Ever had a "luxury loan"?

[Boob Johnson]

Who here has had finance in the past or still has it on non essential items? ie: a vehicle (over and above basic transport), TV's, stereo's etc etc. Pretty much anything that isn't growing in value.


Be interesting to hear peoples stories good or bad.


I can speak from experience with loans from both sides, I was once a fool who put consumable items/depreciating assets on "tick" & I have been the man on the other end handing the customer a pen (a mix of investment loans & luxury loans).


If you absolutely HAVE to get finance that's a different story but too many people go into these things with their eyes almost completely shut, if you do that then you have no one to blame other than yourself for loosing substantial amounts of money, as did I, years ago.


As mentioned in the another thread you can go about a purchase in a much more savvy way & with no real extra effort, just working smarter, not harder.
I haven't had a "luxury loan" in years & I won't ever do it again. I save the cash, in the time it takes to save ill educate myself on what IS a good deal on the item I want & then once the funds are in place ill start hunting for a bargin. The trick to it is this..........there are 3 levels of pricing for any item....

1) It's premium price
2) Fair market value &
3) A bloody steal

Study the market, see what things are selling for, you will see a pattern emerge as to what is its top, medium & low end sales price is then you know exactly what you are getting into.



I have made money on the previous two bikes ive owned & will make money or at least break even on my current bike when its sold & will also at minimum break even on my current car & don't get me started on general house hold items lol, ive got a hundred stories on bargins ive picked up from everything to computers, TV's, washing machines, dryers etc etc.


If anyone ever wants any advice on loans, don't ask me, you already know my answer :oi-grr::2thumbsup



Ask yourself do I REALLY need this?

Do I really need this NOW?

How much is this REALLY costing me from start to finish?

Is it worth it?








Final thoughts...


"We buy things we don't really need with money we don't really have to impress people we don't really like"

[vindy500]

but i waaaaaaaaaaaant it now!

[Devil]

I've spent plenty on your so called luxury loans, but it still hasn't stopped me from finding the best deal first on the item, and then on the finance (interest free options). Bottom line is if I want something, i'll get it, but i'm never going into it blind and have budgeted for any payments.

Never run into any problems, always got what I want and will continue to do so.

[vifferman]

Home theatre system, using an interest-free period. Trouble was, it was with GE, so it was a stupid idea. I blame the accountant/wife: we went window-shopping for a pair of speakers, and came home with a receiver, five speakers and a subwoofer.

Bike - traded in the FahrtSturm, put half the balance on the Visa, and the rest on an MTF loan. Was actually a good idea, as the only interest we paid amounted to about $30 total. I blame the accountant/wife: we went window-shopping for a helmet for her, and came home with a short-term debt, and a $12k bike. And a $400 helmet.

Vacation in Urp - I blame the accountant/wife: we went window-shopping for a holiday, and came home with a $15k hole in the funds, which is still growing. Will probably top $20k easily. I could buy a nice new bike for that sorta money...

[icekiwi]

I blame the accountant/wife: we went window-shopping for a helmet for her, and came home with a short-term debt, and a $12k bike. And a $400 helmet


Can I borrow your wife to come shopping with me.....lol

[munster]

Yes, but only ever when I've got things at a good price and interest free and we've always paid it off within the interest free period.

[ozrobo]

my bike is a essential but make and model isnt its a missus hater

[Swoop]

I blame the accountant/wife:

I blame the accountant/wife:

Vacation in Urp - I blame the accountant/wife:
I see a recurring theme here...
Hopefully the Vifferbabe never meets this "accountant" person.:whistle:

[Mikkel]

No. But I do have an overdraft on my credit card - and yes, sometimes I use it in anger.

[The Lone Rider]

I don't have any debt, but a mortgage.

I have thought about adding a harley onto my mortgage, or any number of schemes that require borrowing some money.. but in the end I just don't want to pay more later for what I should have the fortitude to save for now.

[vifferman]

I see a recurring theme here...
Hopefully the Vifferbabe never meets this "accountant" person.:whistle:
Well... I'm sorta stuck, as I have to sleep with her. She also earns twice as much as me, and probably works six times as hard.
Shame we've ended up so many times with the "Mechanic's Car Syndrome" infesting our bank accounts. :crazy: Wouldn't happen if I was in charge of the money...

[mstriumph]

money is a commodity like any other

if i want a vehicle, now, for a short time, i'll rent it
if i want a place to stay, now, for a short time, i'll rent it
if i want money, now, for a short time, i'll rent it

if the rate and terms are equitable i see no problem

- money is no different from anything else, to treat it otherwise is to give it a mystique it doesn't deserve.

[mowgli]

money is a commodity like any other
...
- money is no different from anything else, to treat it otherwise is to give it a mystique it doesn't deserve.

Ooooo! Something to ponder for the afternoon. Very deep indeed. +1

[madbikeboy]

I owe a little money for my mortgage. Borrowing for anything else is a dumb idea. Work out what the real cost is - $10,000 plus 10% for three years = huge waste. If you had that money in the bank, it'd be earning almost as much interest, so more loss.

