To borrow or not to borrow?

[gatch]

I am having a serious moral conundrum.

Since around April of this year I have been bike-less and feel that a part of me has died, although some of my mates have been kind enough to let me ride their machines it is not enough.

I have been considering the option of getting a vehicle loan from kiwi bank 13.50% pa to purchase a 1990 nc30.

I know the older generation will tell me to save and pay cash which is of course the most sensible thing to do, but then this means it will be another whole year of pushbiking and watching cunts hoon past me at any given speed.

I am in a reasonably sound financial position where my wage can only increase, my only notable overheads are rent and my student loan.

Any thoughts ?

[one fast tl1ooo]

DO IT DO IT DO IT DO IT DO IT, GO ON JUST DO IT, :whistle::rofl:

[Jizah]

I'll loan it to you at 10%. Plus establishment and booking fee. And an annual fee of $25. Plus an early settlement fee if you decide to pay it off quickly.

[zahria]

My thoughts are, that you would be far better off saving, and buying a dog till you can afford something better.
But, I financed my way through bikes in my early years, cost a fortune.

So, I wished I did what I said, not as I did!!

[98tls]

I am having a serious moral conundrum.

Since around April of this year I have been bike-less and feel that a part of me has died, although some of my mates have been kind enough to let me ride their machines it is not enough.

I have been considering the option of getting a vehicle loan from kiwi bank 13.50% pa to purchase a 1990 nc30.

I know the older generation will tell me to save and pay cash which is of course the most sensible thing to do, but then this means it will be another whole year of pushbiking and watching cunts hoon past me at any given speed.

I am in a reasonably sound financial position where my wage can only increase, my only notable overheads are rent and my student loan.

Any thoughts ? Take it from an old cunt,lifes a lot shorter than it was when i was a young cunt,if your incomes solid go buy the bike......it really is that simple,enjoy.Take a wander through ward 27 at CH-CH hospital if you need any more encouragement.

[Mom]

Any thoughts ?

A couple actually. How much is this bike? What is the bottom line on the finance contract? I mean, how much will you repay over the life of the loan for the amount you actually borrowed? Is the bike worth it? Will it hold together and not cost you heaps of money during the course of the loan?

Forget recouping your money back at the end here.

Sorry, that appears to be more than a couple.

More info, then a decent answer.

[T.W.R]

Take it from an old cunt,lifes a lot shorter than it was when i was a young cunt,if your incomes solid go buy the bike......it really is that simple,enjoy.

:lol: OLD CUNT :bleh: but you're right

[toebug]

My thoughts are, that you would be far better off saving, and buying a dog till you can afford something better.
But, I financed my way through bikes in my early years, cost a fortune.

So, I wished I did what I said, not as I did!!

I agree, buy yourself a shitter and do it up as you can afford it. CASH IS BEST

[Jonno.]

Go to sorted.org.nz and work out how much it'll cost to borrow and compare it to saving.

[gatch]

I'll loan it to you at 10%. Plus establishment and booking fee. And an annual fee of $25. Plus an early settlement fee if you decide to pay it off quickly.

Lol, kb's own loan shark, are my thumbs listed as collateral ?


Take it from an old cunt,lifes a lot shorter than it was when i was a young cunt,if your incomes solid go buy the bike......it really is that simple,enjoy.

Yeah I don't want to be one old those old motherfuckers that looks back and goes, I should have bought the bike.

[hospitalfood]

look around at your borrowing options. you may find a shop that will finance it at a better rate. 13.5 does not seem all that hot. and i would think that there are people out there gagging to sell bikes at the moment.

I borrowed heaps when i bought my buell new, have never regretted it, in fact did it deliberatly before I got the mortgage on the house because I knew I would not be able to after, and when I got the mortgage just borrowed a bit extra to pay the rest of the bike off and consolidate.

[98tls]

Lol, kb's own loan shark, are my thumbs listed as collateral ?



Yeah I don't want to be one old those old motherfuckers that looks back and goes, I should have bought the bike. Shit no,ive the opposite,i did buy them and theres so many i wish id never sold.

[98tls]

:lol: OLD CUNT :bleh: but you're right Lol,another year older next Tuesday mate:pinch:No matter,me and the old slapper still give you young-uns something to think about through the good bits.Will remind you of quoted post at the impending Magpie,Grasshopper:stoogie:

[gatch]

A couple actually. How much is this bike? What is the bottom line on the finance contract? I mean, how much will you repay over the life of the loan for the amount you actually borrowed? Is the bike worth it? Will it hold together and not cost you heaps of money during the course of the loan?

