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I hate to say this but, when the bank says you prolly can't afford it, they are usually right. After you get your bike, it is certainly not going to be a CHEAP hobby. From paying speeding tickets, extra gas money for long weekend rides, another insurance bill, buying gear, buying crap for the bike, tires, oil, filters, maintainance, and many other incidentals the price of riding goes up ridicously.

that brings up another point, anyone that gets a bike for the sole purpose to save on gas money is bs'ing themselves.
 

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Discussion Starter · #22 ·
im only lying to my logical half...the other half of me is quite honest about being obsessed with getting an sv ;D
 

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jordan650 said:
the other half of me is quite honest about being obsessed with getting an sv
"Obsessed" is the word, and that obsession sounds pretty self-destructive. You should not get an SV. If you NEED a bike, get a beater bike for a few hundred bucks and ride it until you have sufficiently improved your financial situation such that you can afford to buy a good, clean used SV650. Satisfying your itch to ride a shiny SV by going into debt is just perpetuating the same sort of short-term-wants over long-term-needs behavior that got you into the situation your're in now. Everybody makes mistakes. Only the determinedly unsuccessful keep making the same kind of mistakes again and again.
 

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Discussion Starter · #24 ·
holy crap that is profound...the sad thing is that i know it, and im probably going to do it anyway...im a recovering addict so i want what i want and when i want it...my thinking is all f-ed off, but im working on it...i just paid off my last payment on the collections issue, and my score jumped up like a hundred points...i know my solution, and plan... i still have to save five hundred for the down payment, and three for insurance...so iguess thats improvement from what usually happens with me, so i at least have to wait a month, and maybe by then i can see what colors the 06's will be :),and also the reason i got rid of the ninja was because it was a beater, and i spent more on repairs monthly than a new bike payment would be...and ive decided after the 1500 dollars i just threw at my little integra to fix his little 12 year old motor, that a used bike is not an option...dont take all that the wrong way, i appreciate the advice...im just a hard headed youngster that has too much money that doesnt go to bills
 

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ronlarimer said:
that is just the banks way of saying... "Maybe you can't afford a bike"
and/or put your needs vs. wants in priority.... it's understandable that you "want" a bike.... but can you then afford to insure it?  And pay the county/city taxes on it? Sorry to rain on your parade man, but I've had to "explain" those same issues to my sons.... they didn't like it then, but they got over it. Good luck to you.
 

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There are deals out there, in the for sale forum there is a guy in Iowa that has a new sv that is not even broken in with almost 2 grand in mods selling for less than the price of a new one.

New gets you bank financing and no deals
Cash gets you deals that are unbelievable.

If you have 4 grand cash and get a  loan to cover the rest,
there is not a bank that would refuse you.  Money is power
 

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Fatass SVS said:
"Obsessed" is the word, and that obsession sounds pretty self-destructive. You should not get an SV.  If you NEED a bike, get a beater bike for a few hundred bucks and ride it until you have sufficiently improved your financial situation such that you can afford to buy a good, clean used SV650.  Satisfying your itch to ride a shiny SV by going into debt is just perpetuating the same sort of short-term-wants over long-term-needs behavior that got you into the situation your're in now.  Everybody makes mistakes. Only the determinedly unsuccessful keep making the same kind of mistakes again and again.     
Well said. Borrowing money for a motorcycle is for suckers. (Same for cars, furniture, clothes, etc.) You should borrow money only for an investment, such as real estate or a business need. Simple but true.
 

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about that LOC from the bank. yeah, i just found out my credit union has something like that. at first, i was like wtf! why put in $1000 savings acct and then borrow another 1000 from the bank only to pay interest on it. Didn't make sense to me until i started reading my credit reports and saw that loans are on there. I apparently found out, it is better to have prevous credit history than none. Also, you can get denied for a loan even if you have good credit but not for long enough. But then, they just jack up the interest rate.
 

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Re: my credit is stopping me from getting my bike,anybody know how i can get fin

syntheticton said:
maybe its different for different financial lendors etc. or different states
You're both kinda right. Paying off your credit card in full every month is fine, and it builds good credit. However, not using the card and never having any balance on it, even just till the end of the month, is bad and builds no credit.

Even if you don't use your credit card, it's a good idea to charge something to it, simply to pay it off at the end of the month.
 

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Motorsport vehicles are THE single hardest thing to get financing for.

I've watched people with multiple cars, solid payment history and mult-hundred thousand dollar mortgages to get turned down flat for bikes.

It has a lot less to do with affordability than the bank willing to take the risk.

Face it - we don't require a bike to live - but a car and a home are necessities of life.