If you can't afford it out of your bank account, or if you can't afford to insure it, you can't afford it.

[Devil]

If you can't afford it out of your bank account, or if you can't afford to insure it, you can't afford it.

Thats all well and good for idiots who seem to have trouble with understanding money (fuck knows why, it's not rocket science), or for those that dont understand consequence.

Getting into trouble with it is your own fault, no-one elses.

Edit: Quoting for reference, not pointing at you.

[oldrider]

Best personal loan experiences ever, PSIS! :yes:

I borrowed from PSIS to buy my first brand spanking new bike. :ride:

Oamaru Motorcycles, Honda, PSIS and me, great combination! :niceone: Cheers John.

(Thinks: :scratch: I Must renew my membership someday, PSIS, Oamaru Motorcycles, Honda and me, we are are all still out there!) :shifty:

[Ixion]

I have no experience with PSIS in relation to loans. But I do in other matters, and I will confidently say that they have the second best customer service ethos I have ever encountered (the best was Morris Black and Matheson) . I would recommend PSIS unreservedly.

[Coyote]

It took a long time to get out of my silly teenage angst depression shit. The loan on my VFR sent me back.

[hazard02]

Personally, I've never bought something I couldn't pay for there and then, apart from my education. I figure with a ~$60k student loan waiting for me at the end of next year, the last thing I should be doing is running up debt with anyone else.

[Maki]

Yes, for a sports car. Never regretted it a second.

[ManDownUnder]

Does my wife count as one - I'll be paying her off forever...

[BIHB@0610]

Does my wife count as one - I'll be paying her off forever...

Yes, but she's an appreciating asset. That's different - and fine :2thumbsup

[jrandom]

Yes, but she's an appreciating asset.

If that's the case, MDU's wife definitely came from a different factory than mine did.

:crazy:

Worst financed investment I ever made...

[BIHB@0610]

If that's the case, MDU's wife definitely came from a different factory than mine did.

:crazy:

Worst financed investment I ever made...

:lol: :lol: you must spread some reputation around before etc etc etc ......

[chester]

Yes, but she's an appreciating asset. That's different - and fine :2thumbsup

ok then how much are they worth?


FOR SALE
1 Mrs Chester
used condition











please dont tell her! :Pokey:

[jrandom]

FOR SALE
1 Mrs Chester
used condition

Rent-to-buy?

[DMNTD]

Rent-to-buy?

$10.00 down,chase me around??

Hell...4x X's to which have kids to me have cost over a mill',initially. And here I thought m'bikes were expensive to maintain! :lol:

[homer]

I owe a little money for my mortgage. Borrowing for anything else is a dumb idea. Work out what the real cost is - $10,000 plus 10% for three years = huge waste. If you had that money in the bank, it'd be earning almost as much interest, so more loss.

If you can't afford it out of your bank account, or if you can't afford to insure it, you can't afford it.

yep thats so true ,
ill remember that when im riding one of 2 bikes or driving the car .
oh yes thats right . forgot about the big bus thats going to run me down in 2 days .

oh shit better just buy it now instead.
i do hear what your saying and its quite correct, just not for me

[jrandom]

Hell...4x X's to which have kids to me have cost over a mill',initially.

Sounds about right.

My single ex cost a quarter, so four... yup.

Ah well.

Some motherfucker's gotta propagate the species, and I'll be damned if I'm gonna leave it to the darkies.

[Motu]

I've never had a personal loan,just one bike on tick when I was 18 (1972) I pay everything cash or I don't have it.Had one mortgage,but didn't want to go through that again - lowered my sights and bought this place cash.Then I got a mortgage on my asset for improvements.We did buy a fridge when we were renovating this place,the perfect time for the old one to die - so got one of those no interest,no payment for a year jobs...and paid it off lump sum one week before time.

Living this way means I've never owned a flash late model bike - but I'm always happy with the bikes I do have.

[Boob Johnson]

Some motherfucker's gotta propagate the species, and I'll be damned if I'm gonna leave it to the darkies.
Well if there was any doubt about you being a racist I guess you cleared that one up :blink:


Keep it on topic aye :spanking:




and yes, sometimes I use it in anger.
lol costly wobbly



money is a commodity like any other

if i want a vehicle, now, for a short time, i'll rent it
if i want a place to stay, now, for a short time, i'll rent it
if i want money, now, for a short time, i'll rent it

if the rate and terms are equitable i see no problem

- money is no different from anything else, to treat it otherwise is to give it a mystique it doesn't deserve.
What an absolute crock, don't mean to offend but that is nothing short of rubbish.

"if the rate & terms are equitable, no problem"? There is no "equitable" terms, its all good money after bad, even the best loan is still over the top in comparison to paying cash. You still paid for the bike TWICE that has npo halved in value!!! That will NEVER be included in a sentence along side "sound economic sense". You personally may see no problem, that doesn't mean there isn't one, Chamberlane didn't see a problem with Hitler taking a few extra km's of sod either, pretty sure most here know how that one turned out.


