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How do you decide to take out a loan?

dukebound85

dukebound85

macrumors Core
Original poster
Jul 17, 2005
19,218
4,342
5045 feet above sea level
As the title states, how do you decide when to take a loan out?

I really really really want to get a motorcycle (fz6) but am hesitant to finance it or take a loan out. how do you decide if a thing is worth it

i should just do it, i have a nice paying job for just me and no car payment but still i love living under my means and accumulating the cash

how do you decide to "pull the trigger" in a sense?
 
DONT DO IT!

I got cycle fever a few years ago and bought one.. I instantly regretting taking a loan out on it and sold it less then a year later just to get out of the payment.

Motorcycles are TOYS and TOYS shouldn't be financed. Also why take a payment out if you have a good paying job? You should be able to save a little bit and buy one when you have cash. Also in this economy your good paying job might not be there in a few months so why take the added risk of having a payment on something when you might lose your income?

My .02
 
I agree. Usuallycars and bikes are a bad "investment" money wise. But do you need it you need it and loan can help you on the way.
I managed to buy my car without a loan, I just decided to buy an older model as oposed to borrowing 50% for a new car.
I did get a student loan and a mortgage as it was the only ways to pay for an education and a home. 10 years after and I still got 10000$ left on my student loan (wich I thought I would pay down quickly as soon as I got a job, yeah right)
 
Isn't a loan for a street bike considered a loan for a recreational vehicle? If so, think higher than normal interest rates or tougher credit approvals.
 
Be careful. A new motorcycle, just like a new car, takes a huge hit in depreciation the minute you drive it off of the lot. For a used bike, make sure you don't pay more than it is really worth. Take a look at the cycle trader magazine to get an idea of what the bike is worth for resale, even if you are buying new.

If you must take out a loan, make sure you put enough money in for the down payment so if the worst case scenario happens, you can at least pay off the loan if you ever have to sell the bike.

Lots of folks here in So. Cal. are selling used bikes with low miles in great condition because of the economy. Great for buyers, but it would sure be bad to be selling now...
 
CarlsonCustoms said:
DONT DO IT!

I got cycle fever a few years ago and bought one.. I instantly regretting taking a loan out on it and sold it less then a year later just to get out of the payment.

Motorcycles are TOYS and TOYS shouldn't be financed. Also why take a payment out if you have a good paying job? You should be able to save a little bit and buy one when you have cash. Also in this economy your good paying job might not be there in a few months so why take the added risk of having a payment on something when you might lose your income?

My .02
Click to expand...

Thanks Ill listen to you

I did buy a 250r last year and actaully sold it for a profit 6 months later. Must have been lucky lol
 
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