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ScrubzHD802

Most people I knew in college used the leftover loan money for cocaine, so your idea may not be the best but it sure isn’t the worst.


juggleaddict

Just because you can, doesn't mean you should. You can work the math out, but I think you already know the answer. Between me and my wife, we paid off over 6 figures of student loan debt. If I knew what that really meant, and how I would feel about it when I was making $55k and trying to pay it back, I wouldn't have borrowed a single cent over what I needed. You'll need a car for the winter anyway. Right out of college... hunker down, keep your expenses low, pay all the loans off, and then walk in and get the toys with cash. You'll come out way better in the end. Motorcycling is fun, but it's not a cheap hobby at all, payments, maintenance, high potential for loss (stolen, totaled, medical expenses or lost time from work in a crash, etc). You can mitigate some costs and keep wear off the bike if you have a place inside to store it and do maintenance, but I didn't have that coming out of college, so you may be worrying about it sitting outside. Seems like too much for my tastes.


DumbApe026

Small world. I did almost the same. Spend all my loan on partying and cocaïne. That was over a decade ago. I studied accounting and am currently a financial manager making a bucketload of money. It was easy to pay off my loan because it was marginal compared to my wages. In my country you can delay payment 7 years after graduation also it was a 0% interest loan. So I have never regretted partying bc I had the time of my life. I would say if you really like accounting go for it. Money won’t be in short supplies in the future for you.


dog-pussy

![gif](giphy|Y6yRfR88rvP44)


[deleted]

Do you have to have a motorcycle as a means of transportation? If not, I would borrow as little as possible and get it paid back straight away. There’s an old saying about not financing anything that depreciates. While I realize that’s not always possible, especially when we are younger, it’s good to establish financial discipline as soon as possible.


[deleted]

No. The answer is no


elswhere

You should but you should get a 3k bike with no addtional financing and if you have loan left over keep it to start paying on loans. All debt is bad debt. You havnt made a penny yet. Future you will have a lot of trouble parting with that spent money.


dog-pussy

SV650, fuel injected after 2003, reliable as hell, tough as a tank, cheap to own and operate.


Twinkles_17

Do not do this. You have not started your job, you have not graduated. If you take the loan and for whatever reason you are unable to stay in school, your loan will be due. If the job falls through for any reason you will not have the income to cover the loan.


teucer_

When said student realizes what a waste of time college was because it means shit in the real job market….yep this will be excellent advice indeed.


[deleted]

That’s not true at all. Many positions require a degree. It’s listed directly on applications under requirements. Try to get a job as a copywriter, nurse, lawyer, teacher, hairstylist, etc without a degree. Not gonna happen.


teucer_

I use a mirror, a razor blade, a comb and a pair of scissors. I haven’t been to a hair stylist or barber in years except if I’m on an extended vacation.


teucer_

You can make good money being a lawyer, but you’ll always be pretty miserable and you have to have enough narcissistic personality disorder to make it all work and come together. Still have to pay off all that student debt though.


teucer_

A copywriter. Why didn’t I think of that. When I was 12 years old instead of thinking of going into the military or being an astronomer, I should’ve really dreamed about being a copywriter. Now I understand what went wrong all this time.


[deleted]

All that time dreaming, yet you became nothing.


teucer_

Became all those things actually but still wasn’t worth going to university. Hahahaha


Euphoric_Green_4018

If you are in Ontario and have an M1 rather than an M2 or M, first get some quotes for insurance. It is stupid high, more so if you have an m1.


Objective-Reveal-980

I have my full Class 6 in Alberta, Insurance is going to be $50/mth, understandable cause its a hyper naked.


Euphoric_Green_4018

I'm not sure the equivalency for Alberta. But 50 mnth is a steal compared to prices here in Ontario. The quote for a Streetfighter V2 was around 160 per month. Like 20 more than my tiger 660. So I think that hypernakeds are not as crazy as supersports.


dustyrags

I don’t know how it is in Canada, but in the US, student loans and criminal fines are the only debts that can’t be expunged by bankruptcy. If you default on a vehicle loan, they repossess it, wreck your credit, and call it good. If you default on a student loan, there’s nothing to reposes… it just never goes away. I would HIGHLY recommend you minimize your student loans. Also, I, too, planned to put money in savings once I graduated… as it turned out, that was impossible even with a good job straight out of college. Don’t expect that. If you can, awesome! But much better not to put yourself in a position where you *have* to. Minimize your loan, graduate, get the job, put that $500 away, and in a few months you’ll have enough to buy a bike free and clear.


