Loans?

[Merzbow]

I got approved for a $3000 loan to buy a supercharger for hte Vibe. I was thinking about it on the way home. I do not think 30 horsepower and some torque is worth $3000 so I decided to get a bike. I looked online and all that, I've been visiting the local Ducati Dealership like once a month for the past 6 or so lookin at the bikes. I went in today, I can drive away with a Monster 620 brand new with tax and title for $126 for 60 months. I do not need a brand new bike so the sales person took me to teh warehouse in back and showed me his dad's bike. It's a 2004 naked body Triumph pearlescent green and only 650 miles on it for $4500. I called the bank and canceled my $3000 personal loan request.Now, I need help because the personal loan had a 17.5% interest rate on it, will the interest rate be lower if I use the money for a bike/auto loan rather than a personal loan?I've wanted a bike since I was 5 (ninja). My mom does not know about the loans or that I am planning to get a bike, if she finds out I have one she'll kick me out, yet if I spend it on a supercharger for the Vibe she will kill me for using $3000 on a mere car part, whereas $4500 on a bike is a little more justifiable. I'll be keeping it at my dad's house.

[Kari]

That is a super high interest rate...and whether or not you could get a lower car loan rate depends on your credit, which although you may have excellent credit for your age, your lack of overall credit history may bite you. I know that's what always used to happen to me, up until my credit history got 4 or 5 years of age on it. I'm not sure if a car loan would apply to buying a motorcycle either...I'm thinking maybe not but I could be wrong.

[AKLGT]

yes, a secured loan will always be less (unless your credit is trash) than an unsecured personal loan.

[AKLGT]

or invest it. (if college is already paid for)

[RePo]

Quote, originally posted by Merzbow »tax and title for $126 for 60 months. Avoid debt! Save that money, at $126/month you'll have over $3000 in 24 months (2 years), EARNING interest all the while. $4500, just a year longer. Instead of a 5 year debt, you'll own that thing for just waiting for less than half that time. Besides, in that same time that year model bike will be less money even, you can always fine almost new/low miles out there.

[Merzbow]

Well...I've waited 13 years to get a bike. I will not wait any longer. Mommy is paying for school and it is not very expensive because I am going to a community college. Most is paid for by the state anyways. I only need two years of schooling to get into the field I want to build a career in also.I have been saving since I was like 7 and my money is being drained on stupid crap like food and starbucks. I NEEED something important to spend my money on. This goes back to my whole theory of live life like you'll die tomorow. It's crappy to think about but what if something happens and I never have the chance to ride a motorcycle again? Like maybe another World War or Depression....maybe I'll get into an accident and become paralized? Then I'll be saying "d*** I wish I could have had that experience" Whereas if I do get this bike, I enjoy it, maybe things dont work out and I cant afford it....then I sell it and atleast I'll have the eperience and good times under my belt to look back on and say "that was alot of fun I'm glad I could experience that".Anyways, I'm tired of people telling me to save my money for the future. I COMPLETELY understand why I should save my money, but it is the future now and I finally reached a point in my life where I can achieve one of my lifelong dreams and it is finally within my grasp. I'm not going to let it slip away and chance never being able to do it again.Yes I'm am only 19 and I've only lived about 1/4 of my life but I think I am old enough to make a choice here and there Here is a pic of the bike I have my heart set on. It is at the Ducati dealership as I type this waiting for me http://www.bikez.com/pictures/...h.jpgMy dream bike since I was like five years old was a Kawasaki ninja. I found one on ebay for less than $2500 in good condition I think I might buy instead of the Triumph because it is cheaper and I love Ninjas.SOOOO, do you think a loan for a bike will be cheaper than a personal loan?? I will not be able to make it to the bank until Saturday. I have good credit by the way because I have a bunch of credit cards that are tied in with my mother's along with both of my cars and XM and all that good stuff...BTW I thought 17.5% sounded outrageous so from now on forget about Lasalle Bank they irritate me anyways. I get nothing but problems from them.