Forget recouping your money back at the end here.

Sorry, that appears to be more than a couple.

More info, then a decent answer.

The bike on first appearance is sound, although without a viewing I cannot confirm, in saying this I would not sign on for any borrowed amount unless I was certain the bike was tip top.

As far as saving vs finance goes, sorted.co.nz tells me that with 13.5% P.A on 6K (with some imaginary fees thrown in) at around $100 a week it will be 16 months and a total of around $7,200.

I can live with this.. What is the price on ones sanity.. Seriously I'm going bat shit crazy of the prospect of this summer with no wheels.


I agree, buy yourself a shitter and do it up as you can afford it. CASH IS BEST

I've already got a project..

[Mom]

I can live with this..


You just answered your own question. Do it!

[mister.koz]

Bought mine on finance, hell even upgraded the bike and extended the finance....

it will work out that i will pay 20k to have in now instead of saving for 2 years and paying 17 for it.... and not having a bike.

3 grand? if thats my impatience tax then so be it.

[Pussy]

Life is for living.... and it's not a dress rehearsal, this is it! Make the most of it

[T.W.R]

Lol,another year older next Tuesday mate:pinch:No matter,me and the old slapper still give you young-uns something to think about through the good bits.Will remind you of quoted post at the impending Magpie,Grasshopper:stoogie:

age is only a number bud ;)
:oi-grr: could probably bring my old slapper out of the retirement village to see if you're tart can hold it's own especially if you're up for another 4am stint:drinknsin :doobey:

[98tls]

age is only a number bud ;)
:oi-grr: could probably bring my old slapper out of the retirement village to see if you're tart can hold it's own especially if you're up for another 4am stint:drinknsin :doobey: Consider it a done mate.Be good to catch up.

[chef]

save your money dont waste it on a old 1990 atleast go buy something brand new if your gonna finance it...

[Monkeyboy]

I am having a serious moral conundrum.

Since around April of this year I have been bike-less and feel that a part of me has died, although some of my mates have been kind enough to let me ride their machines it is not enough.

I have been considering the option of getting a vehicle loan from kiwi bank 13.50% pa to purchase a 1990 nc30.

I know the older generation will tell me to save and pay cash which is of course the most sensible thing to do, but then this means it will be another whole year of pushbiking and watching cunts hoon past me at any given speed.

I am in a reasonably sound financial position where my wage can only increase, my only notable overheads are rent and my student loan.


Any thoughts ?

Been there done that, sold bike, regretted it bought another cos I missed it too much.

[gatch]

save your money dont waste it on a old 1990 atleast go buy something brand new if your gonna finance it...

I do not consider a nc30 to be a waste..

[CookMySock]

around $100 a week it will be 16 months and a total of around $7,200.That doesn't tell the full story.

What will your resale value be at the end of it? What will you buy then, and how much will that cost?

The problem is more that you are always behind the ball, rather than in front of it. Instead, you should be saving and only purchasing items with cash, that you know you make money on. In the end, you go forward rather than backwards.

So there is going to be a drought period in between where you have nothing, while you get your savings sorted. So suck it up and begin today. In only a year or two you will be getting ahead.

Steve

[gatch]

What will your resale value be at the end of it? What will you buy then, and how much will that cost?


To be honest man I really don't think I would sell it, I've ridden a friends nc30 a few times and I am in love, hence I couldn't give a rats ass what the re sale is.

I Rode the same 250 for 5 years, I am in no hurry to get myself a penis extension..

[98tls]

save your money dont waste it on a old 1990 atleast go buy something brand new if your gonna finance it... Cheers,thank god you posted up.Theres a 74 GT750 i was going to borrow $ to buy.Wont bother now.

[Headbanger]

Resale value?, How the hell can you put a value on the enjoynment you get from something. If I lose a few grand over the few years of ownership then I reckon I got ten thousand times that amount of enjoyment out of it at least so I'm still miles ahead.

Hell, I've financed and then destroyed gear to the point it went to the dump and still consider myself ahead.

$8000 MX bike totally destroyed after 3 years of ownership, HELL YES. I'll take another please.

Money is just shit, Its the crap you can enjoy that matters. Hell yes tick crap up if you think you can afford the payments, and if you cant,well thats life too, its meant to be interesting. You dont get a medal at the end for not borrowing money.

