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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
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.
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.
The Shop
If you wanna go into debt then by all means go for it. Nobody really cares.
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
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!
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.
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%.
Live for today, not tomorrow.
Pit Row
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.
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.
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.
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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