[AKLGT]

just remember: too much credit is bad. you do have to pay it off one day. debt is bad. this is coming from someone with a lot of experience, both as a consumer and lender. try and have as little as you can, especially when you are starting out. that's one of the biggest mistakes young people make now adays. they get themselves way too far into debt, they cannot get out.

[Viberrrr]

I wish you well on your bike purchase and as a bike rider for many, many years I encourage all new riders regardless of age to take the safety riding course. You'll pick up some great skills from this. Some of the best money you can spend. Good luck and ride safe.

[drunkenmaxx]

dude, i say if you want a bike, get it. just shop around! there are cheap bikes to be had! sure, they may not be the coolest, fastest or anything, but hell, it's your first bike anyway, it might as well be one your not too afraid to get dinged up.

[slvrvibes]

17.5% is really high. If you want to take a loan out, I would suggest try going through a credit union. They usually can give you lower interest rates.

[drunkenmaxx]

i concur! i refinanced my vibe through a credit union and got a 3 percent interest rate!

[scherry2]

Quote, originally posted by Merzbow »Well...I've waited 13 years to get a bike. I will not wait any longer. Mommy is paying for school pay for your own schooling then see if you can afford it.Quote, originally posted by Merzbow »Anyways, I'm tired of people telling me to save my money for the future. see answer 1Quote, originally posted by Merzbow » I finally reached a point in my life where I can achieve one of my lifelong dreams and it is finally within my grasp. I'm not going to let it slip away and chance never being able to do it again.paul,what about your mom's life long dreams? do you think its fair to her, that you get what you want at 19 while she still hasn't realized any of her life long dreams? and to hide your life long dream from the mother that gave up her dreams for your education and other things.Sorry don't mean to rant.

[drunkenmaxx]

also, keep in mind, you are 19. it probably won't be too long until you might start kicking around the idea of getting your own place with a friend or something. that is when the loan will kick you in the scroats.

[joatmon]

What if she does kick you out, cuts off the money support? Likley she actually cares for you and will forgive you pissing on her like that, so she probably won't cut off all the money. You are fooling yourself thinking that she will never find out. She is going to be hurt and angry when she does find out. Does that matter, or is she just some tool to use for your personal gain?

[scherry2]

Quote, originally posted by silverawd26 »Paul, I will take you to the store and we can get your a nice couple hundred dollar $$$ bike... Maybe like a Gary Fischer or a Trek. and just think how healthy you will be!!

[ToolGuy]

Quote, originally posted by silverawd26 »Paul, I am bigger than you so therefore I can beat you up.... You listen to me and others here, save your money or I will beat you up. LOL!!!!! OK here is my take on this... What the others said about school and what if your moms stops paying for your school? Do not hide the bike at your dads knowing your moms will be upset if she finds out about it. Not to mention WHOSE insurance are you on? Most everyone I know has wrecked on a bike and being not their fault! Do not get me wrong, I like bikes and do not want anything to happen to you but do you even have life insurance??????I got my dream a lot earlier then I thought I would... My point is you too will have things happen to you once you get out and on your own. I know it is hard to think of that and like that now but it WILL happen. Wait for the bike... And you are too young for debt right now. Unless you have the cash, do not take out a loan. However if you do want it get it, learn from it and what is the worst, you suffer any consequences and sell it off...

[BigMac]

1) Your credit is not good if they told you 17.5%. That's almost what credit cards charge, and they give those to anybody. If you already have credit cards, you might as well pay for the bike like that, it won't make much of a difference interest wise...2) Yes, I know you might die tommorow, and you'd never know what it was like to ride your bike. But honestly, I think it would be worse to have to sell the bike of your dreams, and still be in debt, than to wait a little longer and own the bike outright.3) Yes, a loan to buy a bike will likely be lower than the 17.5% you were quoted. Because they can take the bike away if you don't pay. But it won't be low, definitly not low enough to make this a good deal. Your $3000 loan, if you took 4 years to pay it off, would actually cost you around $6000... is that rearlly worth it?4) If you really must live for today, because you might die tomorrow, do something that won't cost you tomorrow, because you might actually live... and have to pay for it. (You might also consider that if you do die tomorrow, your mom will likely have to pay off your debts)