"money is no different from anything else"??? Guess that's why the MASSIVE majority don't have sound financial sense. There is no mystique as far as im aware, just a lot of people with no clue, it's either a prudent purchase or stupidity personified.

[jrandom]

There is no "equitable" terms, its all good money after bad...

... and in the meantime, while one sits on one's very-slowly-growing pile of cash, business opportunities pass one by, leaving the rate of growth at 'very slow' instead of 'potentially explosive', and one eventually dies having experienced one hundredth of what one could have experienced.

Sorry, man. I prefer to take a risk now and then, and that requires rolling the financial dice.

[Boob Johnson]

... and in the meantime, while one sits on one's very-slowly-growing pile of cash, business opportunities pass one by, leaving the rate of growth at 'very slow' instead of 'potentially explosive', and one eventually dies having experienced one hundredth of what one could have experienced.

Sorry, man. I prefer to take a risk now and then, and that requires rolling the financial dice.
Right there with ya J, my last loan was for an investment property, but this thread is titled "LUXURY LOANS" not business/investment loans :slap:

A calculated business/investment risk is something entirely different to consumer finance which im sure you will agree.

[The Stranger]

What an absolute crock, don't mean to offend but that is nothing short of rubbish.

"if the rate & terms are equitable, no problem"? There is no "equitable" terms, its all good money after bad, even the best loan is still over the top in comparison to paying cash. You still paid for the bike TWICE that has npo halved in value!!! That will NEVER be included in a sentence along side "sound economic sense". You personally may see no problem, that doesn't mean there isn't one, Chamberlane didn't see a problem with Hitler taking a few extra km's of sod either, pretty sure most here know how that one turned out.

"money is no different from anything else"??? Guess that's why the MASSIVE majority don't have sound financial sense. There is no mystique as far as im aware, just a lot of people with no clue, it's either a prudent purchase or stupidity personified.

That's a pretty high horse you are on there Boob.
As I said in another thread, I have borrowed money from YMF on 2 occasions.
On both occasions it was for convenience to cover short term liquidity as money was tied up in property and/or other less liquid assets.

With the property market the way it is, I wouldn't think twice about borrowing money should I desire something. I would be mad to dump a property in this market to save a few grand on interest.
In times of rapid property price increases I be even crazier to do so as the increase in value far exceeds any interest I would pay on a motorcycle loan.

So why wouldn't I borrow?

[Boob Johnson]

That's a pretty high horse you are on there Boob.
As I said in another thread, I have borrowed money from YMF on 2 occasions.
On both occasions it was for convenience to cover short term liquidity as money was tied up in property and/or other less liquid assets.

With the property market the way it is, I wouldn't think twice about borrowing money should I desire something. I would be mad to dump a property in this market to save a few grand on interest.
In times of rapid property price increases I would be even crazier to do so as the increase in value far exceeds any interest I would pay on a motorcycle loan.

So why wouldn't I borrow?
Sorry if that's the way that came across, wasn't my intention, didn't see that post about YMF from you im affraid. Your situation is/was a lot more specific & detailed to what was explained by "mstriumph". Paying for either toys OR assets with profits from OTHER assets IS fiscally prudent, you won't many wealthy people saying otherwise.

[The Stranger]

Sorry if that's the way that came across, wasn't my intention, didn't see that post about YMF from you im affraid. Your situation is/was a lot more specific & detailed to what was explained by "mstriumph". Paying for either toys OR assets with profits from OTHER assets IS fiscally prudent, you won't many wealthy people saying otherwise.

Ok, mstriumph didn't elaborate, however her post was still valid, in my view. There are numerous times when it may be desirous (I could harldy say necessary) to borrow for a "luxury" purpose.

It would also I guess depend one's personal interpretation of luxury.

[munterk6]

Hahahahah!! you guys are hilarious..debating over the nuances of to loan or not to loan.
Life is short, grab it by the nads and hang on...who knows, tomorrow may never arrive. :blink:

[Boob Johnson]

Hahahahah!! you guys are hilarious..debating over the nuances of to loan or not to loan.
Life is short, grab it by the nads and hang on...who knows, tomorrow may never arrive. :blink:
Haaa ha ha at "nuances" if you call paying for something 2 to 3 times over a "nuance" then good luck to you, you will need it..................munter lol

[Toaster]

Technically over the years I used equity accrued in property assets to acquire luxuries, such as trips, clothes, bikes, cars, experiences (i.e. anything non-essential). So technically the loan obtained by way of mortgage security over investment assets is just a cheaper way of attaining finance over otherwise more expensive personal or asset specific loans for such 'luxuries'.

[sinfull]

Have spent near a lifetime not using credit !
Had the odd wife bring my name into bad credit by leaving the dept when we split ! But for years it was a mentallity of if i aint got the cash i dont have it !

