How do you decide to take out a loan?

Discussion in 'Community Discussion' started by dukebound85, May 30, 2009.

  1. dukebound85 macrumors P6


    Jul 17, 2005
    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?
  2. CarlsonCustoms macrumors 6502

    Mar 5, 2007

    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
  3. yoak macrumors 65816


    Oct 4, 2004
    Oslo, Norway
    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)
  4. NC MacGuy macrumors 603

    NC MacGuy

    Feb 9, 2005
    The good side of the grass.
    Every motorbike I bought I did it with cash. I feel they should be viewed as disposable luxury items. A loan for a scooter isn't a wise choice.
  5. GoCubsGo macrumors Nehalem


    Feb 19, 2005
    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.
  6. Boneoh macrumors 6502


    Feb 27, 2009
    So. Cal.
    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...
  7. dukebound85 thread starter macrumors P6


    Jul 17, 2005
    5045 feet above sea level
    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
  8. CarlsonCustoms macrumors 6502

    Mar 5, 2007
    That's funny becuase the bike I bought was a Kaw. Ninja 250R.. lol

    I sold it for about even.

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