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Posted: Sun Sep 03, 2006 11:12 am
by rocketrod
Whenever you get a loan for a bike,car etc,it is not the greatest financial discision as you will lose on the loan,you will lose on the bike/car when it comes time to sell it,but hey its all about passion,if you want it buy it i say.
If you can afford it,go and get a loan for an investment property and stick it on that.That way someone else pays the loan for you when you rent it and the valve increase of the property over the years more than pays for the losses on the bike and interest on the loan.Did you know on average a property doubles its value every 7 years.Thats what i have done anyway.
Posted: Sun Sep 03, 2006 12:57 pm
by mike-s
anytime i've bought a bike i either bought it outright or i put as much in with cash and paid the balance with the credit card or bought it outrighr with cash. ill put a loan on a car but on principlei wont do a loan attached to the bike.
if you do go for a loan, get a personal loan, that way the loan isnt attached to the bike, and when you get ctp / comprehensive on it, you wont have to put in extra coin due to the bike being on finance.
Posted: Sun Sep 03, 2006 3:32 pm
by Saki
I spose it depends how much u have to borrow. I will b borrowing about $9k. But i know with my current saving rates i will have the bike paid off in less than 1 year. I know it sounds foolish, why not just save for 1 more year but i now have my FULL licence and its now time to get off the 250 and go up!! Plus i am a little impatient also.
Taking out a loan is not a financial smart move. but so long as u have a STRICT paying scheme that u will stick to, then u should coem out slightly better off! Try to even pay more off the loan than just the minimum amount, then u get it paid off quicker and the interest won't b so high!
The other thing to consider is; how long do u intend to keep the bike if u look at the situation from today. Obviously new bikes will come out next year and its hard to say if u will keep this one u will get on the loan for a while.
BUT i know from wat others have told me and my personal experience that the bike i will get on teh loan is wat i want.. LOOKS sh*t hot, goes well, handles well also. So its something i will stick with as i haven't seen much else which i like better than wat i am getting!
If u go in with this attitude u should b right, as the value of the bike won't bother u as u won't b selling for a while!! and depreciation won't worry u.
This bike u want tho, are u SET on it. or u just umming and arring ?? if u r SET like i am, then DEFINATELY GO FOR IT!!!!!! there is no other bike i look at which makes me think hmm maybe i would want that.
Posted: Sun Sep 03, 2006 4:43 pm
by WRT_GPX
im planning on doing this when im not limited, although ive been thinking of testing out the Hyosung GT650... from the ads it seems nice, and its LAMS approved.
and the point of getting a bike on a loan would be to get a new/near new bike that would last me till it dies basically... im not one of those people that want to buy the newest bike whenever it comes out.
Posted: Sun Sep 03, 2006 5:21 pm
by Saki
I am buying my bike new off kawa, cause i want either 06 or 05 and most of hte examples i have seen in the cond i want are usually $500 cheaper than the showroom price i have been offered, except it doesn;t have the warranty!! so i don't mind paying the bit extra!
u might b in the same boat as me. I told my dealer it was cheaper for me to goto melb to get a bike than buy from hobart and they got all defencive and said if i can find one cheaper they will match the price and that they did, so now i get it chepaer(alot cheaper), don't have to travel and all the on roads! so i am happy!
Posted: Sun Sep 03, 2006 7:51 pm
by Neka79
Saki wrote:I spose it depends how much u have to borrow. I will b borrowing about $9k. But i know with my current saving rates i will have the bike paid off in less than 1 year. I know it sounds foolish, why not just save for 1 more year but i now have my FULL licence and its now time to get off the 250 and go up!! Plus i am a little impatient also.
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umm yea... ur gunna take out a loan on a bike ur not licenced for, hence no insurance??
so if u bin the bike, ur paying off a loan for 3? years with nothing to show for it??...id be saving until such a time as i was at least licenced...
im in the same situation, id love a new bike, but no point buying one til i have my licence back and i can insure it...