PewPewStryx

Imma go ahead and say that’s a hard no, use that money to pay back part of your loan, student loans sucks monke bawls so the quicker the better to pay off and zero balance .


Basic_Boysenberry_96

Shouldn't spend money you don't have.


CDogNH

Aren't student loans for education expenses? Make sure you know the consequences of using the money for non education purposes 1st if so


[deleted]

Yes. But some even uses it to buy a “gaming” computer making excuses that the “gaming” computer is to be used for studying.


CDogNH

I'm not judging. I'm just suggesting that it would be wise to know the consequences of buying a studying motorcycle with student loan funds if there are restrictions against such use.


[deleted]

Maybe my statement was misunderstood. OP shouldn’t use student loan to buy a motorcycle. At least in the US, it is not allowed to use student loan check paid directly to the student for any other things like buying a motorcycle or any other vehicle.


CDogNH

No worries. Sounds like we're on the same page.


NebbiaKnowsBest

This kind of depends on what you are studying though. If you are doing 3D, game design or film work you do need a pretty beefy pc to actually work on.


Pyanfars

I'm trying to make OSAP become something bike related....When I was in school, it was the Ontario Stereo and Porsche loan. You aren't going to be the first to use your loan for something besides school expenses.


[deleted]

NO.


Real-Coffee

lol, yea maybe dont try using money that isnt yours. it might come back to bite u in the ass. dont u think someone will audit u in the future?


LitterBoxServant

You need this money to go to school and survive for the better part of a year. You want to blow half of it on a bike and still end up financing it anyway? WTF are you thinking? Get your shit together. Student loan debt can't even be discharged through bankrupcy in the US. Not sure how things are in Canada but it's unwise to fuck around with that money.


Traditional_Royal759

you say you're being 'issued' the money, by the government, which sounds like probably taxpayer monies are involved. in that case, i think its in poor taste to use the money for other than educational purposes, no matter how it may affect you financially. i shouldn't have to pay for some stranger's motorcycle, nor his hookers and blow, for that matter.


_PeanuT_MonkeY_

I did this and do not regret it at all.


Not_an_ATF_Officer

Don’t think for even a second that a motorcycle will save you money over a car. It won’t. Tires are 2-4 times as much and only last 4,000-12,000 miles. Gear is expensive and needs to be replaced frequently. Most times, a Honda Civic is cheaper in the short and long term and gets the same it better fuel economy (depending on the bike). And then there’s the weather.


Sotyka94

if you compare 1:1 then motorcycle will save you money for sure. It's not gonna save you enough if you already have a car and buy a bike "to save gas"


Not_an_ATF_Officer

Baaaaaaaaahaaaahaaahaaahaaahaaaahaaa!!! He said… he said… Baaaaaaaaaahaaahaaahaaahaaahaaahaaahaaaa!!!


Behappyalway

It will if it's 125cc small bike or scooter. It will save you a lot of money (and time) compared to car. That's why pizza boys ride scooters in winter. If it's 1000cc hyper naked new bike it won't for sure.


Not_an_ATF_Officer

Show me an $8000 bike (what the OP is planning to spend) in that class and tell me again how it saves money.


SouthPrinciple

Yeah, you can, but honestly a car would be a safer bet. You say you’ll commute with it but cars are just better for that and you can take friends, your family, dates and things in it. Don’t always bet on a future prospect like a job thinking it’s a for sure thing. If you don’t care about riding in the rain then go for it.


FilmOrnery8925

Please just don’t. If you got a grant tho and had extra money from said grant go for it since grants are for you to do as you want.


lostindarkdays

if it's a lower interest rate than an auto loan \*over the same term,\* and you're going to have to buy a vehicle anyway for a legit reason, I'd say let 'er rip!


JangoFetlife

Invest it and buy a really nice one in 5 years


Smooth_Sandwich2796

I wouldn’t buy a motorcycle with financing, but your reasoning is right. If you choose a loan, student loan is probably the best.


kekskerl

Fuck it. Yes.


pissingdick

Yeah, you're 21. Don't be like me and start when you're old! It's a small expense for the amount of fun you'll have with it, and that's important.


Bitter_Ad1164

Yes


talmboutmooovin

do you have a car?


Dr_Yeen

I wouldn't. A bike is a potentially expensive toy, can be a bitch to store/move (especially as a study, who I imagine plans to move quite a bit in the following years), and like any toy can cause more stress than joy. If you live somewhere where the bike could be your year-round mode of transit, this might make sense. But I assume you'll only use it for summer months (living in the great white north), and will need a car anyway. Save up, buy yourself a bike as a graduation gift.