[CookMySock]

Money is just shit, Its the crap you can enjoy that matters. Hell yes tick crap up if you think you can afford the payments...Yeah well thats the thing isn't it - how to get to the point where he can AFFORD to do that. It'd be nice to have that sort of income where we can just wholas bolas piss it up against the wall.

Steve

[Indiana_Jones]

How much is the bike?

Do you have some cash? To borrow the whole cost would be unwise, but to borrow 3-5K isn't silly, if you know you can afford to make the repayments

..........Do it! lol

-Indy

[gatch]

Yeah well thats the thing isn't it - how to get to the point where he can AFFORD to do that. It'd be nice to have that sort of income where we can just wholas bolas piss it up against the wall.

Steve

Further your career..

I don't intend on being on the ground floor for long..

[-easy--rider-]

im looking at doing the same thing, thing is im under 18 and i gotta get my dad to sign it and hes being a cunt.

just think if you had an accident tomrw and couldnt ride or died youd be like man i shouldv bought that bike

[98tls]

You dont get a medal at the end for not borrowing money.

So theres one for borrowing,i must be up for a Knights cross then.

[cs363]

So theres one for borrowing,i must be up for a Knights cross then.

With oak leaves? :whistle:

[98tls]

With oak leaves? :whistle: Was going to add that but thought na,see how long it takes.

[cs363]

Take it from an old cunt,lifes a lot shorter than it was when i was a young cunt,if your incomes solid go buy the bike......it really is that simple,enjoy.Take a wander through ward 27 at CH-CH hospital if you need any more encouragement.

+1 on that, life is way too short and is definitely for living. Getting a bank loan rather than HP/finance company is sensible - as long as you can afford it and if possible pay it back ASAP. Doesn't hurt to have a good credit record with your bank down the track.
End of the day, it's your life and your money - do what feels right to you.

[The Stranger]

I know the older generation will tell me to save and pay cash.

So you saying I am young then?

[cs363]

Was going to add that but thought na,see how long it takes.

I don't suppose there's a medal for being quickest smart arse then? :whistle: :laugh:

[rachprice]

hahahahaha trying to be as cool as me eh?
I reckon do it!

Good advice to check out more places, I managed to get mine on the home loan rate, though I guess being a student, is an apprentice counted as a student?

[gatch]

So you saying I am young then?

Depends on what you would consider advice he he..


hahahahaha trying to be as cool as me eh?


Mine will be way way cooler and it was my idea before you stole it.....

As far as being counted as a student I'm not sure, I THINK you have to study 1 full day a week to qualify, whereas I pretty much turn up to night class and sign my name then leave.. I could try being creative with the truth..

[rachprice]

Depends on what you would consider advice he he..



Mine will be way way cooler and it was my idea before you stole it.....

As far as being counted as a student I'm not sure, I THINK you have to study 1 full day a week to qualify, whereas I pretty much turn up to night class and sign my name then leave.. I could try being creative with the truth..

Which one you looking at?

[gatch]

The silver and black one..

[breakaway]

If you can't afford to buy a bike from 1990 with cash, then you can't afford to buy it. Keep saving.

[rachprice]

Dont listen to all those haters NC30 whoohoo!!!

[PirateJafa]

save your money dont waste it on a old 1990 atleast go buy something brand new if your gonna finance it...

What, and buy a Hyosung instead?

A well looked after NC30 will still give modern bikes a good scare everywhere bar the longer straights, which is where you're looking at tickets anyway.

Besides which, modern bikes have a deplorable excess of swingarms fitted these days.

I could sell all my bikes and my car and buy a brand spanking new R1 and still have enough left over for Two Bros exhaust system and power commander.

I'd rather have my "old" bikes thanks. There aren't any "new" bikes that give me a hard-on like the NC and RC30's do.

[BMWST?]

do it,buy it,just dont KEEP financing things...Just shop around for the best rate I would even think about a slightly longer term to keep repayments easily manageable,or get a short term ,bite the bullet and know you will have to be careful for a year(say) but you need to have a bit of cash put aside for tyres (or whatever) if you go the tough route .

[cs363]

What, and buy a Hyosung instead?

A well looked after NC30 will still give modern bikes a good scare everywhere bar the longer straights, which is where you're looking at tickets anyway.

Besides which, modern bikes have a deplorable excess of swingarms fitted these days.

I could sell all my bikes and my car and buy a brand spanking new R1 and still have enough left over for Two Bros exhaust system and power commander.

I'd rather have my "old" bikes thanks. There aren't any "new" bikes that give me a hard-on like the NC and RC30's do.

