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Did you finance your bike?

I bought my fist bike with a credit card and paid the balance at the end of the month.

Never bought a vehicle before that was so cheap I could do that. :)

As far as the debt discussion goes, I carried lots of debt until age 40,
when I successfully paid every debt off but my (low) mortgage.

I can remember times before that when the minimum payments on credit cards
were all I had to live on (I had to run the cards back up to their
limits to afford to buy groceries and gas).

Can't say enough for being debt-free, it's been 10 years now, I never want to go back.

You younger folks can learn from the stupid things us older folks did,
better than learning from your own mistakes if you ask me:

- Don't get into debt (yeah, say that one three times every day).
- Live below your means, save the rest - smaller house/rent/car.
- The banks will loan you enough money so you owe them every penny you
make in interest (beware of this trap).
- Minimum payments on credit cards are like a 30 year mortgage with a high interest rate.

I could go on, but that is a start.
 
Burning1 said:
That's not really true.

First, if you look around it's absolutely possible to find motorcycle loans at interest rates as low as 2% (My 09 K1300GT was offered at that rate when the 2010 models came out.)

Second, many people are carrying a balance on their credit cards, personal loans, or other forms of high interest debt. In those cases, it makes more sense to finance the bike (2-5% interest,) and use your available cash to pay off your credit cards (often 15-30% APR.)
Click to expand...

Who the fuck has an APR that high?! :wtf
 
Most credit card companies are raising their APRs for all of their customers. I had a <10% APR that is now around 12% and that's supposedly the lowest any of my card can do. And then once you're late or go over your limit, the APR jumps up for at least 6 months to 25%+.
 
Kornholio said:
Uh, mine's at 6.75%. Has been for as long as I've had it (11 years). And I typically have a balance. :twofinger
Click to expand...

USAA? Or another credit union? Maybe PenFed?

I would be very surprised your getting 6.75% (fixed or variable) from the top 3

Chase
Citi
Bank of America

I think Wells Fargo has a prime rate card, but that carries an annual fee.

Back on topic, I don't mind financing, and have done so in the past and would do so again. If the terms are conditions are good, why not take advantage of it?

Nothing against "cash only" or being debt free, but if you've got good credit, why not take advantage of attractive financing?
 
If you haven't purchased your bike already, let me know and we can help with your financing. Rate will all depend on where you live and/or work, how long of a loan you need, how much down payment you have, what bike you want and most importantly what your credit history looks like.

The only time you're going to see the super low .99% car type loans is when the OEM wants to pay the lenders to help them move product. You want Triumphs most popular bike so they have no interest in buying down the rates. If you need help shoot me a message and we can help get you some cheap money. The majority of the time a good finance department in a dealership can get you a better rate than you could on your own. We send a lot of business their way, so they keep the rates low. Take care.
 
Suzuki is stiil advertising 1.99%. This is legit, it's what I'm paying through Sheffield.
 
Kornholio said:
Who the fuck has an APR that high?! :wtf
Click to expand...

Burning1 said:
Pretty much anyone who carries a balance on their cards.
Click to expand...

Kornholio said:
Uh, mine's at 6.75%. Has been for as long as I've had it (11 years). And I typically have a balance. :twofinger
Click to expand...

Dude, K*, like--seriously--it is true that tons of credit cards have that interest rate. Don't need to be disbeliefable. :D
Once you start paying the minimum, or you miss one payment by 4 days, the rates go up even if you have 7.9% initially. OK, and just because you work for the govmnt''... anyway.

-Enduser, Fi!
 
Lovedoc said:
Suzuki is stiil advertising 1.99%. This is legit, it's what I'm paying through Sheffield.
Click to expand...

no shizzzz


this is only for 36 months or something right then it jumps tp 16.99?
 
the lowest APR on my credit card is 9.99%

every other card I have have gone to 11%+

I still get cash advance checks from CCs advertising 0% for one year. after which they goto 18%.

factory/dealer fianancing is the way to go....if you have good credit.
 
h2v7 said:
no shizzzz


this is only for 36 months or something right then it jumps to 16.99?
Click to expand...

No, real deal, it's fixed rate through Sheffield. Applies to particular models only probably. Watch the dealer though, they may say you don't qualify and steer you to something that gives them a little sugar too.
 
Last edited:
AbsolutEnduser said:
Dude, K*, like--seriously--it is true that tons of credit cards have that interest rate. Don't need to be disbeliefable. :D
Once you start paying the minimum, or you miss one payment by 4 days, the rates go up even if you have 7.9% initially. OK, and just because you work for the govmnt''... anyway.

-Enduser, Fi!
Click to expand...

Really? For the longest time as an PFC I was only paying the minimum every month and even continued to rack up charges (not my finest hours) and the APR still never changed. :teeth
 
Burning1 said:
Yeah... Major thing with the Japanese credit card financing... Ignore the minimum payment. What you need to know is how much your payment will be to pay off the entire financed amount during the low interest portion of the loan term.
Click to expand...

This is what I did and it worked out great. Otherwise they can and will make your rate jump even if you have great credit.
 
Never financed a bike before, usually just paid cash in full. However, I have an eye on a used bike at the dealership. It's 6k not including tax, fees, etc. I have 2-3k put aside for it and financing it would not be a problem. Let's talk about monthly payments, for example: they quote me on paying 200-300 a month for *blank* amount of months. Is it possible to pay the 200-300 they ask for for the first few months and then lets say one month I feel generous, can I pay 1k a month to pay it off faster?
 
going to finance 10k for a new RC8R. paying 8k in cash.

I have enough cash to buy outright but the tech stock market is very good right now. plus I got 3.99 apr fianancing (not credit card).
 
silverbelt said:
USAA? Or another credit union? Maybe PenFed?

I would be very surprised your getting 6.75% (fixed or variable) from the top 3

Chase
Citi
Bank of America

I think Wells Fargo has a prime rate card, but that carries an annual fee.

Back on topic, I don't mind financing, and have done so in the past and would do so again. If the terms are conditions are good, why not take advantage of it?

Nothing against "cash only" or being debt free, but if you've got good credit, why not take advantage of attractive financing?
Click to expand...


8.9% fixed w/ Navy Fed. Credit Union (been with since '01) Credit
5.9% fixed loan for my bike from Navy Fed in '08
5.9% fixed with Bank of America (been with since '03) Credit

Continuing with Silverbelt's point, getting loans is great for build credit, as long as you pay it off. If you can pay more that the monthly minimum you will lower the total interest of the bike for the life of the loan and own your bike faster.

-Zyrus
 
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