But a funny thing happened, Was sittin round on a not so bad sort of income, pissing it all against the wall. Thinking how the hell do i change my habits, so i can save a bit of coin and buy me a bike to get back into riding ?
Was only a month into my new savings plan and the bank sent me THE letter ! Preapproved 12 k loan rardy rah ! Took all of thirty seconds of thinking about it to ring em and tell em to stick it in my account !

Way money slips through my fingers and onto the urinal wall, i dont mind paying a little interest and call it a compulsary savings plan, or hp ,or care not what ya like to call it, don't even notice the money going out and have paid it (Nearly) off once and have two bikes now looking at a third !

Seems to have had an effect ( i hate being in dept and paying interest ) where i have wheeled and dealed cars etc to pay it off quicker which has worked for me ! If i had stuck to saving for it i'd still be there saving a little and pissing up most !

[Devil]

Haaa ha ha at "nuances" if you call paying for something 2 to 3 times over a "nuance" then good luck to you, you will need it..................munter lol

What kind of assclown takes a loan that'd have that cost of finance. Thats a pretty big generalisation you're making that all loans are expensive and all all people who take loans are idiots.

I guess in the last 10 years i've had over $100k in 'luxury loans' (not counting the mortgage) and not once have I paid more than 25% more than the intial purchase price, over the whole course of the loans. Each time it was worth it to have what I wanted, when i wanted it.

I think your moaning is misguided.

[Pussy]

What kind of assclown takes a loan that'd have that cost of finance. Thats a pretty big generalisation you're making that all loans are expensive and all all people who take loans are idiots.

I guess in the last 10 years i've had over $100k in 'luxury loans' (not counting the mortgage) and not once have I paid more than 25% more than the intial purchase price, over the whole course of the loans. Each time it was worth it to have what I wanted, when i wanted it.

I think your moaning is misguided.

Agree! I have bought several bikes on tick, all with MTF being the finance company. Have never paid excessive interest, and most have been paid off early.
Eat, drink and be merry, for tomorrow you may die.
I would rather pay some interest to have a few luxuries, than be a fart skinning mingy cunt having no fun. You can't take it with you

[sinfull]

What kind of assclown takes a loan that'd have that cost of finance. Thats a pretty big generalisation you're making that all loans are expensive and all all people who take loans are idiots.

I guess in the last 10 years i've had over $100k in 'luxury loans' (not counting the mortgage) and not once have I paid more than 25% more than the intial purchase price, over the whole course of the loans. Each time it was worth it to have what I wanted, when i wanted it.

I think your moaning is misguided.

Same sort of clown that if said clown were to win lotto (a big one) would pay off his mortgage, his folks mortgage, buy heaps of toys have a world trip and blow the rest !

Instead of thinking smart talking to the bank and work out what interest returns will come from it then invest that money At a safe rate !
Borrow money off where ever for however long it works out to be paid off by your safe interest returns and blow that lot wooohoooo !

Have fun spend money and at the end of it ya still have a mill in the bank !

[vifferman]

I have bought several bikes on tick, all with MTF being the finance company. Have never paid excessive interest, and most have been paid off early.
Yeah, they're pretty good to deal with.

[madandy]

My partner & I only purchase when the deal is zero interest & no repayments until x date. I tell 'em I wont pay any damn booking fees either. We place a nominal deposit and keep our money earning interest until payment is due. I bought a Plasma TV for $2999, put $500 down and made 7% on the saved money that eventually rose to $2499 for 18months.

Using past appreciation profits from property has paid for our luxuries and keeping those luxuries 'real' (like a '95 Duc instead of a new one) helps keep the balance of payments favourable.

We have borrowed agaisnt our equity in the past to purchase bargain items and onsold them for nice wee gains.

You can't take it to the grave and there ain't no prizes for the richest person in the cemetary...but sensible money managment can make life a bit more fun in the long run I guess.

[Forest]

Same sort of clown that if said clown were to win lotto (a big one) would pay off his mortgage, his folks mortgage, buy heaps of toys have a world trip and blow the rest !

Instead of thinking smart talking to the bank and work out what interest returns will come from it then invest that money At a safe rate !
Borrow money off where ever for however long it works out to be paid off by your safe interest returns and blow that lot wooohoooo !

Have fun spend money and at the end of it ya still have a mill in the bank !

If I won Lotto, I'd be down to my solicitor's office tomorrow to establish a trust. I'd then gift the winnings to the trust, have myself and my loved ones named as beneficiaries, and then live off the income the trust produced.

[mstriumph]

Well if there was any doubt about you being a racist I guess you cleared that one up :blink:


Keep it on topic aye :spanking:




lol costly wobbly



What an absolute crock, don't mean to offend but that is nothing short of rubbish.

..................Chamberlane didn't see a problem with Hitler taking a few extra km's of sod either, pretty sure most here know how that one turned out.


