[Rhyno54]

Hello again, I posted another thread regarding getting a naked or faired bike, well after some thought i decided for now I am going to go with the naked bike, in black/red or course. When March comes I'll have 3 grand in cash and 6 grand on a loan from my bank for a total of 9 thou to buy my bike, don't want to really finance an additional 2 thou+ on top of that. I've seen nakeds being sold for $8499 MSRP so i figure i could probably get the bike for 10 OTD, or go the used route. So i guess for now the naked it is, thanks again for the feedback guys.

 

[CaptainSlow]

It's gonna take you 6 months just to save up a measly 3 grand? And you'll still have to get a loan? How old are you? I hate to say it but I don't think you should buy this bike. The GSXS is a nice bike but it's not worth jeopardizing your financial future over. I would never finance a bike. I won't even finance a car, bought my current car with cash. You shouldn't finance a depreciating asset, especially not something that's just a toy, which is what a bike is, unless it's your primary mode of transportation. Get whatever you can afford without a loan. Plenty of decent bikes for 3k.

 

[MR BOOST]

Low interest rates now.
Look at your payments and decide if it is value for money.
What will the real sale value of the bike be once payed off.
How much will the bike really cost you with interest and maintaining.

 

[DTM74]

Factor in full coverage insurance as well ($700-800/yr). I think if I was strapped for cash, I'd buy something cheaper used.

 

[Slower and Slower]

Ryan may have a parental backer who is his fallback if things go pair shaped. Like getting in a write off prang with an uninsured driver, theft of his new bike and an insurance company playing hard ball with his claim, losing his job, etc. etc.
In my early days I used Bank Personal loans to buy used cars and bikes, but covered the amount by cash in the same Bank.
It placed me in good stead when I asked for more upgrading House Purchase loans as I had demonstrated to them that I could manage money and repayments.


He is showing his good taste though - Red & Black Naked.
That's Extra coin back in the pocket at trade in time (see those flying pigs, anyone?).


Rob.

 

[Rhyno54]

I guess I was a little vague in my statement, the bike payment with full coverage Ins. is just under $250.00 a month, full coverage for me is $57 a month through State Farm. My car's paid for, and the 250 a month is well within my budget, no parental backer, my interest rate is less than 10%, my credit score is just over 700 right now and as slower and slower stated I have money in my savings account with the bank that gave me the loan.

 

[Rhyno54]

more than likely though i'll probably end up getting a used red/black naked anyway