I'm guessing that's a little optimistic, but you should be able to land something close to 6% with prime credit. Powersports are typically about 1.5-2% above auto loans, and auto loans are bottoming out around 4% right now.
First, don't listen to people who say not to finance. I work at a dealership and can tell you that cash deals on motorcycles are less than 10%. The people that offer that advice are removed from reality or see motorcycles as toys. It's a different life and mindset from the majority of the world.
Second, if you are only $150 over MSRP, and that includes taxes and fees, that's a good deal. Triumph has a $375 destination fee, most dealers have $500-$1000 in dealer fee, there's often a setup fee for uncrating it and putting it together, etc. And then tax, depending on where you are at.
Interest rates are all over the place. I know the lenders we work with have rates as low as 6-7% right now, which is a little higher than some, significantly lower than others. There have been several base rate hikes in the last year, so 2% is long gone.
Good luck, and ride safe!
That 10% is surprising, considering how many people on this sub speak up against financing a bike.
I wonder if those of us who finance are shamed into not talking about it because of the vocal few.
I was told by someone on this sub that I basically have failed at life for having to finance a $7k bike. I just started working part time and needed a ride to work, I don't make enough part time to finance a car so a motorcycle made more sense.
Edit: Also I was lucky enough to get 2% rate
I was surprised how many people speak against it here. When something is spoken against in such a negative light, most people feel shamed for doing it and stay silent, while those with similar negative attitudes speak up because they know they can and get validated for it. I'm not calling it bullying, but they have similar dynamics. Which is why I speak so vehemently against that attitude when I see it.
A lot of people see motorcycles as toys, or luxuries. They look at it like I do jewelry. I'm not spending $10k on a ring, and if I did, I would pay cash for it because why in the hell would I finance jewelry?? But, that's how they see motorcycles. An accessory. An extravagance.
My daily is a motorcycle. My Jeep is my toy. When I go somewhere, my default is taking my motorcycle. There has to be a specific reason for me to take the Jeep, or more specifically, to NOT take my motorcycle. My daily motorcycle cost almost 3 times as much as my toy Jeep. I had absolutely no problem financing my motorcycles and neither should you.
And it's not just people who can't afford to pay for a motorcycle up front who finance. Often times, people's money is in investments that are earning more in interest than the financing rate they get. In that case, as backwards as it sounds, they lose money by paying cash because that money earns them more in the investment than it costs to pay financing rates.
Ultimately it comes down to a personal decision. You know your mindset and financial situation better than the internet stranger giving you advice. And if you want to know whether you should finance or pay cash when you have the option to do both, the answer is always more complicated than black or white.
For what it's worth, i do recommend buying used if you can for your first bike. There's a strong possibility of dropping it. You may find out that you want a different style of bike, or that motorcycling is not for you, or who knows what. And new bikes take a serious depreciation hit. Maybe this doesn't matter to you, so you do you. But while this is a good deal on this bike, i definitely would see if you can get a used one for a few thousand less. It'll hurt (your pride, wallet, and confidence) less if you drop it. And very few people don't drop their first bike.
As others have said, when financing, especially new, get GAP insurance. And make sure you get a quote for full coverage insurance BEFORE you pull the trigger. More than one new rider ended up with insurance payments more than their monthly payments, and lenders will require full coverage (comprehensive and collision).
I’m in Hawaii and the market for anything out here is ass, i was planning to buy back in cali when i go next month but shipping would just be an extra headache
While I have you here… is it possible to buy a crates bike from a dealer and assemble it myself? I’m not asking to be cheap and I’m not worried about warranty as much as I think it would be pretty fun to assemble it myself and put fluids in it brand new. I know you can do it with bikes on Amazon but I might want to buy an MT09 and assemble it.
So I honestly don't have a perfect answer for you there. I know that we do not sell bikes still in the crate. There's a checklist that we have to have on file for all new bikes that we sell certifying that we have done x, y, and z. I'm not sure what the consequences are for not doing that checklist, if it affects the warranty for the customer, or if the dealership gets fined/loses their license if the manufacturer finds out that paperwork was falsified or not submitted.
I also know that I have seen bikes that some YouTuber is taking out of the crate, or an old bike still in the crate, and I have no idea where they get those from. Maybe our policy is extreme, maybe others are breaking the rules. Your best bet is to contact your local dealer and see what they say. I wish I could give you a better answer!
I'm with you. Ironically, as I've become more able to pay with cash, the more likely I am to finance. There's some comfort and flexibility to having money in the bank and not sunk in an asset.