"money is no different from anything else"??? Guess that's why the MASSIVE majority don't have sound financial sense. There is no mystique as far as im aware, just a lot of people with no clue, it's either a prudent purchase or stupidity personified.

ah - go out an ride mate .... it'll put you in a sunnier frame of mind :rolleyes:

[Patch]

What an absolute crock, don't mean to offend but that is nothing short of rubbish.

It is people's right to post up and have an opinion, as you asked and expressed an interest to hear them in your first post.

Who or what gives you the right to sit on your high horse and dictate as to what people should do with their money??

Unless you're financially retired, have invested in every market, seen most market conditions, I hardly think you are qualified to make such statements as to advise on people's financial planning especially over the interweb.


Who gives a fuck that you've made a couple investments and worked behind a counter - who hasn't???


No such thing as a luxury loan. A loan is a loan. period. Its what you do with that loan that counts.


Nice one BooB

[awayatc]

How much is your time worth?
Lets say you want a bike but haven't got the cash, so you take a luxury loan for 4 years.
Yes you pay a lot of interest etc, but it is 4 years of enjoyment you gain......
How much is that worth to you?
4 years of your life that only come once......

Money is only good to pay for things you want/need, if it is worth it to you go for it.....
There is very very little we realy need,and the future never comes.....

[Griffin]

I guess almost everything Ive had a loan for could be classed as a luxury - as there is nothing I have borrowed for that I couldnt have lived without :dodge:

[geoffm]

If I won Lotto, I'd be down to my solicitor's office tomorrow to establish a trust. I'd then gift the winnings to the trust, have myself and my loved ones named as beneficiaries, and then live off the income the trust produced.

Be aware that Auntie Helen will tak eher cut on anything gifted to the trust over $27000 PA. THis limit hasn't moved for years as it increases the tax takings.
If I won the big one, I would no longer be trapped in NZ - I would pay all the bills, mortgage, visa etc, then move overseas.

[oldrider]

If I won Lotto, I'd be down to my solicitor's office tomorrow to establish a trust. I'd then gift the winnings to the trust, have myself and my loved ones named as beneficiaries, and then live off the income the trust produced.

You had better start learning about "Trust" law, it doesn't quite work like that but thinking about it is good! :niceone:

Get your trust sorted and then win Lotto with a ticket purchased by the "Trust". :shifty: John.

[doc]

No such thing as a luxury loan. A loan is a loan. period. Its what you do with that loan that counts.

I think what he means is borrowing for an item that is not going to grow in value ie "assets". Unfortunately most people don't realise their biggest asset is their ability to earn ie "their health".

[Bonez]

Had loans for bikes, car and house. All payed. I've considered we've had our moneys worth out of all the items purchased. Now its cash up front usually on items folk consider "obsolete" or no interest for 12 month deals.

Learnt a lesson loaning to family member-never again.

Doc is on the money with the health thing.

Happen to have 3 year old ginger beard up for grabs. Be in quick as it's in the skip bin at 1800hrs. Think I'm starting to go though that mid-life crises thing.............Now where did I hide the Visa?

[alanzs]

Long term debt for long term purchases are fine, like a mortgage. Other than that, I live debt free. Use the credit card to pay for everything and pay it off every month. Keeps my bill paying down to a minimum. Cash is king in most regards.

[oldrider]

Pay cash for everything and you will find out that you have a piss poor credit rating!

This could be critical and embarrassing further down the line if you do apply for a serious loan.

It happened to us a couple of times earlier on in life! :doh: John.

[Boob Johnson]

Thats a pretty big generalisation you're making that all loans are expensive and all all people who take loans are idiots.

I guess in the last 10 years i've had over $100k in 'luxury loans' (not counting the mortgage) and not once have I paid more than 25% more than the initial purchase price, over the whole course of the loans. Each time it was worth it to have what I wanted, when i wanted it.

I think your moaning is misguided.
A single cent over the purchase price IS a waste of money, how could any sane person argue that fact? Lifestyle choices don't come into it at this point. Its either more money than you need to spend to get the item or you make a conscious decision to trade time for money, that however doesn't make it a "smart" move.


Agree! I have bought several bikes on tick, all with MTF being the finance company. Have never paid excessive interest, and most have been paid off early.
Eat, drink and be merry, for tomorrow you may die.
I would rather pay some interest to have a few luxuries, than be a fart skinning mingy cunt having no fun. You can't take it with you
MTF are great as far as finance goes. Not a finance company in the traditional terms as they are a collective of motor vehicle dealers. Def one of the cheapest forms of vehicle finance for sure but still doesn't make it a wise move.



My partner & I only purchase when the deal is zero interest & no repayments until x date. I tell 'em I wont pay any damn booking fees either. We place a nominal deposit and keep our money earning interest until payment is due. I bought a Plasma TV for $2999, put $500 down and made 7% on the saved money that eventually rose to $2499 for 18months.

Using past appreciation profits from property has paid for our luxuries and keeping those luxuries 'real' (like a '95 Duc instead of a new one) helps keep the balance of payments favourable.