Agreed, not to mention the fact that a tidy NC30 could well appreciate unlike many bikes from that era, especially in the mid size range.
NC30's have a very good rep and an almost cult following now, so it's not hard to imagine them gaining 'collectible' status.
Besides, they're a heap of fun and sound fantastic! :D

[gatch]

Settled then, ringing the bank tomorrow..


do it,buy it,just dont KEEP financing things...Just shop around for the best rate I would even think about a slightly longer term to keep repayments easily manageable,or get a short term ,bite the bullet and know you will have to be careful for a year(say) but you need to have a bit of cash put aside for tyres (or whatever) if you go the tough route .

Even paying it off at 70 notes a week over 2 years would be less than 8k total...

[cs363]

Settled then, ringing the bank tomorrow..



Even paying it off at 70 notes a week over 2 years would be less than 8k total...

Good work, BMWST's advice is good too :)

Good luck with the new steed and the loan etc.

[Conquiztador]

I am having a serious moral conundrum.

Since around April of this year I have been bike-less and feel that a part of me has died, although some of my mates have been kind enough to let me ride their machines it is not enough.

I have been considering the option of getting a vehicle loan from kiwi bank 13.50% pa to purchase a 1990 nc30.

I know the older generation will tell me to save and pay cash which is of course the most sensible thing to do, but then this means it will be another whole year of pushbiking and watching cunts hoon past me at any given speed.

I am in a reasonably sound financial position where my wage can only increase, my only notable overheads are rent and my student loan.

Any thoughts ?

If you can afford the loan then go for it. If you are to save up before getting the bike there will be many more months lost that you won't be riding. (And I am one of the old buggars...)

There is also the side that by having had a loan and paid it off as per the agreement is good for you if you ever need to borrow money again.

[breakaway]

$8000 for a 90 NC30? :crazy:

[Maki]

I am having a serious moral conundrum.

Since around April of this year I have been bike-less and feel that a part of me has died, although some of my mates have been kind enough to let me ride their machines it is not enough.

I have been considering the option of getting a vehicle loan from kiwi bank 13.50% pa to purchase a 1990 nc30.

I know the older generation will tell me to save and pay cash which is of course the most sensible thing to do, but then this means it will be another whole year of pushbiking and watching cunts hoon past me at any given speed.

I am in a reasonably sound financial position where my wage can only increase, my only notable overheads are rent and my student loan.

Any thoughts ?

DON'T do it. 13.5% interest is highway robbery. Either save for it and buy it later or buy something cheaper now. The third option is to mortgage your property, if you have one, for the amount you need. That way the interest will be a LOT less than 13.5%.

Pushbiking for a year is no bad thing. Good for your body and good for your bank account.

[imdying]

So there is going to be a drought period in between where you have nothing, while you get your savings sorted. So suck it up and begin today. In only a year or two you will be getting ahead.Nearly... no matter how much money you save, you can't buy those 1 or 2 years back.

[vifferman]

It's all a matter of what it's worth to you. Looking at it dispassionately, ANY vehicle you buy - unless it's a classic at a bargain price - is a bad investment. If it's worth an extra 3K to you to have it now, rather than go a year or so without it, then do it.

If this was all about being sensible, Gatch would buy a cheap, crappy scroter. Obviously, this bike he wants is about passion, not buying a cheap commuter at a good price, nor is it about what's good financial practice. If it were, he wouldn't buy a bike, because whatever he pays for it, even if it doesn't get ridden, it'll be worth a bit less in a year's time, and he'll definitely lbe better off if the money was just moldering away in the bank.

[NinjaNanna]

Make sure whatever loan you go with allows you to pay it off early with no penalties.

If you can pay it off in 1yr get a 2yr loan, but still make the repayments based on one year, if your short 1 month then you can just make the minimum repayment. If you get a pay rise - redirect it straight to the loan.

Personally I wouldn't like to borrow for anymore than 2yrs on a 1990's bike.

Also if you do pay it off in 1 year - keep making the "repayments" for another year to use as a deposit on the next bike.

One other option to look at is a low interest rate credit card (the only downside is that the repayments maybe higher - but the trade off is 0 fees and probably lower interest). If you do go this route though make sure you cancel the card once you've paid for the bike so that you don't end up using it as a continuous line of credit, and never end up paying it back.