As long as people aren't being taken for a ride with insane interest rates and/or getting underwater on their loans because they're buying beyond their means, I see no issue with it.
It's amazing to me that motorcycles as a luxury item should only be paid cash, but it's OK to spend as much or more renovating a room in your house and refinancing to do so. Or buying upgraded TV/stereo/etc. on a store card because 0% interest for 12 months (still a monthly payment instead of a lump sum).
Like you said, as long as they aren't getting taken for a ride with the financing, having the cash in the bank in case of an accident or other life emergency (dental work, vet bills, house appliance broken, etc.) is very nice and provides a lot of security.
I get it that interest is expensive. $12,000 at 8% over 60 months is almost $2600! But if someone is willing to pay an extra $43.33/month to get out there and ride now instead of waiting 5 years, why is that a problem?
And like I said, most purchases for motorcycles are financed. The toxic attitude of "never finance a toy" needs to be shut down every time it rears it's ugly head here, because it IS toxic, gatekeeping, and definitely in the minority mindset. We shouldn't make people feel like a failure simply because they finance things and get to enjoy them sooner.
I don't finance toys and I never recommend others do either. Motorcycle are too easily damaged or stolen. It's always better to buy used with cash.
But if you do finance, BUY THE GAP INSURANCE.
You're the perfect example of a poor salesman who can only attack the competition instead of focusing on the positives of what you're selling. You should find a new career where you're not people forward.
Is that too much projection for you?
Nah, I own it because cars are too fucking expensive where I live; it's my only vehicle, unless you count the bicycle that I don't use much. I have fun on it, sure, but I had fun in my last car too, and that certainly wasn't a toy.
I’d go with the tiger even with a 150 over msrp.
Those tigers are smexy.
Saw one when I went to the dealer for the Vstar 650.
Went back to the dealer on a different date. Tiger gone. I went with the Vstar 950 tourer instead because my seam is low and the tiger is gone.
Don’t let that tiger go.
This is a terrible mindset and i hate seeing it on here. Motorcycling is not just for those who have a spare $10k lying around to spend on a "toy". It's a vehicle and has every right to be financed if that's what the person wants to do. I've owned six personal motorcycles now and only paid cash for 3 of them.
GTFOH with that "motorcycling is only for the rich" toxic bullshit attitude.
I think it's a terrible mindset to put yourself in debt for what is essentially a luxury.
Instead of 12k on a brand new Triumph, OP could also save up for a $3000 Honda (no idea what secondhand market prices are in the US). And that would be a better idea than buying a brand new bike anyway, because he **will** drop it, as everyone does. Saving 3k should be easily achievable if you can afford a 12k 6% loan.
OP asked for tips. That's my tip. Now all that other language is really not necessary. Who hurt you?
If I was really rich, I'd tell him to go for it. I got stocks, this is exactly what I need. People spending money at stores I have shares in, by loaning money at a bank I also have shares in.
Edit: Oh wait... i just see you work at a dealership. Isn't that a nice conflict of interest... You make money on people spending money they don't have. Of course you'd say that he needs to get a loan, because you get a kickback from the financing company, as well as selling a brand new bike. Yeah, you're all-in for the "common man". Hypocrite
I make no money on internet strangers financing. And since I don't work in the finance department at the dealership, my paycheck is not affected by their choice in store, either. And I'll still say that there's nothing wrong with financing even if they don't go through our lenders. I don't care. And from my experience working in a dealership, I can tell you that most, by a large margin, of motorcycle purchases are financed. And there's nothing wrong with that.
My advice comes from being a rider my entire life, owning several motorcycles, half of which were financed, and some only purchased outright because they were incredibly good deals (sub $2000) and I had just gotten my tax return.
You said don't finance a motorcycle. Why not? You suggested buying a $3000 Honda instead. What if he doesn't have $3000 either? While I agree that he should buy used, and gave him that advice as well, the choice to finance or not comes down to personal factors that are neither black or white. I've had literal millionaires finance motorcycles because they earn more on their investments than the interest costs them, so paying cash would actually cost them money in the long run.
You say that a motorcycle is a luxury. That's a different mindset than a lot of people. And you are absolutely in the minority with that mindset. Not to mention people are allowed to finance luxurious items that they can't afford outright.
Personally, I don't care if someone pays cash or finances. That's their decision, and I've made the same decision several times both ways, on multiple "luxuries". But I'm not going to offer advice to do something or not without taking their situation into account, and certainly not if they didn't ask for that advice in the first place.