We have borrowed against our equity in the past to purchase bargain items and onsold them for nice wee gains.

You can't take it to the grave and there ain't no prizes for the richest person in the cemetary...but sensible money management can make life a bit more fun in the long run I guess.
Nice one Andy, pretty much exactly what im getting at.


If I won Lotto, I'd be down to my solicitor's office tomorrow to establish a trust. I'd then gift the winnings to the trust, have myself and my loved ones named as beneficiaries, and then live off the income the trust produced.
Great in theory, but not quite how it works.


It is people's right to post up and have an opinion, as you asked and expressed an interest to hear them in your first post.

Who or what gives you the right to sit on your high horse and dictate as to what people should do with their money??

Unless you're financially retired, have invested in every market, seen most market conditions, I hardly think you are qualified to make such statements as to advise on people's financial planning especially over the interweb.


Who gives a fuck that you've made a couple investments and worked behind a counter - who hasn't???


No such thing as a luxury loan. A loan is a loan. period. Its what you do with that loan that counts.


Nice one BooB
Interesting post Patch, a fair of hostility there. I do unreservedly apologies if I came across as a horses ass. Its a subject I feel quite strongly about as you can no doubt tell.

Who am I you ask? I've lost count, but some where in the vicinity of over 400 clients who have paid me for my advice so if I dear to be so bold & arrogant as to say so, I agree with my clients when they say they got good value for money.

So that's who I am.

It is peoples right to post up what they like just as much as it is my right to disagree with it if it happens to be a complete load of rubbish.

As for your last sentence, I doubt you will get many people pay for THAT advice.

What do you do for a job Patch?



How much is your time worth?
Lets say you want a bike but haven't got the cash, so you take a luxury loan for 4 years.
Yes you pay a lot of interest etc, but it is 4 years of enjoyment you gain......
How much is that worth to you?
4 years of your life that only come once......

Money is only good to pay for things you want/need, if it is worth it to you go for it.....
There is very very little we really need,and the future never comes.....
Your post seems to assume you won't have a bike over that 4 yr period?


Be aware that Auntie Helen will tak eher cut on anything gifted to the trust over $27000 PA. THis limit hasn't moved for years as it increases the tax takings.
If I won the big one, I would no longer be trapped in NZ - I would pay all the bills, mortgage, visa etc, then move overseas.
That's per person, so a couple can "gift" twice that :niceone:



You had better start learning about "Trust" law, it doesn't quite work like that but thinking about it is good! :niceone:

Get your trust sorted and then win Lotto with a ticket purchased by the "Trust". :shifty: John.
There's no flies on John :2thumbsup




Long term debt for long term purchases are fine, like a mortgage. Other than that, I live debt free. Use the credit card to pay for everything and pay it off every month. Keeps my bill paying down to a minimum. Cash is king in most regards.
Even that is debatable! Calculate how much you pay for your house over the term of a loan, then its value at the end of it. A typical 30 yr loan will see you paying 3 times the value of the house, about roughly what it will be worth in 30yrs time. That's not a black n white situation, luxury loans however are.


Pay cash for everything and you will find out that you have a piss poor credit rating!

This could be critical and embarrassing further down the line if you do apply for a serious loan.

It happened to us a couple of times earlier on in life! :doh: John.
Once was the case, not really applicable these days. As long as you fit the criteria of XYZ finance company you will get the loan. A credit rating as such isn't as important as it once was.

[Pussy]

I'll decide if it's a wise move to borrow money for a luxury item for me. You may see yourself as a financial guru, but Gareth Morgan you're not.

[Boob Johnson]

I'll decide if it's a wise move to borrow money for a luxury item for me. You may see yourself as a financial guru, but Gareth Morgan you're not.
I don't compare myself to anyone John but will happily take a place under Gareth :laugh:


You can decide whatever you like. The decision is yours, as are the end results. Are you arguing that because an individual "decides" something its automatically a wise move?


I think the point is being missed, anyone can JUSTIFY a decision in anyway they see fit. If they are personally ok with paying XYZ over and above the purchase price then that is your right to do so, no one is calling you on that. It is also your right to stand on top of a bridge & throw money off of it. Your rights are not being argued here John. When you talk this way don't expect anyone with half a financial clue to call it for what it is.


As mentioned ive got a lot of clients who have paid for my advice, the ones as arrogant as you don't usually need finance though.

[awayatc]

Wel Boob Johnson,
Sad to see that the almighty dollar seems to be the only way you measure things by.
From that point of view you may be right......

We as humans however add up to more then just an ability to accru maximum amounts of bling ......some of us at least.

Lots of bling does not make you rich....:scooter:

[Boob Johnson]

Wel Boob Johnson,
Sad to see that the almighty dollar seems to be the only way you measure things by.
From that point of view you may be right......

We as humans however add up to more then just an ability to accru maximum amounts of bling ......some of us at least.