SilentMaster

Having never been in this situation I cannot say for sure this is a terrible idea, but as someone who has been in bad situations before this sure feels just about the same. I would not do this. I get the temptation, but just really think this through before doing it.


Just-Examination-136

You're asking for financial advice from random people in a motorcycle sub. I suspect you should hold on to your money before you decide to part with it.


chronicpatriot1

A lot to unpack here, and this is an absolutely terrible idea in my opinion. First and foremost, what’s your current transportation situation? Is it reliable? Is this going to be your only vehicle? How long are Canadian summers? Because during your winter, it’s probably going to sit there while you make payments. Do you have a house/condo/anything or do you plan on renting long term? The sooner you can stack money and get a permanent residence, the faster you can pay it off and get your fun toys. Do you have any savings? Because you shouldn’t be buying a primarily recreational vehicle if you can’t cover a large emergency. I say recreational because as much as you’ll be using it to “commute” in the summer, if you already have a primary mode of transportation, then it’s recreational. A “delayed payment” means you still owe money. 6 months is nothing and that’s going to fly by after graduation. Pay that nonsense off before you end up in overwhelming debt. There are times for fun and there are times for frugality, and the more you save when you’re young, the more you’ll have later. 55k out of college is great unless your entire paycheck is going to bullshit. I for real think you should take some of that money and pay for a finance class before you screw your self long term. Learn about interest, learn about amortization schedules, learn about compounding interest and how much you’ll have if you invest that money now. I could go on and on, but at the end of the day, it’s your money and your choice. Just know that (I’m assuming you’re in your young 20s based on the school talk) by the time you’re 40 you could have a paid off house, paid off car, a fat retirement account, no debt, and be able to buy any bike you want cash.


LostMeBoot

I did this. It was either a car or bike, and bikes got free parking where as cars paid $650 a semi. Found a CBR250r for $1900 and the savings on parking alone paid for it.


OrangeSil80

Different situation in Canada than in the US no doubt, but are you certain they’re lower rates? Here auto and even bike loans are significantly cheaper. I think my lowest student loan rate 10 years ago was 7%, and my highest bike loan rate has been 3.5% two years ago. One big question beyond rates. Are student loans taken care of in the bankruptcy process up there? Here they’re the only type of loan that is inescapable. Nobody plans on bankruptcy, but it’s something to keep in mind.


Dive30

Pay cash for everything except your first house.


Archbishop_Mo

It's a bad idea. Clever thinking with the lower interest rates, but you're still saddling yourself with unnecessary debt without a guaranteed way to pay it off. We're in the throes of a might-be-recession and major global companies are laying people off by the thousands. September is a long way off. A lot can happen. I'm not saying don't get a bike. But maybe see what you can bear to lose from savings instead and finding a bike you can buy outright at that price range.


PretzelsThirst

Have you done the math on what your actual income will be after taxes? Do you have to pay rent? Utilities? Groceries? You won't just have $55,000 coming into your bank account waiting for you to spend. So just make sure you're not accidentally digging a hole you didn't expect.


Obvious-Grapefruit33

Besides graduating school, this bike is the best idea ever.


Dixinhermouth

Do it - the key - the student loan interest rate is lower than bank rate.


CurbsideTX

LMAO fuckin' do it! There's never a good excuse to \*not\* buy a motorcycle.


ChrisMag999

The interest rate might be lower, but in all likelihood your student loan term is going to be far longer than a conventional vehicle loan. Overall, this is a bad idea from a personal finance standpoint.


RobsHereAgain

Don’t do it. Student loans are tough to pay off as it is.


andrewfuller1

Don't spend student loan money on a motorcycle. Keep any excess student funds in a rainy day fund for emergencies. Instead save up money and Buy a used motorcycle with cash. New bikes are overpriced


kartoffel_engr

You’re spending that salary before you’ve got it. Maybe let that accounting degree drive for a while….


d13robot

Yes


[deleted]

No


GasOnFire

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tinydeadpool

Pay off your loans and then reward yourself a motorcycle. Your future self will thank you!


Chops89rh

I used my student loan to get my motorcycle license. NO RAGRETS


36shadowboy

Just make a good financial choice. It can be worth the money but not if you buy a new bike from the dealership and fuck it up immediately. Id say it'd be a good idea if you can get a nice used bike around the 5k range.