justin0469 Posted April 30, 2009 Report Share Posted April 30, 2009 (edited) Obviously it's better to pay cash but not everyone has $6-10k hangin around for a new/slightly used bike. I've always put a good portion down and financed the rest. I know some people that don't buy a car or bike unless they can walk in with the cash. What about you? To those people that say cash only, do you limit yourself to cheaper/used/fixer-up bikes? Do you save until you get $8k put together?sorry no hookers/other option unless a mod thinks it to be necessary EDIT: Since I'm an idiot and didn't put an option for both, marking "Cash" means you paid in all cash.Another edit: If mod's can do it, add a "both" option and a "daddy paid for it" because we know dubguy didnt have $16k for his ducati just kidding dubguy Edited April 30, 2009 by justin0469 Quote Link to comment Share on other sites More sharing options...
Casper Posted April 30, 2009 Report Share Posted April 30, 2009 I've done both, paid cash and financed. Honestly, with the financing options available right now (0%, 1.9%, 3.9%, etc) you might as well finance. Quote Link to comment Share on other sites More sharing options...
magley64 Posted April 30, 2009 Report Share Posted April 30, 2009 Bike is cash, no question...I'd never finance a bikeA car is a little more of a necessity given our climate here in ohio, so i'll finance a car... Quote Link to comment Share on other sites More sharing options...
yotaman88210 Posted April 30, 2009 Report Share Posted April 30, 2009 Well if you have the cash, its a no brainer. To me, it really all depends on the interest rate... Like the whole reason I have a 52in LCD tv is because Best buy had no interest financing for 36months... But I never would of paid 3k for a tv in cash. ha Quote Link to comment Share on other sites More sharing options...
justin0469 Posted April 30, 2009 Author Report Share Posted April 30, 2009 I've done both, paid cash and financed. Honestly, with the financing options available right now (0%, 1.9%, 3.9%, etc) you might as well finance.Hm, that's pretty true. That's what I did with my one of my cars, financed it at 0%, no brainer. I guess I've never bought a brand new bike, so I wasn't thinkin about that. Obviously at 0% APR, you might as well finance, though anything above 2%, I'd have to start thinkin about how much I want to put down. Quote Link to comment Share on other sites More sharing options...
Cdubyah Posted April 30, 2009 Report Share Posted April 30, 2009 I did half and half. So I wouldn't be paying forever.It will help with your credit rating as well. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted April 30, 2009 Report Share Posted April 30, 2009 Unless it's your financing rate is less than what your interest rate is on your savings, then cash is the way to go, plus it's a better bargaining chip.0% is a good deal if you can get it over the full loan - it makes sense to use OPM (other peoples' money) if you can at a rate less than what you'd make if you had the money in your bank account. Otherwise it's costing you money.I partially financed my truck - I think the financing cost me $1800 over the 5 year life of the loan at the interest rate I had, which I was willing to accept, and in all reality, that $1800 wasn't really $1800 because it was the future value of $1800 - so it was probably more around $1600 in terms of 'real dollars' - and besides, at 2.75% - I was able to put leave money in my savings / CD account that was making over 4% at the time - so I came out 1.25% ahead.A bike on the other hand, I've never financed - they are both bought and paid for. That's considered a 'toy' in my book, so if you want toys, you save up to buy them because they aren't a necessity. This is also the reason I rode around on a 1987 Honda for 6 years before I got my "dream bike". You have to sacrifice somewhere and as long as you don't have an ego issue that you have to "keep up with the Jones's" - you'll eventually be able to have the things you want and PAY for them. Anyone can seem trendy and have the latest and greatest shit out all the time - but they'll NEVER own it. They just put up a front.Not to mention that when you finance crap, especially vehicles - you have to agree to the terms, like keeping full coverage insurance. That's a killer when you're under 25. Riding that Honda around, I was able to only keep liability on it @ $200-ish a year and just figured I'd eat the cost if something happened that was my fault or it got stolen (not really a popular bike to steal - being over 20 years old). So I had a bike, and saved a ton of money for my next one. Quote Link to comment Share on other sites More sharing options...