The bike is an asset that's nothing more than a toy - can be hidden in the basement and is only useful for roughly four months out of the year.

It's a giant risk for the bank.

In this situation - it's not a surprise, really. Young, a couple of black marks and desire for a motorcycle. Young and motorcycle = high risk. Add the mis-steps....yuck.

Pay attention to your credit. Find someone who'll tell you 'why not?' - then work with them to see if you can prove you're worthy. We do it all the time.
 

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jordan650 said:
and also the reason i got rid of the ninja was because it was a beater, and i spent more on repairs monthly than a new bike payment would be...and ive decided after the 1500 dollars i just threw at my little integra to fix his little 12 year old motor, that a used bike is not an option...dont take all that the wrong way, i appreciate the advice...im just a hard headed youngster that has too much money that doesnt go to bills
I have a 99 SV that I bought used last year, I bought it for $3000 but knowing what I do now, I spent about $500 too much on it.
I have spent $0 on repairs to the bike it doesn't need it. So there is a big difference between saving money buying a used bike and buying a beater.
 

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lkm said:
that brings up another point, anyone that gets a bike for the sole purpose to save on gas money is bs'ing themselves.
One of the reasons I keep a bike is because it's cheaper to run than even the cheapest of cars. Tires and gear are more expensive, but insurance and gas more than make up for it. Parking is free.

Then again, I live in the city. If you're a suburbanite, where parking isn't another car payment and insurance is sane, you might lose money compared to a cheap car.
 

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wee twin said:
Well said. Borrowing money for a motorcycle is for suckers. (Same for cars, furniture, clothes, etc.)  You should borrow money only for an investment, such as real estate or a business need.  Simple but true.
Nooooo. Borrowing enough to finance a relatively modest new car at 0% interest is the cat's meow. I am paying absolutely nothing to Mazda to borrow their money and make (piddly amounts of) interest on mine. I think 0% is an exception to what you said. I can't fathom paying interest on a new bike, or furniture, or whatever else people charge on their cards. It kills me to see the interest we pay on the house.

Balloon payments are also amazing to me...I can't afford it now, but I hope I can pay more later...
 

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wee twin said:
Well said. Borrowing money for a motorcycle is for suckers. (Same for cars, furniture, clothes, etc.)  You should borrow money only for an investment, such as real estate or a business need.  Simple but true.
I generally wait until I have the cash to buy something just to avoid being in debt. But that doesn't mean that paying cash is always the best financial advice. If the cost of money is low, and it is right now, you actually can do better financially by putting the cash into a decent investment and financing your bike, boat, airplane, at a low interest rate. This is epecially true these days with some of the incentives being offered by the car and bike manufacturers.
 

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Re: my credit is stopping me from getting my bike,anybody know how i can get fin

Good point, but... that's provided you have the cash to invest in the first place. The problem with low interest financing is that some people see the 0% and don't have the cash, so they think low payments will get them what they want, and not see the balloon payments at the other end. So they continue their current spending habits and betting on their future income to cover the payments; and when the time comes to pay up, they don't have the cash flow or savings to cover their debts.

No lender is going to say here, use my money at 0% without expecting a return down the road. So it's important to do your homework and understand the rules of the game, it's even more important to don't spend money that you don't have.
 

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Re: my credit is stopping me from getting my bike,anybody know how i can get fin

asp125 said:
No lender is going to say here, use my money at 0% without expecting a return down the road. So it's important to do your homework and understand the rules of the game, it's even more important to don't spend money that you don't have.
Or they're getting it up-front in the original purchase price. I find it difficult to believe that they wouldn't give you a discount for cash up front.
 

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Re: my credit is stopping me from getting my bike,anybody know how i can get fin

asp125 said:
Good point, but... that's provided you have the cash to invest in the first place.  The problem with  low interest financing is that some people see the 0% and don't have the cash, so they think low payments will get them what they want, and not see the balloon payments at the other end. So they continue their current spending habits and betting on their future income to cover the payments; and when the time comes to pay up, they don't have the cash flow or savings to cover their debts.
Agreed. If you don't have the cash, there's no question that financing, even with incentives, is gonna cost you.
 

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I've always paid off my credit card balance in full each month, I have three loans paid off early, and one thats open currently. My credit score is 726 or somewhere around there. The thing is, I was told be someone who used to work for a credit card company, that paying your balance in full does not necessarily boost your credit. The company doesnt make any money from you, cause you are not paying interest. It's the people that carry a balance from month to month, make payments on time and in full. It makes sense, it shows you can pay off things monthly, the company makes money from the interest, and so on. But thats just what I'm told.
 
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