financing

[skydog]

Can anyone help me with financing questions such as how far back will they go are their private lenders or only dealer finance and I`ve heard about a graduated finance that ends up like a ballon payment which you should avoid , I`ve been in auto finance so I understand the figures, thanks for any replys.

[tonylasaracina]

If you have bad credit do yourself a favor and save enough money to buy a bike with cash. I say this because there is always somebody out there that will give you a loan, but at 15-20%

You can use a credit union if you belong to one they usually have very good rates.

Many people do not understand the auto/bike loan principles so here it is.

Do not get a car loan for more then three years, if the payments are too high well then you can't afford that vehicle find a cheaper one. If yo go 4,5,6 years the car is worth less then what you owe within two years.

that is called being "upside down"

save cash then pay cash the only way to go.

good luck

[username]

+1 for saving up and paying cash.

freedom feels good.

[GlobalRider]

+1 for saving up and paying cash.

Thats the only way I go.

I have to pay cash; I'm too poor to pay the extra $1000s in interest payments.

[username]

I'm too poor to pay the extra $1000s in interest payments.

a unique perspective, eh?

ironically, lots of people finance things because they think they are too poor to pay cash. :scratch

i love it when the same situation can be viewed like that.

i wonder what the depreciation curves look like for our bikes...

[GlobalRider]

a unique perspective, eh?

ironically, lots of people finance things because they think they are too poor to pay cash. :scratch

My logic does sound backwards and it probably does have a lot of people scratching their heads, but the fact is, borrowing money costs a lot, a heck of a lot of money.

The only time I'd borrow money is when what I have invested makes me more money that what the loan costs me over the full period. Even then, it better be a big difference as I like not having anyone "own" me.

i wonder what the depreciation curves look like for our bikes...

I never worry about it because I don't sell my motorcycles, well at least none of my BMWs except for that R27 I had.

Just look at that 2004 R1150 GS Adventure I have sitting in Europe. Thats a lot of coin sitting around that gets driven 5 or so weeks a year. But all I have to do is look at rental rates, and I feel real good about it. Come to think of it, I'll be riding free this year and the bike still has lots of value, not that I'd sell it. From this year on, I'm being paid $1000+ per week to ride it. ;)