Lots of bling does not make you rich....:scooter:
Lots of bling doesn't make you rich??? What on earth are talking about???



I don't measure everything by the dollar, but it sure plays a large part in all that we do day to day & to not have a set plan is just plain silly in my opinion, if you can't see the dart board how do you expect to hit it?

Prudent fiscal policy does not automatically mean you have only nice (the most expensive) things or are rich. I sure as hell aren't rich. But I make the absolute most out of what I do have these days. Whatever I buy is well thought out & planned. With every bike I get its an upgrade. Right now im saving for the next one & that money is earning interest. I already know what it is, the colour, everything! I know exactly what they sell for at the cheapest to the dearest so when the time is right ill buy right once again & get the best possible deal I can. Ill own it out right & when im done with that one ill trade up once again, rinse & repeat. Natural growth not "I want it, ill have it...........RIGHT NOW & ill justify why paying more for it with some self made hodge podge to make myself feel better". Now this is where Pussy & Patch seem to have got their knickers in a twist, if you know what you are in for, have calculated the extra money that will be spent by having it right now then that's your business, its an expectable price to pay to bring the date forward. That's your choice/right as a citizen, it doesn't however change the fact it's not the smartest way to purchase.

Ever heard of the chap who traded his way from a paper clip to a house? (link below)

http://oneredpaperclip.blogspot.com/

That's the type of thing im talking about. Being smart with what you have, granted that is an absolute extreme case lol but im sure you get the picture.

As previously mentioned I have made money on bikes & will do so with my current car & bike or at worst come out pretty close to even. How you ask? By being patient, saving the cash, studying the market & buying well. I do it on smaller items as well & have some great experiences with bargin hunting, it's a game. Budget where you can, scrimp n save where possible then with that you saved buy the things you want.

Lastly, ever heard of Patricia Monagan? Not sure on the spelling of her last name. At the age of 28, single & working as a manager of a Mac Dee's in Sydney she accumulated a large portfolio of property. She wouldn't be on more than $40k I would say & has managed to achieve THAT! Being smart with a little can lead to a lot (if thats what you want).

I hope that explains it a bit clearer

[Pussy]

Awww, Boob left me some red rep telling me to pull my head in, because I don't agree with him. Diddums. I suppose winning an argument with him is like winning a race at the special olympics. :laugh:

[Boob Johnson]

Awww, Boob left me some red rep telling me to pull my head in, because I don't agree with him. Diddums. I suppose winning an argument with him is like winning a race at the special olympics. :laugh:
Crying over spilt milk John? You got a red not because you don't agree, because you presume to know me when you do not. Struth even a special Olympian would agree spending more than is required isn't a prudent move lol, but hey do share some of that folksy wisdom from down on the farm.

There is no argument John, just you throwing ya toys out of the cot, something I understand that isn't foreign for you.

[Pussy]

Crying over spilt milk John? You got a red not because you don't agree, because you presume to know me when you do not. Struth even a special Olympian would agree spending more than is required isn't a prudent move lol, but hey do share some of that folksy wisdom from down on the farm.

There is no argument John, just you throwing ya toys out of the cot, something I understand that isn't foreign for you.
Nup, no crying or toy throwing. It's quite arrogant of you to presume you have a handle on everyones fiscal prudence, and that if an individual doesn't do it your way, then it's wrong.
I suppose all of this is increasing your post count, which is obviously very important to you

[avgas]

my rule of thumb is this, if i can sell the thing at 90% of the total of the loan, then im not that backwards. Which is probably why i dont have a mortgage yet. Screw taking a loan on something that i could sell at 30% the loan rate.

[owner]

Not yet but Im thinking about it!!

[Boob Johnson]

Nup, no crying or toy throwing. It's quite arrogant of you to presume you have a handle on everyones fiscal prudence, and that if an individual doesn't do it your way, then it's wrong.
I suppose all of this is increasing your post count, which is obviously very important to you
You haven't quite got to grips with this thread John or the point being made, if you wish to, then re read it, I sincerely hope you do.

You're not actually going to argue that paying anything over & above the purchase price is prudent are you? Arrogant? Maybe, am I correct? Yes & it WOULD take a special Olympian to argue that. My way? Not my way, only going by what ive been taught by people who know what the fuck they are on about, who the fuck are you?

[scumdog]

Bah humbug to you lot and 'fiscal security' ad nauseum!!

"Sustainable level of debt" is the way to go - otherwise you might be dead before you save all the money needed for that 'must have' toy or trip or whatever.:jerry:

[Oscar]

I tend toward the "life is short" credo.

Having said that, I'm lucky that I have a reasonable income, so I have the wherewithal to go crazy occasionally.

What I've done the odd time is where I have stumbled across an absolute bargain, I've borrowed to acquire it. The last example was my KTM, which I bought at three months old, with 1500km's on it for $6000 under new price.

It was my dream bike, we'd just built a house, I had no cash, so I borrowed to buy it.