Dubguy85 Posted April 30, 2009 Report Share Posted April 30, 2009 I've paid cash for every bike I have owned..I don't like financing...its just paying more than you have too...Although I did have to finance my house! LOL Quote Link to comment Share on other sites More sharing options...
magley64 Posted April 30, 2009 Report Share Posted April 30, 2009 Quote Link to comment Share on other sites More sharing options...
unc7237 Posted April 30, 2009 Report Share Posted April 30, 2009 Whatever you want to do and makes since to you is all that really matters. I have always financed mine due to the rate being good & saved my cash for vacations and other fun things. Quote Link to comment Share on other sites More sharing options...
Casper Posted April 30, 2009 Report Share Posted April 30, 2009 Unless it's your financing rate is less than what your interest rate is on your savings, then cash is the way to goPretty much, which I think every manufacturer right now has interest rate specials.plus it's a better bargaining chip False. Dealers make money off selling you financing. They'd rather you finance the bike. 0% is a good deal if you can get it over the full loan - it makes sense to use OPM (other peoples' money) if you can at a rate less than what you'd make if you had the money in your bank account. Otherwise it's costing you money. Really anything up to 4-5% is worth financing. Hell, if the interest rate is lower than 3% right now you could finance the bike, go buy a 5yr CD with a 3.66% yield and actually make money off the deal.A bike on the other hand, I've never financed - they are both bought and paid for. That's considered a 'toy' in my book, so if you want toys, you save up to buy them because they aren't a necessity. This is also the reason I rode around on a 1987 Honda for 6 years before I got my "dream bike". You have to sacrifice somewhere and as long as you don't have an ego issue that you have to "keep up with the Jones's" - you'll eventually be able to have the things you want and PAY for them. Anyone can seem trendy and have the latest and greatest shit out all the time - but they'll NEVER own it. They just put up a front. I agree to an extent. You should never buy anything you cannot afford.Not to mention that when you finance crap, especially vehicles - you have to agree to the terms, like keeping full coverage insurance. That's a killer when you're under 25. Riding that Honda around, I was able to only keep liability on it @ $200-ish a year and just figured I'd eat the cost if something happened that was my fault or it got stolen (not really a popular bike to steal - being over 20 years old). So I had a bike, and saved a ton of money for my next one. Not true. Most of the motorcycle finance companies don't require full coverage. BMW financial, the Honda card, the Yamaha card, the Suzuki card, etc don't require full coverage on motorcycles. You just have to realize if something happens, you'll still be paying on it long after it's gone. Quote Link to comment Share on other sites More sharing options...
warpspeed Posted April 30, 2009 Report Share Posted April 30, 2009 saved my money and bought it all straight up. Never financed for anything, but my next car (hopefully 05 cts-v) I plan to finance part of it. Quote Link to comment Share on other sites More sharing options...
magley64 Posted April 30, 2009 Report Share Posted April 30, 2009 Not true. Most of the motorcycle finance companies don't require full coverage. BMW financial, the Honda card, the Yamaha card, the Suzuki card, etc don't require full coverage on motorcycles. You just have to realize if something happens, you'll still be paying on it long after it's gone.Okay, but that's not typical financing, that's a credit card that you put a bike on...if it's a loan, with the bike as collateral, they DO require full coverage. Quote Link to comment Share on other sites More sharing options...
Casper Posted April 30, 2009 Report Share Posted April 30, 2009 Okay, but that's not typical financing, that's a credit card that you put a bike on...if it's a loan, with the bike as collateral, they DO require full coverage.Only if you get a personal loan through a bank or something like that. BMW financial (who I financed my bike through) does not require full coverage. It's a regular loan. No credit card. I believe Triumph is the same way as well. Actually, I think the only one that requires full coverage is Ducati. With cars, yes. You have to have full coverage no matter what if there is a loan out. Hell, most make you get gap insurance as well. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted April 30, 2009 Report Share Posted April 30, 2009 (edited) [Casper Quoted Stuff]Though I disagree with cash not being a bargaining chip. I know the only reason I was able to get my Hayabusa for what I paid for it is because the dealership couldn't GET anyone financed. I don't think I got a "bargain" but I was willing to pay a fair price for it. So the dealership could either sit on a used bike with no one able to pay for it, or sell it to someone and have money now. Now money > future money and having to carry the inventory of a used Hayabusa over the winter in a Honda dealership where the bike would be one more year older which may've diminished the value.And using actual numbers makes a difference... I stand by what I said about comparing interest rates your receiving money with against interest rates of a loan. You say 4-5% is good, arguably it may be, for now.The 'not having full coverage' thing was news to me - thanks, I was unaware. Regardless though, you said it - you're still on the hook for the purchase price of the bike. That's the bottom line. Even with mandated full coverage - which is why they try to upsell you GAP insurance too. I just thought the mandated full coverage was to force people to CYA. I know the coverage was mandated through the CU where I financed my truck. Edited April 30, 2009 by JRMMiii Quote Link to comment Share on other sites More sharing options...
