Bike debt = ?

[Rodney007]

How much is too much, ...? 20k?

[steve_t]

Depends on how much you earn, and how much interest you're paying over how long a period

[Rodney007]

say u get 17-18 bucks an hour :-) (just saying) and around %16-17 over two years......and you own a car thats paid off. so all your debt goes to your bike.. live at home with muma and dadda low rent.

[Mully]

say u get 17-18 bucks an hour :-) (just saying) and around %16-17 over two years......and you own a car thats paid off. so all your debt goes to your bike.. live at home with muma and dadda low rent.

Shit, will they lend you $20K on that income?

At the end of the day, it's your decision. It's (kinda) your money.

I look at it like this:
"If I borrow that amount - would I be able to sleep at night or would I lie awake worrying about it?"

In all honesty, there are too many ifs and buts in your question.
If you go for it, try to get a better finance rate. PM Frosty, see what he can swing for you.

[avgas]

Simple figures...
If you make 40K, you can spend 1/4 on that on the bike - 10K........if you have to pay rent half that. If you have a misses 1/10 of that.
Its called getting a life not a debt

[Rodney007]

Shit, will they lend you $20K on that income?

At the end of the day, it's your decision. It's (kinda) your money.

I look at it like this:
"If I borrow that amount - would I be able to sleep at night or would I lie awake worrying about it?"

In all honesty, there are too many ifs and buts in your question.
If you go for it, try to get a better finance rate. PM Frosty, see what he can swing for you.

nono i mean is 20k to much, im not even on half that... but im seriously thinking of getting a thou. which might take me up to 20k even more than..

[p.dath]

Here is a good question for you. What is the total amount you would repay (aka, number of months times the monthly repayments, for example).

Look at the difference between that and what you are actually borrowing.

Are you happy with that amount? Do you consider the premium that you are paying to be good value.


And also don't forget about the cost of the insurance ...

[Morcs]

Bro dont get a thou. your income wouldnt even be able to pay for the amount of tyres etc youll chew through doing trackdays on top of the repayments. Like a race season on a thou means $60k in tyres...

Cyclespot had an 05 CBR1000 trackbike for like 9k or summat. ohh wait they still do, check it out!
http://www.trademe.co.nz/Trade-Me-Motors/Motorbikes/Motorbikes/Sports/auction-216233381.htm

[Rodney007]

Bro dont get a thou. your income wouldnt even be able to pay for the amount of tyres etc youll chew through doing trackdays on top of the repayments. Like a race season on a thou means $60k in tyres...

Cyclespot had an 05 CBR1000 trackbike for like 9k or summat. ohh wait they still do, check it out!
http://www.trademe.co.nz/Trade-Me-Motors/Motorbikes/Motorbikes/Sports/auction-216233381.htm

thats new tyres if your a rich guy, id be able to get through on used ones which are like 200-250 a pair for slick,

plus it would be a road bike, yah thing is its all stock absicaly so id have to fork out even more to get it setup how i like it

[jim.cox]

How much is too much, ...? 20k?

"Any" is too much for me....

[R6_kid]

Save...

I'm not taking on any more debt if I can avoid it.

[Headbanger]

Depends entirely on your priorities.

I ticked up a brand new Harley at 20 years of age, cost me $80 a week, probably a third of my wages at the time.

Worth every damn penny....

[peasea]

How much is too much, ...? 20k?

Do what you want to but be wary of the debt merry-go-round. One thing at a time on tick is no biggie and do your best to pay it off early. There will be less interest and you can then go and get the next item........

[Crazy Steve]

How much is too much, ...? 20k?

$1 is to much considering they now want $405 for a doc fee..

And $5 for prs....Plus the fact your $20k bike wont be worth $10k to trade after 12mths.....

All this no deposit and interest free is bullshit..

Crazy Steve.

[shafty]

What Crazy Steve said, plus "how secure is your job?"

[YellowDog]

Yu will be ble to get great value on a thousand cc bike quite soon.

So far as how much debt to take on board, the answer has to be after you have financed all of your gear and extras, how much can you comfortably afford?

If it's not comfortable, don't do it.

[Molly]

Any bike debt is too much debt. Save your debt for the mortgage. You can have a blast on a cheap-as-chips bike.

If you borrow $20k for a bike, I guarantee you'll come to regret it.

[westie]

Yo, sell your bike before you entertain the thought of buying another one.
The load of cash in your pocket could make you proud enough to keep it.
I still got half the money i got for my R6 after buying my bike.
DONT go finance!
Go through your bank. You may be able to get a better deal through some finance company but they will screw you.

I bought a $7500 boat.
Payed the loan repayments for over a year
Sold the boat for $10000
Handed over $9800 to get rid of loan with MARAC(losers)

Get a dirt bike!

[Gremlin]

always bought what I could afford in cash

No finance for this fella, not to mention all the horror stories of evil finance companies :buggerd:

[Forest]

Don't go into debt to buy a toy.

[Maki]

Don't go into debt to buy a toy.

What he said.

[Conquiztador]

A bike loan of $20,000.00 with an interest rate of 16%, start up fees of $250.00, and a repayment term of 24 months would cost:

Bike loan repaid over full term of contract.
Weekly repayment amount $227.82.
Interest paid $3,443.38.
Total paid $23,693.38

If you are on $17/h and work 40 hours you get $680. Take tax off and you have approx $540 left.

After you have paid for the bike there is $ 312 left to play with a week.

If you can survive on that and pay everything else including Insurance then why not?

You only live once. And if you are to sit and save for 2 years, that is 2 years you could have enjoyed the bike. And you would have saved $3,500...

Oh and to the ones who recon you should buy a house first... You look funny coming down the road on a house.

But I recon you could get a lower interest.

Good Luck!

[Rodney007]

A bike loan of $20,000.00 with an interest rate of 16%, start up fees of $250.00, and a repayment term of 24 months would cost:

Bike loan repaid over full term of contract.
Weekly repayment amount $227.82.
Interest paid $3,443.38.
Total paid $23,693.38

If you are on $17/h and work 40 hours you get $680. Take tax off and you have approx $540 left.

After you have paid for the bike there is $ 312 left to play with a week.

If you can survive on that and pay everything else including Insurance then why not?

You only live once. And if you are to sit and save for 2 years, that is 2 years you could have enjoyed the bike. And you would have saved $3,500...

Oh and to the ones who recon you should buy a house first... You look funny coming down the road on a house.

But I recon you could get a lower interest.

Good Luck!

cheers for the input guys, yah you pretty much hit the nail on the hammer...
thats pretty much my financies exposed :D
my jobs very stable. its there as long as I dont fuck it up.

It is very VERY tempting but, I think I will just pay off a bit more, then dip in, cause lighter loads feel better on my shoulders.

[westie]

I'd use the hammer to hit the nail bro....