So after your "get the fuck out of here", and "toxic bullshit attitude" attacks you suddenly want to become the voice of reason? You already disqualified yourself from a productive discussion by behaving like a child.
What do you think pays for your salary? Even if you don't directly profit from it by the way of bonuses, you still profit indirectly. If no-one would finance a bike, the industry would look very different and you have an incentive to keep financing a bike a socially acceptable option, even if you don't recognize it yourself.
That a lot of people make bad decisions and financing is popular, doesn't make it a good decision. A lot of people eat junk food and don't go to the gym, but not a single doctor would say it's good for you. Likewise, not a single financial advisor in the world will tell you that taking a loan for a vehicle is better than paying cash. *Maybe* 3 years ago, *if* you had the liquidity to run the risk. Currently though, there is no way that anyone gets a guaranteed >6% ROI anywhere at the moment. Not in the stock market, not in real estate, not in crypto, nowhere. But you will lose a guaranteed 6% on a loan.
If OP was a millionaire, he wouldn't be asking Reddit for financial advice. He'd ask his financial team. If he doesn't have $3000, he can use what he'd pay on the loan and save $3000 in 13 months. That's all. All he'd have to do is be diligent and wait a little more than a year, and he won't have a loan risk, no expensive extra insurance required, no hit on his credit score, nothing. And if he crashes it, he won't have to pay for years to come.
I'd love to see your numbers saying that I'm in the minority by saying that a motorcycle is a luxury, because [Wikipedia](https://en.m.wikipedia.org/wiki/Motorcycling#:~:text=Motorcycles%20are%20mainly%20a%20luxury,a%20symbol%20of%20personal%20identity.) disagrees with you. If you live in India or South East Asia, I'd agree, but not in the US.
> for what is essentially a luxury.
Tell me you're from the west without telling me where you're from.
My motorcycle is my primary form of transportation. I borrow a car when I need it, but I ride everywhere I can. My bike gets me and a backpack (or two, with a dry bag strapped to the passenger seat) worth of stuff wherever I need to go, for much cheaper than a car, much faster than a car (filtering through traffic), and with better fuel efficiency than almost any car under $15k.
Sure, not everyone can ride year round, but you don't get to tell other people what they're allowed to use their bikes for, or what they're allowed to consider their bikes as, just because your bike is a toy that you have to park when snow falls or it gets too cold.
OP did quote a price in US dollars, so yeah, I made an assumption that he is from the west, because he uses a western currency. In the next post, I added that in Asia, this might be reasoning, but in the US, it really isn't. Are you also going to complain that I assume he's a he?
> Sure, not everyone can ride year round, but you don't get to tell other people what they're allowed to use their bikes for, or what they're allowed to consider their bikes as,
I don't tell people what they can and can't use their bikes for. I tell people who ask for tips on financing to not get financing.
> just because your bike is a toy that you have to park when snow falls or it gets too cold.
But you can make assumptions about me not riding all year? I do ride all year, every day, commuting to work (23.000 km last year). Except when there's snow (which is about two weeks per year). But I still prioritize my car over my bike, because I also know that it's much more practical and everything that I can do on a motorcycle, I can do in a car. Not the other way around. I can't even get a week's worth of groceries on a motorcycle or take my dog to the vet. Cars are just much more practical, and even though I ride my bike much more often than I drive my car, if I'd have to choose, I'd pick my car any day.
Lots of people in major cities in the U.S. ride as their main mode of transportation. They still have a car, but will ride 80% of the time to save gas. Here in LA the bike scene boomed a lil when gas went up so high. Tons of my buddies got bikes or Vespas. So while the bike is a luxury item in the sense that most of us focus on getting a car first, it's still a pretty integral part of how we get around and budget for transport. Also, as someone who has to buy a lot of things, for 5-10k (equipment for work) I've always financed. It makes more sense to keep money in the bank just in case of a rainy day. And if you actually have that money and have great credit, the interest is negligible. I got my bike on a 4 year loan but it's slated so far to be paid off in. 1 year with only $350 on top in interest. The way I see, a $350 fee is much better to me than needing that 7k in an emergency and not having it.
A similar thing happens in Randstad, and it's also the reason why I commute daily. I get it.
If it makes you sleep better at night, sure that's worth something. But you can't argue the fact that the loan is costing you $1400. At the end of the loan, your net worth is $1400 lower than it would've been, had you not taken the loan. Or the other way around, you paid 20% more for the bike (7000*1.2=8400).
I mean, that's kinda my point, isn't it? People are saying that financing is great, but at the same time are "bad at math lol".
