- wrote:
Who says you'll be alive in 4 years time? No one can predict the future.

Live for today, not tomorrow.
SEE ARE125 wrote:
I don’t want to argue with you Mav because you seem to be pretty level headed and make solid posts that I often agree with. Let’s...
I don’t want to argue with you Mav because you seem to be pretty level headed and make solid posts that I often agree with. Let’s say I die 2yrs from now. If I die 2yrs into saving for a bike, that’s $4,800 my family can use to bury my ass. If I die 2yrs after financing a bike, that’s $4,800 in debt left to my family. If I die in 1yr, that’s $2,400 to my family vs $7,200 in debt. I totally get the “live for today” thing, but if you have a wife/kids and don’t live for tomorrow, you’re being a bit selfish and doing them a huge disservice. My goal is to leave my family with assets as opposed to debt. This whole thread is pointless though, people are gonna do what people do, to each their own. Again, nothing but respect for you Mav, just expressing my personal stance on it.
-MAVERICK- wrote:
I get your point of view but that's what life insurance is for. Life insurance would take care of all those worries. I agree that taking...
I get your point of view but that's what life insurance is for. Life insurance would take care of all those worries. I agree that taking care of your family important so I would encourage you to look into getting life insurance if you haven't already.

I'm not saying everyone should go out and finance a dirt bike but there are exceptions. Let's say a person has some savings in the bank but would have to drain their entire bank account in order to purchase it, that would be a selfish act.

Now let's say that same person has a steady job, is able to provide for their family, put food on the table, pay rent/mortgage, and still manage to put some money towards their savings account, I don't see a problem in financing a dirt bike. All the essentials are taken cared of and you get to enjoy doing something you love.

In my case, once my parents stopped paying for things I needed to take out a loan to purchase a new bike if I wanted to continue riding so I did. One of the reason I did it was because I was young and I knew that it would help start build my credit. From a young age I understood that having good credit was going to be important down the road. I was smart with the loan and paid it off in two years. That was the only bike I financed. After that I saved money and took the proceeds from the sale of the bike in order to get new bikes.

By all means if you have the liquid assets to purchase it, that is the best way to do it.

If someone is struggling to pay for the essentials and wants to finance a dirt bike in order to justify their expense because they can "make it work" that's just not being responsible.

Like you said, to each their own.
I have life insurance, I’m worth more dead than alive. Laughing Either way though, the tab will still have to be paid. Either the lender takes the balance of the loan from the estate, or the family uses some money from life insurance to settle the debt. The OP just needs to realize credit is a very slippery slope because it’s so easy. Sign a few papers and walk out the door with a new toy. Parting with $10k cash isn’t as easy because there is emotion attached knowing the sacrifices you made to save that money. Like you, there was a time when I eventually became an adult and had to buy my own bikes. I opted to scrap and save and pay cash. 19yr olds don’t make a whole lot, so the first one was hard(seriously it sucked lol), but as you said, after that it gets much easier when you can sell and put the money toward another one and only need $4k or so out of pocket. I did that for a couple bikes, then I realized I didn’t need the latest and greatest and was just as happy riding a lightly used bike. So instead of buying for $8k and selling for $4k, I became the guy buying for $4k and selling for $2,500. $4k loss vs $1500 loss and the used bikes keep up with the little PWs just fine. Dad life. Laughing
2
racerx217
Posts
1200
Joined
10/10/2008
Location
MI US
5/11/2019 2:50pm
I personally do the Yamaha card 6 months no interest deal, then get them paid off in 6 months. If someone is willing to lend you money at no cost to you take it. Leave your money invested making money.
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Gotland Edon
Posts
65
Joined
5/10/2018
Location
Kissimmee, FL US
5/11/2019 3:54pm
toostroke wrote:
Hey I’m looking into buying a new bike soon. Was wondering how much do you finance guys pay per month for them? I know it’s not...
Hey I’m looking into buying a new bike soon. Was wondering how much do you finance guys pay per month for them? I know it’s not a good idea but I don’t want/ have the money to pay 6-7k right now. Just wondering out of curiosity.

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