[AKLGT]

Quote, originally posted by BigMac »1) Your credit is not good if they told you 17.5%. That's almost what credit cards charge, and they give those to anybody. If you already have credit cards, you might as well pay for the bike like that, it won't make much of a difference interest wise...2) Yes, I know you might die tommorow, and you'd never know what it was like to ride your bike. But honestly, I think it would be worse to have to sell the bike of your dreams, and still be in debt, than to wait a little longer and own the bike outright.3) Yes, a loan to buy a bike will likely be lower than the 17.5% you were quoted. Because they can take the bike away if you don't pay. But it won't be low, definitly not low enough to make this a good deal. Your $3000 loan, if you took 4 years to pay it off, would actually cost you around $6000... is that rearlly worth it?4) If you really must live for today, because you might die tomorrow, do something that won't cost you tomorrow, because you might actually live... and have to pay for it. (You might also consider that if you do die tomorrow, your mom will likely have to pay off your debts)+10,000oh bravo! i could NOT have said this better myself!

[Merzbow]

Well, I don't want to argue about this, my mind is set I was just looking for opinions on where the best interest rates could be found. I wasn't even going to post the story behind it because I knew I would get rediculed for it. I'm going to my buddy's credit union Saturday morning and we'll see what happens. I'm probably going to get a cheap bike like $2000. I agree with Drunken, I don't need a fast bike or a pretty one, I just want one to practice and see if I like it. If I have $2000 and I find a pretty fast one that costs $2000 why not buy it.Thanks to those that helped.

[damronjr]

Just get it like an auto loan through the bank or credit union, the rates will be a lot lower!

[scherry2]

sorry go to the local Credit Union they usually have low rates.

[joatmon]

I'm not sorry. Not one bit. I have children your age, and I know how I would feel in you mom's place. Doesn't matter that it is a motorcycle, it's the principles involved. You know she said no, but you can only think of how to get the toy that you want. It sounds like you've even enlisted her ex-husband in the conspiracy to lie to her. That's cold. what the hell, why not just get daddy to buy it for you?

[Merzbow]

Yeah look at it from your perspective....try looking at it from your children's perspective for once. You were a kid once, times have certainly changed ALOT. I don't know how old you are but I know they are different now than they were then.If I were my mom I would make sure my child was responsible enough and make sure that;s what they really wanted. If my kid was able to pay for it on his/her own I would let them do it, if they couldn't afford it, I wouldn't help that in any way shape or form. I would make them sell it and suffer the credit loss. I wouldn't deny someone somethig they want to do especially if they are over 18.I'm not close to anyone in my family. My dad would not buy my a bike. My dad disappeared for 10 years of my life. He doesn't pay for anything. My dad wants a Harley so the reason he is ok with it and storing it at his house is because he thinks from my perspective and he understands that you need to do things to make you happy in order to live a successful life. He has made bad choices and he knows how my mom operates.BTW I think you need to chill out man. I dunno if it's the blindfold of the internet or what but you are coming across a little hostile. I'm trying hard not to get pissed because this whole controlling someones life is a touchy topic for me.

[joatmon]

I remember what it was like, and I can look at it from my kids perspective, too, but perhaps that's because we talk to each other. Probably I think you don't know how things were when I was your age as much as you think I don't know how things are now, and yes, times have changed, but not really as much as you think. In my opinion, it sucks your relationship with your parents is so bad more than it sucks that you don't have some particular optional material possession. Your opinion differs. If we were all the same, life would be boringAnyway, I will try to not be so hostile, this thread just pulled my chain. Feel free to dismiss me as just some ranting coot on the internet. Good luck with the material purchase.

[drunkenmaxx]

keep in mind merz, the only reason your dad is probably willing to let you store the bike there is to one up your mom. he gets to be the cool parent and burn your mom's (removed) at the same time.i think the best way to approach this is to have a serious sit down with momma. tell her you will take riding classes, promise to wear a helmet, etc. remember when your mom bought the vibe (dear god you were 15 then!) she said you couldn't mod it, just look at that sucker now!noone here is trying to redicule you or get down on you merz, everyone is just offering sound advice from the perspective of having been there already.as far as a cheaper bike, you can get one for far less than $2000.

