In debt... To be or not to be?

[faredce]

hey cheers guys.
i do have a job i earn around $200 a week and then including my student allowence. i have never gotten into debt before and always saved so this was some unchartered territory for me so thanks. i think i will hold onto it. already my riding skills have improved in leaps and bounds still a few things i need to work on and the bike has helped me view more of otago in the last few weeks than in the last 3years.
petrol even at the current price will cost me $15ish every week or so. so no biggie.
i think i will go into the bank and sit down with them because i believe i can afford larger repayments comfortablly but because im a student they dont think so even tho my rent is only $75 a week and $20 a week aside for bills covers it so i have enough.

anyway guys cheers!

[Nagash]

I'd say you'd be nearer enough forced to keep it..

A 1996, these days is really gonna get you bugger all when you try to sell it off again. Use it to improve your riding and really make it worth the effort to have bought it.

I'm just paying off the last 800 on my last bike that I bought which got written off before I paid off the loan.. and i'm taking another loan to buy my next bike! I can't go without riding..

[scumdog]

I go with the 'sustainable level of indebtness' school of thought.

If it ain't going to send you to the poorhouse the keep it - just pay off your debt asap all the same.

[awayatc]

Everything in life costs money....so as long as you can afford your hobby/interest /lifestyle and the expense is worth it to you....go for it.
Work out how much the loan itself costs you each week....and compare those cost with other ways you could "waste" your money...
Since your bike is transport and hobby, you'd be hard pressed to find a bigger bang for your buck i believe.....

[FJRider]

I go with the 'sustainable level of indebtness' school of thought.

If it ain't going to send you to the poorhouse the keep it - just pay off your debt asap all the same.

What he said. Credit ratings are important, so keep the payments up to date. Even if you can't afford to go anywhere...sometimes. Sell the bike and you LOSE money. Pay the loan off on or UNDER time, and the next loan will be easier to get(for the next BIGGER bike)

[faredce]

yea iv got the automatic payments going so its looking after itself atm. unfortunately the payments off the principle are barely bigger than the intrest payments so its moving slowly...yea i didnt think id get to much there are a few on trademe trying to sell for $8k and mines only done 9000kms so its still in good nik.

i just went for a ride. i cant sell it i love it!

[Renegade]

yeah watching the principle vs interest on your statement is probably just getting you down, try not to look every week, this is when a second job doing 5-10 hours a week going directly on your loan will give you a real boost, you may hate the job but all you have to do is have a glance outside to remember why you are there, then when you look at your statements you will feel better.

[homer]

if your going to worry about money on a hp , then you ll be worrying about all loans you may get in future .
best keep the bike and put the loan out of mind , just keep paying it
i have a lot going out on hp atm .
i dont really care , the cost of selling something to start over again is pointless.

its a motorbike , and ive found it takes no time to pay it , as its a toy for pleasure time goes quick .

[FJRider]

The cost of selling something to start over again is pointless.

What he said.

[Maha]

Well, can you afford to keep the loan as well as fuel the bike, insure it and maintain it as well as live (food, rent, lapdances and other essentials etc etc).

Life is a real balancing act mate. Sometimes you have to borrow... just don't get too far in debt that you can't afford to repay it.

The best post so far, and what Ixion said, everyone else overlooked what it takes to totally survive (apart from the lap dancers ) Its not only about the bike. I have just managed to pay for mine, its taken 4 years to get the point where I own two bike's and owe nothing, now I can go to a bike shop and purchase anything I want. Getting there wasn't easy, I hated the loan I had and the interest rate but stuck at it to get a AAA credit rating. If the loan doesn't hurt that much keep at it, soon enough you may be able to pay it out...ask for a settlement figure, that figure maybe within your reach when you do then its game over, bike is yours.
Its tough but if you sell it you wont get what you owe on it and you will still owe the finance company.

[JimO]

jeez i wish i only owed 5k even 55k would be marvelous

[faredce]

Its tough but if you sell it you wont get what you owe on it and you will still owe the finace company.

yea thats what i was concerned about when i thought about selling. i could picture selling not being able to pay off the complete loan amount and being bike less and that would suck.
unfortunatly another job isnt on the cards with uni and my current job im a bit strapped for ne extra time and what i do have i enjoy riding my bike lol.

you guys have been pretty helpfull ay. i can hear the ole been there done that and i think i just needed someone to tell me what i already knew haha. plus i know for a fact if i sold the bike i would have been totally guttered when it sunk in. iv been dreaming about getting a bike for years and i have loved every minute on my bike even wearing my armored jacket puts a smile on my face haha......i am a biker through and through. now the next step is to learn some basic bike mechanics i like to get my hands dirty but never had a chance to learn

[LilSel]

Keep the bike... pay it off quicker n you'll have a good rating...

I have recently 'upped' my payments n once I sell one of my cars ill be debt free in about 10 months then i'll sell my bike, use the $$ from that for deposit on new bike n with some savings it'll take jack shit time to pay off...
so long as your not paying shitloads in interest, its a good way to 'get started'... I didnt have any 'loans/debt' before I got my bike n mags for car, laptop etc etc... now its almost all paid off n I have an excellent credit rating.
can only help for the future (house loan)

[Zoolander]

Just keep it, pay a little more onto the loan whenever you have some spare (it'll get the debt down but also save you a lot in interest costs), I've borrowed for pretty much all my bikes, got them paid off quick, never got in over my head, and now have a great credit history which will help me out down the road if/when I buy a house etc. Just keep it under control, eg don't go borrowing more for an exhaust system etc just yet.

[cowboyz]

I sold my last bike a couple of months back due to debt, and I'm still kicking myself about it now...

Especially when I split with my girlfriend a couple of weeks later! Suddenly all this time & no bike... Then my dog ran away (cue sad, sad country song).

Hold onto it long as you can & like Hornet Boy said, keep it running well so you can get its worth back.

_-H-_

kinda thinking you should probably head off to mitre 10


And agree with general concenus. Keep the bike and keep it in good nik. Pay off debt as fast as you can but dont run yourself short or you will soon get sick of life and find yourself robbing peter to pay paul. Keep a steady budget going so you dont end up with the highs and lows of cashflow. better to have the same ammount of money each week to know what you have and get used to livigng on it.