Ever had a "luxury loan"?

[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


Keep it on topic aye

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:Me]

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:Me]

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.

[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.

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.