[ZubenElGenubi]

Paul,It's not reasonable for one to post a question in an open forum without being willing to weigh all the opinions. If a decision has already been made, then everyone's time is wasted, including yours.That said, your question was indeed whether the interest rate for a bike loan would be lower than a personal loan. The answer, as you have already discovered is "Yes."However, because you provided details regarding the reason for this loan, you've received more advice than you may have bargained for. Unpleasant as the advice may be, I believe it to be sound. I'm pretty sure most of these persons have been nineteen years old. I'm also sure that most of them have wanted something beyond their immediate grasp. And almost every one of them have advised that taking on such a debt for short-term gratification may not be the best course of action.From personal experience, I also ask that you reconsider. It took me almost ten years to get out of debt purchasing loads of musical equipment. And I was lucky (no layoffs, no injuries, no family emergencies).At the very least, wait six months and pay yourself the estimated monthly payments (i.e., put it in a savings account). If, after that time, you've actually made those payments without touching the account and you still find a bike worth purchasing, then you might be ready. If you take training classes in the meantime, you'll be able to show your mom that you're serious and that this can be a practical solution, too (i.e. MPG).Let me assure you, this desire for stuff never really goes away! I'm aching to get a Telecaster, but unless I pay off my current debts, it ain't happening. My wife would kill me, and rightly so. She's been the main reason I've gotten out of bad credit.I wish you well, whatever you decide to do.-Zuben

[Pablo1669]

Quote, originally posted by Merzbow » he thinks from my perspective and he understands that you need to do things to make you happy in order to live a successful life. Don't you mean Happy life? I wouldn't define a successful life as one filled with debt. You don't even have any idea of the financial situations that you will be facing in the next 3-4 years. If you are tied down to bike payments, forget being able to afford a place of your own, good luck with repairs when your warranty is up... I'll tell ya what, 6 years ago when I was in your spot, I thought I new everything there was to know about money and having it, and spending it. BOY WAS I WRONG. I thought I would be able to afford a 4-wheeler payment and I pretty much damn near bought one but my parents stopped that from happening. I was pretty pissed off about it then, but I'll tell ya what. I should thank them every day that they stopped me from wasting that money.Where do you plan on working when you finish college? I had my life all planned out, and I'll tell ya what... not a single one of those future plans I had for myself ever came about. I had a well paying job in college, making nearly 30K a year. I had money, I had the job, I had everything... then I graduated.GM decided not to hire me because they are having a bit of a rough time. I ended up going 5 months without a job and now I had to move to Chicago to get a job with Motorola. If I had that 4-wheeler, I wouldn't be able to bring it out here to Chicago with me... and I wouldn't have had the money saved up to afford my moving process.My advice is to not get a bike. You have no idea what you are getting into. Trust me, I know I can say that because as a kid, which I still consider 19 to be, I thought I had it all figured out too... and I couldn't have been any further from the truth. Don't say you can afford a bike when you have to take a loan out for it thats not being able to afford a bike, thats called debt. Do you even have a clue on how much insurance costs? I bet you haven't even looked into that yet because you're just so excited to buy the bike. Tack on the costs of all the gear, because I'm sure you'll want all the flashy stuff to look cool, and that costs a hell of a lot more then you think.Now, if you want to waste your money on a bike that you sound like you don't have any experience riding, don't go buying a nice one, because you will drop it down several times and pretty much ruin any value of the bike.Also, this live for today stuff? I know 2 people that have been killed on bikes by other people, and I know someone who has taken the life of a biker. I also know 6 people who have been put in the hospital because of bike accidents, one of them losing his right leg.Good luck living for today on a machine that can pretty much take tomorrow away from you in a flash.