shittygsxr Posted April 30, 2009 Report Share Posted April 30, 2009 Only if you get a personal loan through a bank or something like that. BMW financial (who I financed my bike through) does not require full coverage. It's a regular loan. No credit card. I believe Triumph is the same way as well. Actually, I think the only one that requires full coverage is Ducati. With cars, yes. You have to have full coverage no matter what if there is a loan out. Hell, most make you get gap insurance as well.credit card, personal loan, car loan, they are just names. There is only two types of debt, Secured and Unsecured. Secured means that if you dont pay they take their shit back, they want that shit to be worth something, so full coverage is required. Unsecured mean they just fuck your credit and call you all the time, so you can cover it as you please full or just liability. Yes dealers make money by selling the debt, so they like loans. If your credit is good enough for you to qualify for a 3% loan and they sign you up for 6% that loan is worth more $$$ when they sell it.Private sellers like cash and it is one heck of a bargaining chip for people that are in way over their heads. Quote Link to comment Share on other sites More sharing options...
Siebec Posted April 30, 2009 Report Share Posted April 30, 2009 I pay cash, I normally buy slightly used though. I'd rather not have the bike drop a bunch of value once I ride it off the lot. Quote Link to comment Share on other sites More sharing options...
wrillo Posted April 30, 2009 Report Share Posted April 30, 2009 I financed my bike, but only because I don't have a car payment. I had a car payment a year ago, car was destroyed by a moron running a red light, parents gave me a truck, I bought a bike! Quote Link to comment Share on other sites More sharing options...
twisted12 Posted April 30, 2009 Report Share Posted April 30, 2009 for toys i try to pay cash,and the car i drive is just a cheap used car the bike is alot nicer Quote Link to comment Share on other sites More sharing options...
wrillo Posted April 30, 2009 Report Share Posted April 30, 2009 oh yeah.. and the other reason I financed is because I use my bike for everything! If I don't NEED to be dry, then I'll ride in the rain... etc. My 2008 bike has 9000+ miles on it... Quote Link to comment Share on other sites More sharing options...
armin922 Posted May 1, 2009 Report Share Posted May 1, 2009 cash down and finance for a bike. If i had the cash though, id pay it all in cash. And the only thing id straight out finance is for a car, just because it is a necessity and u will drive it all year round. But thats just me Quote Link to comment Share on other sites More sharing options...
AOW Posted May 1, 2009 Report Share Posted May 1, 2009 I bought my bike brand spanking new (3miles on the clock) with cash. That being said, there's nothing wrong w/financing as long as you put enough down where you're not just paying interest for the first few years. Quote Link to comment Share on other sites More sharing options...
jreese86 Posted May 2, 2009 Report Share Posted May 2, 2009 I've bought 5 cars and 3 bikes. The only one I financed was my first non-beater daily driver.As far as bikes go, if you have to finance it through an actual auto loan, I'd say it's definitely a no go. I've recently picked up an 8 grand line of credit with 6-8% interest rate. Assuming I felt like I could afford a new bike, I would be comfortable using the credit line to pay for around 30% or less of the total cost. Quote Link to comment Share on other sites More sharing options...
Ault Posted May 3, 2009 Report Share Posted May 3, 2009 I saved up around 10k to buy the 6r......you ask why 10k well i got the bike for little under 9k otd but i had to buy gear too. Quote Link to comment Share on other sites More sharing options...
smashweights Posted May 3, 2009 Report Share Posted May 3, 2009 I financed my bike, but $3800 isnt a ton to finance at like 9%. I'll have it paid in under 2 years so the finance charges will be less than $500. dont forget to factor in comp insurance in the total cost. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.