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

[breakaway]

Or maby all you could pull together was the 4k out of the 5 needed.

Well then you don't have enough money now do you?

However, I can see where you're coming from. I've always found that I never have enough money to buy my bikes. When I was buying my RG150, I was $800 (bike was $1800) short which I arranged in the last 6 hours. Hell, I paid the guy with $2 and 50c coins out of my wallet. And for the SV, I had to borrow from parents.

But I don't think that it's wise to get a loan (especially when young, and at uni). Way to easy to get in over your head.

[McDuck]

Well then you don't have enough money now do you?

However, I can see where you're coming from. I've always found that I never have enough money to buy my bikes. When I was buying my RG150, I was $800 (bike was $1800) short which I arranged in the last 6 hours. Hell, I paid the guy with $2 and 50c coins out of my wallet. And for the SV, I had to borrow from parents.

But I don't think that it's wise to get a loan (especially when young, and at uni). Way to easy to get in over your head.

Lol, i think what it comes down to is knowing exactly what you are in for and what the future holds (to an extent). I for example know that at the end of the year i will be going out into reasonably payed work (ok it will be relatively shit pay at first) but then over the next few years i will move up into a position where i will be well in control.

But a lot of the people who go out and get loans during uni don't know what is up ahead, and often have years of study left. That is stupid.

[discotex]

Lol, i think what it comes down to is knowing exactly what you are in for and what the future holds (to an extent). I for example know that at the end of the year i will be going out into reasonably payed work (ok it will be relatively shit pay at first) but then over the next few years i will move up into a position where i will be well in control.

But a lot of the people who go out and get loans during uni don't know what is up ahead, and often have years of study left. That is stupid.

Good in theory... In practice you'll find the extra money isn't as much as you'd hoped after booze and buying all the other shit you could never afford before.

It's much better to commit to a loan based on your current circumstances than the best case scenario you have in your own mind.

And breakaway is totally right. If you've (the hypothetical you not you personally) got 4k out of 5k then you don't need a loan. Save the last 1k or buy a 4k bike.

Using debt to finance anything that doesn't bring in an income is a mugs game that the finance companies and banks are more than happy for you to play. The one exception to that is the family home.

[McDuck]

Well i dont drink (apart from wine tastings) so that should help.

Oddly i dont like many wines that sell for less than about 60 bucks a bottle. Bugger that.


What ever the outcome i am happily paying off the 400 and hope to have it payed off withen 12 months.
And student loan within 3 years.

And own a kiwifruit orchard withen 10 years.

Hows that for unrealistic?

[TOTO]

keep tfe baik

[Dakara]

Getting a loan as a student can be hard, but really 5k is nothing, (so long as your not getting raped on interest).

I've taken out a lot of loans over the past 7 or so years to buy more toys, and the advise I have is pay it off as fast as you can, and don't take out anymore loans until you have. I would always pay mine off within a year to avoid paying too much interest... repayments were higher and I was struggling but cost me less in the end.

A friend of mine however, takes out 5 year loans at $25 dollars a week... now he owes about 40k because he was paying them off so slow, that when he wanted something else he added it to the existing loan

However, if you can commit yourslef to making regualr re-payments, fuck the bank loan and get a low interest credit card. Currently my bank charges 17.95% for loans, whereas the Low Interest Visa I have with them is at 13% and with the Visa I can pay as much/little as I can afford each week. The downside is if your not disciplined to pay it off you'll go backwards, whereas a loan you have set re-payments.

[jade]

so im a student who spent awhile trying to save money to buy my first bike.

i ended up getting a loan from the bank to help out now im in debt and i hate it. its the first time iv been in debt and now i second guessing that decision.
its a $5 grand loan and i wondering if i should keep the bike and spend my money on getting out which for me could take a while or if i should just sell it and pay it off.

i love my bike and i figure that once its gone il be reali disapointed that iv lost it.
its an aprilia rs 125 awsome bike its got a bit of fairing damage but runs beautifully and even if i did want to sell it im not sure how to go about it.

so heres the question.....do i stay in debt and enjoy my first bike or sell it, hopefully get out of my debt but be bikeless for god knows how long??

what do u guys reakon?

Keep the bike, I would probably be better off without the debt..
But spending a decent percentage of my pay on my loan for my bike is well worth it, I dont give a fuck if Im flat broke every week as long as I can afford fuel and 2 stroke oil
I got an 8 grand loan to get my rs250.. worth every penny every week..
The key is to pay it off quickly..

[Dakara]

Course the other aspect to consider:

Fuel cost to commute by car: $130 pw
Fuel cost to commute by bike: $30 pw
(for me anyway)

Makes paying off a loan pretty easy

[McDuck]

Course the other aspect to consider:

Fuel cost to commute by car: $130 pw
Fuel cost to commute by bike: $30 pw
(for me anyway)

Makes paying off a loan pretty easy

Well my situation is currently paying 80 bucks a week gas (for car) so am going to move to within walking distance of tech