[jake75]

Quote, originally posted by BigMac »4) If you really must live for today, because you might die tomorrow, do something that won't cost you tomorrow, because you might actually live... and have to pay for it. (You might also consider that if you do die tomorrow, your mom will likely have to pay off your debts)Actually - unless she co-signed the note your mom is not any more responsible for your debts than you are for hers. However, when you crash and end up in the hospital or face a lifetime in a nursing home the rest of us taxpayers will probably be on the hook for those expenses. You should make sure you have medical insurance and long term care insurance because odds are that the person who did not see you and made a left turn in front of you will not have enough liability insurance or assets to cover those expenses either.

[djb383]

Quote, originally posted by Merzbow » I just want one to practice and see if I like it. If I have $2000 and I find a pretty fast one that costs $2000 why not buy it.Thanks to those that helped.Why don't you sign-up for the Motorcycle Safety Foundation Course and ride their motorcycles first. It'll cost you $200 bucks (probably less) to find out if a bike is really what you want and if so, you'll learn the correct way to to ride a bike and your insurance will be cheaper, assuming you pass the course. Take the advice of some of the posts that say "save your money and pay cash". Wealthy people could care less about credit, or credit scores, they don't need it 'cause they pay cash. Dude, bikes are cool and fun, just go about it the right way and keep the shiney side up, if that's the way you go. click to enlarge

[jake75]

COLUMBUS, Ohio -- June 15, 2006: At least one person was taken to a local hospital in life-threatening condition after a motorcycle crash Wednesday evening.The crash happened on the north outerbelt where interstates 71 and 270 converge.PITTSBURGH -- June 15, 2006: Pittsburgh Steelers quarterback Ben Roethlisberger, who was discharged late Wednesday following a motorcycle accident Monday, has issued a formal apolgy to fans and a promise to wear his helmet in the furure.On Thursday afternoon, Ben Roethlisberger released the following statement:"In the past few days, I have gained a new perspective on life. By the grace of God, I am fortunate to be alive, surrounded by loved ones and lifted by the prayers and support of so many. I am sorry for any anxiety and concern my actions have caused others, specifically my family, the Steelers organization, my teammates and our fans."I recognize that I have a responsibility to safeguard my health in the off-season so I can continue to lead our team effectively. I never meant any harm to others nor to break any laws. I was confident in my ability to ride a motorcycle and simply believed such an accident would not happen to me. If I ever ride again, it certainly will be with a helmet."On Tuesday it was officially released that Roethlisberger suffered fractures to his upper and lower jaws, a mild concussion, a fractured nose, fractured facial bones, multiple head lacerations, multiple abrasions and contusions. He lost two teeth and chipped several others. There was no evidence of any major structural damage to either of his knees and no serious injuries to the quarterback's brain, spine, chest and abdomen. According to a CT scan, his brain showed no injury.Roethlisberger's doctors said a second round of tests again showed no brain injuries, although he has a concussion.Even Roethlisberger's grandmother stayed mum about his release. Audrey Roethlisberger said, "You'll have to talk to the Steelers."His broken jaw did not have to be wired shut -- and that could hasten his recovery from his scary motorcycle accident.Because Roethlisberger's multiple facial fractures, broken nose and broken upper and lower jaw are being held in place by screws and titanium plates, he can eat soft foods -- and not be restricted to liquids.As a result, the 240-pound Roethlisberger probably won't lose as much weight as he would have on an all-liquid diet. The Steelers have not given a timetable for his return, but they are optimistic he will be ready for their Sept. 7 opener against Miami.One of the team's concerns was how long Roethlisberger would need to regain his weight and strength after being unable to work out for what might be an extended period.Police were investigating the accident, which occurred at the intersection of Second Avenue and the 10th Street Bridge in downtown Pittsburgh.Reports added that a car, with Maine license plates, was traveling in the opposite direction of Roethlisberger's motorcycle and turned left. Roethlisberger was unable to stop and the motorcycle hit the passenger side door.Roethlisberger helped the Steelers to the Super Bowl title last year.