[Maki]

Didn't borrow a cent to buy my R6. My wife saved for years and years so she could give it to me. :woohoo:

[ukusa]

for loans, short term is the best term. Other than property, 2 years is the max I would ever pay anything off (1 is ideal). If you can afford say $100/week, thats $5200/year. Buy something for that, 12 months time look to upgrade, you may still get 4K for it, a good deposit on the next beast.
Nothing worse than still paying for something a 3 or 4 years down the track & it's since either a) crapped out & needs big bucks spent on it. b) you're sick of it & need a change, but still owe more on it than what it's worth. c) it's been nicked/crashed & you let your insurance lapse. d) you lost your job, or e) all of the above.

[EnzoYug]

The bike on first appearance is sound, although without a viewing I cannot confirm, in saying this I would not sign on for any borrowed amount unless I was certain the bike was tip top.

As far as saving vs finance goes, sorted.co.nz tells me that with 13.5% P.A on 6K (with some imaginary fees thrown in) at around $100 a week it will be 16 months and a total of around $7,200.

I can live with this.. What is the price on ones sanity.. Seriously I'm going bat shit crazy of the prospect of this summer with no wheels.



I've already got a project..


ASB is offering a best case 15% or 18% un-secured. Go for kiwibank rates. They sound awesome.

[gatch]

Ill be looking at paying it off over 18 months, and making occasional deposits outside of regular repayments..

You know what I found out today, kiwibank is open on saturdays.. Good cunts :)

[DarkLord]

I had a helluva time financing bikes via bank loans... first time round I was careless with my money and wrote off the bike in a crash. Getting a new one (which I needed as I had to get myself to work, had no other transport) and getting it up to speed (warrant, rego, chain & sprockets, tyres etc) cost me a fortune and I was in OD over a grand at one point. Earlier this year, I was unexpectedly made redundant from my job with over two grand to pay on the damn thing. Fortunately my parents were kind enough to give me an interest free loan which I would pay back when I could afford, once I got another job.

I got another job and I have now paid my parents back, and paid the bike off in full, and my savings are on the rise again. Never again will I take out a loan. I'm looking at an SV650 now as I have my full but this time I'm going to do it the old fashioned way - saving my pennies from now on (and trying to get a good offer on the Hyo).

I'd recommend paying for it in cash, dude. But it's your call in the end, of course.

[klyong82]

Lol, kb's own loan shark, are my thumbs listed as collateral ?
.
If you have a missus would make a good collateral ;)


The bike on first appearance is sound, although without a viewing I cannot confirm, in saying this I would not sign on for any borrowed amount unless I was certain the bike was tip top.

As far as saving vs finance goes, sorted.co.nz tells me that with 13.5% P.A on 6K (with some imaginary fees thrown in) at around $100 a week it will be 16 months and a total of around $7,200.

I can live with this.. What is the price on ones sanity.. Seriously I'm going bat shit crazy of the prospect of this summer with no wheels.

I've already got a project..

Sounds pricey for a 1990 bike but that is the price for V4. I would prefer to use that amount to purchase a newer 600cc.

Dont forget if you take a loan you gonna have to buy full insurance for it too so make sure you budget that in too. Go www.kiwibike.co.nz

[crazyhorse]

I am having a serious moral conundrum.

Since around April of this year I have been bike-less and feel that a part of me has died, although some of my mates have been kind enough to let me ride their machines it is not enough.

I have been considering the option of getting a vehicle loan from kiwi bank 13.50% pa to purchase a 1990 nc30.

I know the older generation will tell me to save and pay cash which is of course the most sensible thing to do, but then this means it will be another whole year of pushbiking and watching cunts hoon past me at any given speed.

I am in a reasonably sound financial position where my wage can only increase, my only notable overheads are rent and my student loan.

Any thoughts ?

Get a horse :rofl:

[gatch]

A crazy one ? ;)

[ukusa]

Get a horse :rofl:

Get a Perm

[DarkLord]

Get a Perm

...."everyone's getting horses these days..."

[Conquiztador]

...."everyone's getting horses these days..."

My horse has a perm!

[ukusa]

My horse has a perm!

My perm has a .....nah, that's just silly!:banana:

Got no money, got a job, get a loan, get a bike, get on the road

[MarkH]

Ill be looking at paying it off over 18 months, and making occasional deposits outside of regular repayments..

You know what I found out today, kiwibank is open on saturdays.. Good cunts :)

Debt is bad, mkay.

But so is not having a bike!

I say: Buy the bike and then pay off the loan as fast as you are able. Ride the bike. Enjoy the bike! You could wait till you have saved the money, but then you would have missed out on a lot of riding. A little debt for a short while is not likely to lead to the end of the world.