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  #11  
Old 02-24-2011, 04:20 PM
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I would do the loan at 3.7% & that way you will have the money in the bank for emergencies

you could do what i did on my Ram, when i could, i put extra $$$ towards the principle, i lucked out & paid off my Ram in 10 months, but, i also had put $30,000 as a down payment. my payments were $615 a month
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  #12  
Old 02-24-2011, 06:51 PM
jtjohns jtjohns is offline
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Quote:
Originally Posted by GTyankee View Post
I would do the loan at 3.7% & that way you will have the money in the bank for emergencies

you could do what i did on my Ram, when i could, i put extra $$$ towards the principle, i lucked out & paid off my Ram in 10 months, but, i also had put $30,000 as a down payment. my payments were $615 a month

Thats what I'm thinking, but I want to be at least semi responsible with my $$. I'm just not sure if having the bike and Ram financed at the same time is a good idea even though making the payments and paying more won't be a problem at all. My current payment on the Ram is around $450, but I have $550 taken out of my account every month. I'm wondering if I should just be miserable this summer and pay like $800/month towards the Ram and forgo the bike for now. But dam, I want this bike and I found a deal that is sickening.
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  #13  
Old 02-24-2011, 07:14 PM
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I gotta agree with Juli. If you have the cash and make that much money you might as well pay cash and be done with or at least pay the majority in cash and maybe finance a small part in case of an emergency. Maybe you could talk them down some even, CASH TALKS ! Good Luck !
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  #14  
Old 02-24-2011, 08:42 PM
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do you own your own house or rent?
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Old 02-24-2011, 08:49 PM
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Quote:
Originally Posted by Chubby Bruiser View Post
do you own your own house or rent?

I rent... I'm waiting to get a house until I get married. (My girl is expecting a ring soon ) Also, I plan on moving out of state in the next year or two so I won't be buying a house for a while.
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  #16  
Old 02-24-2011, 09:28 PM
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Quote:
Originally Posted by jtjohns View Post
I rent... I'm waiting to get a house until I get married. (My girl is expecting a ring soon ) Also, I plan on moving out of state in the next year or two so I won't be buying a house for a while.
This is what I would do. Remember that you are young. Buy the bike. Take care of the girl with the ring, and immediately start saving again and build that savings up again and stay out of debt. Have a goal of when you move to your new location to have the money for a good down payment on a house. Remember that staying out of debt is paramount. Blessings...
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  #17  
Old 02-25-2011, 12:41 AM
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If your currently earning 12% on your investment, and you can borrow at 3.7%, that puts you better than 8% ahead of the game.

At 26 you have (for all intensive purposes) a brand new truck and 8K in an investment account, and are seeking financial advice prior to jumping at something you 'Want'.
Damn....I wish I was that smart when I was 26!

The way I see it, you have a great paying job and are showing the signs of being responsible, so I don't see any reason why taking a short term loan and letting your money grow is a bad thing. After all, it is a great safety net should the unexpected happen. With cash in the bank, you can buy time. I think 8K will buy you enough time to sell both the truck and bike to pay off the loans if the 'worst case scenario' happened.

One other thought......what does your GF think of this?
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  #18  
Old 02-25-2011, 08:55 AM
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Quote:
Originally Posted by brad12kx View Post
If your currently earning 12% on your investment, and you can borrow at 3.7%, that puts you better than 8% ahead of the game.

At 26 you have (for all intensive purposes) a brand new truck and 8K in an investment account, and are seeking financial advice prior to jumping at something you 'Want'.
Damn....I wish I was that smart when I was 26!

The way I see it, you have a great paying job and are showing the signs of being responsible, so I don't see any reason why taking a short term loan and letting your money grow is a bad thing. After all, it is a great safety net should the unexpected happen. With cash in the bank, you can buy time. I think 8K will buy you enough time to sell both the truck and bike to pay off the loans if the 'worst case scenario' happened.

One other thought......what does your GF think of this?

I'm just not sure I want to commit that much money right now when I still owe a substantial amount on my truck. My GF is fine with me getting the bike, but she keeps reminding me of my intent when I got the truck. My plan was to pay it off as quick as possible.
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  #19  
Old 02-25-2011, 09:54 AM
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I would say pay for about half of it in cash which would leave half of your savings. finance the rest. you dont want to completely drain your savings account. this is exactly what i did when i bought my bike and it worked out well for me. my bike was paid off in less than 2yrs.

If you are worried about paying off your truck quickly, stop saving for now (its hard to do) and use your extra cash to put on the principals of the bike and truck. this should keep your interest down on both and you will still be paying less. just something to think about. but you will still have cash for emergencies sitting there and the truck and bike will be paid off quickly.
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  #20  
Old 02-25-2011, 10:02 AM
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I'll play devil's advocate here... Ever heard the term, double dip recession? If gas prices hit $4/gal. this summer it will be here just in time for Christmas. How secure is your job?

That being said, I am 5 years older than you, single, house, car, new truck, and I had a bike in my late 20's, sooooooo...
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