[Merzbow]

I respect all your opinions, you're right, if I didn't want critisism I wouldn't have posted a story along with it so I'm sorry.EVERY TIME i bring up a bike people ALLWAYS tell me how dangerous they are and how many people they know that died. I'm sorry friends have died on bikes. People die all the time and from everything. A close friend Kolleen died a couple weeks ago on a jetski...she got a concusion(sp?) and drowned most likely because she was wearing a stage 3 life vest and not stage 1. Telling me how many people die on bikes does not sway my opinion. I'm an invincible kid afterall Second story. Family friend bought a Harley in his 50s I beleieve he was. He had three kids all in their mid-late 20's. They did not agree with him getting a bike. They ate dinner asa family every Saturday and I gues one night the daughter and two brothers had a serious convo about wanting him to get rid of his bike because of how dangerous they are. He told them this: "If I die tomorow on my bike, I will die doing something I love doing, also die knowing I have raised three successful and beautiful children." The following Sunday he went up to Port Huron (in MI) for a ride and then came home later in the evening. On his way home he was hit by someone on I94 and he died instantly after impact. At the funeral we asked the daughter how she was doing and she told us this story. She wasn't crying though. She said that one sentance he said that night reasured her that he did die happy diong something he loved doing.Obviously that has nothing to do with actually financing a motorcycle but I'm just trying to get a point across.Insurance frmo State Farm for a bike under 1000cc would be about $600-$700. That's the only place I have checked so far because that's who I have for the Vibe and Taurus.Sitting down and talking to my mom wont do anything. i've done it before for this and plenty of other things.Drunken you are right, my mom wouldn't let me mod the Vibe. Personally I think it is an amazing car now. The thing is...EVERY single part from the springs, to the exhaust, even to the d*** grills I bought behind her back without her knowing anything about them until I had either told her or she noticed herself. So far everything I have gotten for the car she has ended up liking. She allways compliments it now. "Wow the Vibe really does look nice with those grills and the black arrowhead.

[AKLGT]

Quote, originally posted by djb383 »Why don't you sign-up for the Motorcycle Safety Foundation Course and ride their motorcycles first. It'll cost you $200 bucks (probably less) to find out if a bike is really what you want and if so, you'll learn the correct way to to ride a bike and your insurance will be cheaper, assuming you pass the course. Take the advice of some of the posts that say "save your money and pay cash". Wealthy people could care less about credit, or credit scores, they don't need it 'cause they pay cash. Dude, bikes are cool and fun, just go about it the right way and keep the shiney side up, if that's the way you go. click to enlargedefinitely a good idea. if you're gonna ride, make sure you learn right! you already know how i feel about bikes, Paul. every subie meet we have, we ALWAYS take a moment (at least most of us) to remember our friend, Shawn, who was such a huge catalyst of all the meets.. he'll be forever missed here. he too, was like you. he enjoyed life and lived it to its fullest. unfortunately, that took him away so soon (too soon) for the rest of us. Be safe and make sure you wear all your protective gear. don't be stupid and drive like an idiot. Quote, originally posted by Anchorage Daily News »In briefPublished: March 28, 2006Last Modified: March 28, 2006 at 01:26 AMANCHORAGESpeeding motorcycle rider dies following collison with pickupA 22-year-old man died Monday morning when his motorcycle crashed and slid into a pickup, Anchorage police said.Anchorage police say Shawn Mickelsen was riding about 70 mph in a 40 mph zone on Fifth Avenue near Reeve Boulevard when the collision occurred at about 11:30 a.m.Mickelsen was traveling west through the intersection on a 2003 Yamaha while Lawrence Hayward Jr., 35, was traveling east and turning into a Wendy's fast food restaurant."It looks like he saw the truck and then panicked and tried to stop," Sgt. Glen Daily said. He lost control of the motorcycle and it toppled over. Mickelsen slid for about 40 feet before colliding with Hayward's Ford F-150 truck, Daily said.Hayward and his passenger were not injured in the wreck.Mickelsen appeared to have been wearing a helmet but it came off on impact, police said.Mickelsen was a University of Alaska Anchorage student, police said.This is the third traffic fatality in Anchorage this year.-- Anchorage Daily News

[scherry2]

paul,yes I remember my youth, in 1976 I had a 1967 triumph I bought as a basket case for $300 and built my own motorcycle from scratch, 1 year later I was riding a chopped down 1 seater with 6 over forks on the front with 4 degrees of rake on the front end and a 750 morso kit in the motor. I paid for it with money I earned from my job while going to and paying for my own schooling. I took a motorcycle saftey class also, I even went as far as to get my license before I rode. I was going to live like there is no tommorrow. I did and sometimes I thank god I'm not dead. I am only telling you this because of experience.now since you asked if we remember our youth can i ask you a question?do you remember your adulthood?