Two years later, I've had the use of it - but if I'd have waited to be a cash buyer I still wouldn't have it.

[awayatc]

Give up smoking
Give up drinking
Give up sex
Give up Holidays
Give up motorbikes
Give up everything you enjoy...
Give up spending money alltogether....

You may actualy not live any longer.....
but it sure as hell will seem so.......
:scooter:

[ashlee]

Hello friends, I got an offer from Capital one to take out a 15,000 personal loan, requiring no collateral at a pretty high rate. Kind of need the money for moving expenses and feel like I can pay it off well ahead of schedule. But I was wondering if this will be damaging my credit. I don’t have any idea about this. Please comments on this topic. How will taking out a personal loan affect my credit?

[Boob Johnson]

Give up smoking
Give up drinking
Give up sex
Give up Holidays
Give up motorbikes
Give up everything you enjoy...
Give up spending money altogether....

You may actualy not live any longer.....
but it sure as hell will seem so.......
:scooter:
Prudent fiscal policy doesn't mean do without all luxuries, its about timing. Have you actually read this thread? Or are you deliberately trying to look like a clown?



Give up sex
Dunno bout you but ive never paid for sex (directly) :innocent:

[Patch]

Now this is where Pussy & Patch seem to have got their knickers in a twist
ummm no - impossible. I ain't wearing no knickers.

You seem to have quite a comfy seat on your oh so high horse Mr. BooB.

Fiscal policy blah blah blah - no one's listening anymore, people will do what they want anyhow.

Fuck you must be good if you have 400 paying clients. Somehow I think there are a lot more idiots around than that, maybe you were visited by a few.


No one cares what I do but me. My business is none of your business.

[Boob Johnson]

You seem to have quite a comfy seat on your oh so high horse Mr. BooB.

Fiscal policy blah blah blah - no one's listening anymore, people will do what they want anyhow.

Fuck you must be good if you have 400 paying clients. Somehow I think there are a lot more idiots around than that, maybe you were visited by a few.


No one cares what I do but me. My business is none of your business.
Ok so you have taken a stance of "you can't tell me what to do" (not sure why as no one has told anyone what they must do). Do you disagree with the principal of fiscal prudence? Or is this just a childish "don't tell me what to do"?


Actually fuck it, you're right, im wrong, ignore ALL above you, every time you get the urge to buy something, don't think about it for a second, finance it, go mad, don't EVER wait for anything, just do it. Take a complete hedonistic approach to all financial matters, that's the way to go, what the fuck would anyone else know :niceone:


You're a winner Patch :niceone:

[Patch]

You're a winner Patch :niceone:
Cheers Boob. Took ya long enuff to pick that up.



Note: don't assume things. You don't know shit what I do nor how I think.


Good luck with the interweb preaching crusade.

[Boob Johnson]

Note: don't assume things. You don't know shit what I do nor how I think
Oh so you are above basic financial principals are you?

[awayatc]

Have you actually read this thread? Or are you deliberately trying to look like a clown?

I wouldn't dare encroaching on your turf......one clown on this thread is more then enough .....




Dunno bout you but ive never paid for sex (directly) :innocent:

You must be a wanker then.....all other sex costs......wether it's prepay or contract
:wari:

Please tell me how much you charge your 400 or so clients, and send me your bank account please.
I will pay it gladly if I never have to listen to you, and will pay double if I don't ever have to put up with you in person.....
Godda run , time is money and all that.....
:scooter:

[Boob Johnson]

Please tell me how much you charge your 400 or so clients, and send me your bank account please.
I will pay it gladly if I never have to listen to you, and will pay double if I don't ever have to put up with you in person.....
Godda run , time is money and all that.....
:scooter:
This is you isn't it? Tell me your teenage son has slipped onto your PC & has posted in your name? I could understand then. Are you even able to have an adult discussion on this matter or is this it? No debate just personal insults.


You don't have to listen to me or anyone else with sound financial advice, by all means exercise your God given right to NOT come back to this thread again, pretty safe to say your contribution won't be missed. But if you do wish to have an adult discussion on this subject, im all ears. All you have bought to this discussion so far is personal insults & "you can't tell me what to do"........lol Jesus mate, how old are you??? :laugh:


Pearls before swine is starting to spring to mind

[Boob Johnson]

Hello friends, I got an offer from Capital one to take out a 15,000 personal loan, requiring no collateral at a pretty high rate. Kind of need the money for moving expenses and feel like I can pay it off well ahead of schedule. But I was wondering if this will be damaging my credit. I don’t have any idea about this. Please comments on this topic. How will taking out a personal loan affect my credit?
:laugh: I can only guess as to your true identity (2 clowns spring to mind). If you are going to troll, try and make it at least a little bit believable. 15k unsecured for moving??? Where the hell are you moving too Antarctica???? How would taking out a loan effect your credit rating??? :rofl:


That's GOT to be the worst troll bait ive ever seen lol, but hey thanks for the laugh :2thumbsup