[djb383]

Quote, originally posted by Merzbow » Telling me how many people die on bikes does not sway my opinion. I'm an invincible kid afterall You must ride like you are invisible (because to cagers you are) and the moment you think you have the right-of-way, you'll be dead right. Now go out and have some fun, just be careful and don't get a loan, save your money and pay cash. Try Progressive for insurance and if you get a used bike think about liability and uninsured/underinsured coverage only.

[Merzbow]

That's sweet...see, why can't I do that? I've only technically been an adult for a year.I like the idea of saving the monthly payments to see if I would be able to pay for them so maybe I'll do that. The problem comes in when I will inevitably have to wait another year because of the winter so I dunno if I am up for waiting that long.I wouldn't be getting collision on the bike that's for sure. I wouldn't plan on hitting anyone, and if I get hit I woudldn't plan on walking away from it un-scaved.

[Sputnik]

Quote, originally posted by Merzbow »I've only technically been an adult for a year.I'm not getting on your case here, but I have to say, age does not make an adult. I was a bit like you for a while. I wanted things, and would go out and buy them even if I couldn't afford to do it. I was in a world of financial hurt for a while. And for a brief period considered cashing in my retirement savings to get out of debt as I was afraid I would be turned down on my mortgage. Anyway long story short, my hubby helped me, and I have vowed never to get in debt again. I pay cash now for most purchases and when I do put something on credit, I come home, go online, and transfer cash over to the credit card I just charged on. Instant gratification is not worth it if you have to go into debt to get it. I think saving the money for the monthly payments is the best way to go.

[AKLGT]

Quote, originally posted by Sputnik »I'm not getting on your case here, but I have to say, age does not make an adult. I was a bit like you for a while. I wanted things, and would go out and buy them even if I couldn't afford to do it. I was in a world of financial hurt for a while. And for a brief period considered cashing in my retirement savings to get out of debt as I was afraid I would be turned down on my mortgage. Anyway long story short, my hubby helped me, and I have vowed never to get in debt again. I pay cash now for most purchases and when I do put something on credit, I come home, go online, and transfer cash over to the credit card I just charged on. Instant gratification is not worth it if you have to go into debt to get it. I think saving the money for the monthly payments is the best way to go. what she said. having been young and dumb, i suffered the consequences of BUY NOW PAY LATER. now, i still suffer those consequences and pay outrageously. wait til you have the money to pay outright. besides, even if you get a bike, you won't even get to use it that much for the rest of the season. what's another 8 mos or so? is that really going to cramp your style?? honestly, think about it. if you save up the money to pay cash for a bike, people always want to get rid of them either at the end of the season or beginning of the season. why not get the most for your money and get it then? that way, if you buy your bike in the beginning of the season, you'll have a good 6 months to ride it and you won't have to pay insurance on something that will be sitting in your garage all winter because the bank requires full coverage.... it's already halfway through June. it's not like the whole world will stop RIGHT NOW if you don't get your bike AT THIS MOMENT! come on, Paul! don't be an idiot. spare yourself the debt load. then if you do crash your bike and you own it outright, you don't have to worry about paying the bank back for something you don't even have or that may not work. you already have the vibe right? most people your age (aside from ones that mommy and daddy buy for them or help them buy) do NOT have such a nice car. and i will point out that Drunken bought his vibe on his own, while living on his own too. he worked hard to get where he is BY HIMSELF! i appreciate the fact that my parents allowed me to live at home for so long paying very little rent. however, i wish they'd kicked me out of their house so that i would have learned to NOT been so frivolous with my spending and racked myself so far in debt. your mom wants the best for you no doubt, but just don't mess yourself up financially for the rest of your (hopefully) long life. though my parents never bought me or signed off on a loan for me, they still allowed me the freedom to spend spend spend my money on whatever i wanted, warning me this same thing.. you have to pay it back. so, think it through, take your emotions out of the picture and look at it from a rational and intellectual view. you are, after all, an adult, right? that's what adults do. this is coming from one spoiled child to another.

[jimincalif]

I won't add to the motorcycle advice, just be careful.But follow the good advice above, save your $$$ and pay cash. You made an interesting statement before:"because this whole controlling someones life is a touchy topic for me"I understand, and agree. But no one controls your life like creditors!!! Cash is king, and you are much freer when you don't have your income already committed each month. You are then much more in control of yourself and your life. Save money and pay cash - not to deprive yourself, but to reward yourself with your own freedom.

[Merzbow]

Well, I think you guys win. The ticket and Taurus insurance would prevent me from getting anything for another month or so. Like hope said, season will be half over, even though that is plenty of time to ride...I can't describe how pissed I am right now about making this decision, hard for me to admit that you are all right too but I'm going to be a good sport and say thanks for trying. I wont be working as much when school starts, that is my only concern so I'll try and put $130 a month away towards a bike in May next year. I doubt it will happen because I don't HAVE to save the money since I wont actually be paying for it but I'll try.When I was at the Gratiot cruise today someone hit my car while it was parked at my great aunt's house. They gouged a hole righ tout of the front left wheel. He was considerate enough to go to their house and give them his numebr for me so I'm not pissed. I'm actually kinda excited now because I can finally get rims.

[Kari]

I don't think it's really an issue of "winning" or "losing"...no one here wants to see you get yourself into a bad situation you can't get out of, debt-wise, or worse, get yourself hurt or killed. That's the reasoning behind all of the replies advising you to wait. I'm glad you've decided to wait, and I think putting the "payment" into a savings account until next year would be an excellent idea. By doing that, you have a better idea of whether or not you can afford the payment, and you will have in the process saved up a great down payment on the bike. But I would be careful about taking the stance that it doesn't matter since it's not a real payment...because when it is a real payment next year, you won't be able to do that, so it's best to treat your "self payments" as "real" payments, and if you have to dip into those funds to pay for other things, then you know you can't afford those payments.

[jimincalif]

Quote, originally posted by Merzbow »I'll try and put $130 a month away towards a bike in May next year. I doubt it will happen because I don't HAVE to save the money since I wont actually be paying for it but I'll try.Good decision - and it is really YOU winning.Now, your own self-talk is important. None of this "I doubt it will happen" stuff. Put a post-it note on your bathroom mirror. Put a picture of a bike on your dresser. Say to yourself every day "I will save $130 per month". Next May, after 10 months you will have $1300 PLUS interest. Visualize it, believe it, repeat it to yourself. You can make it happen. Visualize it every night just before you go to sleep. Your mind is incredibly powerful, you have to learn how to channel it to achieve your goals. If you fall short one month, don't beat yourself up, just get back on track the next month. This really does work. Good luck.

[Merzbow]

thanks

[scherry2]

Quote, originally posted by jimincalif »Good decision - and it is really YOU winning.Now, your own self-talk is important. None of this "I doubt it will happen" stuff. Put a post-it note on your bathroom mirror. Put a picture of a bike on your dresser. Say to yourself every day "I will save $130 per month". LOL. sorry, that reminded me of "I'm Good Enough, I'm Smart Enough, and Doggone It, People Like Me! : Daily Affirmations By Stuart Smalley.

[Merzbow]

(removed)....people know me....I'm kinda a big deal.

[BigMac]

You can probably also have your bank set up a second account for you, one that you won't have access to from an ATM... and ask them to make an automatic transfer every month. It'll be like making a payment, except you're paying yourself. (You might even look into a 6-month term deposit or something similar, that locks you in)