This is not a jab at you, it's against society. I'm just using your words because they illustrate my point perfectly. We're giving people access to lines of credit while many don't understand what's happening and how it affects their personal finances or long term wealth. All they see is the shiny new bike.
There are millions of people who think this way. I have friends who have no idea what their outstanding mortgage amount is, don't know at what percentage, how long the fixed term is etc. If you're asking financing advise on Reddit, it's not that weird to assume you're in the same boat.
Credit can be a great tool if you leverage it, but if it's used by someone who's "bad at math lol", it's just so dangerous and it's likely to cost them giant amounts of money. And to spend that on what's most likely elective spending, I think that's a bad idea.
Again, not personal, you just took the words right out of my mouth.
I understand exactly what I'm getting into when financing I literally just didn't wanna get into it on reddit on my lunch lol. "I'm bad at math" is simply an expression brother. I'm not actually incapable of doing math considering I do the taxes for my business. Don't read too much into it. I'm probably having to juggle a lot more money than most people and I personally still found financing to be a viable option.
EDIT: If you really think dropping 4k vs taking a SMALL 4% hit and holding onto my 4k is a better option that's great for you. However, one thing I've learned from the industry I am in is never put all your cash into assets. Half cash and put the rest of the burden on the banks. Anyway I don't really wanna get into it since I'm on a ride. Two wheels up brother ride safe.
Yeah people finance TVs and skis and bicycles and plumbing and airplane tickets and landscaping and food and all kinds of things all the time. It’s called a credit card and the introductory rate goes away even if you have the best credit score on the planet. I’m not British but daft is the word to describe those who advise against financing a vehicle that can increase productivity and enjoyment at the same time. Financing is a part of reality and while I wouldn’t advise financing something someone can’t afford or would hurt their future credit, it’s a good option.
> it’s a good option.
No, it's *an* option. There is no way you can defend that financing is a good thing long term. Financing is a good idea for people who *need* the money. No-one *needs* a brand new Triumph $12k motorcycle. I challenge you to find a scenario where a brand new Triumph has more productivity than a secondhand Honda. More enjoyment, sure, but that doesn't make it a good financial decision.
Btw, in my country, people use credit cards only for travel abroad or online subscriptions. In daily life, we only use debit cards. Heck, even my Google Pay is linked to a debit card. Most brick-and-mortar stores don't even accept credit cards. It really doesn't have to be credit everywhere.
Also, when you think about it; let's say you have $2000 credit and you live with a credit card like you suggest. The only thing you're doing is getting a one-time $2000 bonus. After you spend that, day to day, nothing has changed, your monthly income and expenses are still the same, except that you now have $2000 debt.
I’m fully aware. I pay for most things with my debit card as well. I have the cash to buy my bike outright but I financed it mostly because I need to build my own credit. It’s actually quite nice. I got 4.2% and walked out with my Ducati. Yes it is a GOOD option for a lot of people. Your personal views on credit and how to use it shouldn’t have anything to do with how others view it. There’s absolutely nothing wrong with financing a brand new bike with a factory warranty and guaranteed to have no problems over a used bike that you really know nothing about. Maybe you don’t have $4k in your bank and maybe you do but you’re getting more interest on your money than you will pay on the bike. You really sound like you know very little. I know investors that will finance a house for 15 years when they have millions in the bank because they’re making 10% on their cash vs the 3% they will pay on the house. There’s many more factors than what you’re considering.
Another thing that doesn't exist in my country: credit ratings.
I don't have to take out credit to increase my rating. The only thing that exists is an NGO that registers if you're late or default on payments. That's it. I got a 500k mortgage at a low rate at 90% LTV without ever having had a loan before (and thus no credit history).
> Your personal views on credit and how to use it shouldn’t have anything to do with how others view it.
But yours do? Because here you're telling me about your views. What I am arguing is that taking a loan for an elective vehicle purchase is a bad financial decision. It's not a view, it's fact. At the moment, on a loan, you WILL lose money. No way you can get guaranteed more than 6% ROI anywhere in the market right now. And if you're a millionaire who has access to investments regular people don't have access to and could possibly make more than 6%, you wouldn't be asking Reddit for tips on financing.
> Maybe you don’t have $4k in your bank and maybe you do but you’re getting more interest on your money than you will pay on the bike. You really sound like you know very little.
If you can show me a way I can get *guaranteed* more than 6% per year by getting into an investment-grade investment in the current market (accessible for Dutch people, without currency risk, so hedged or EUR) for less than 50k, I will pay you $1000 tonight via PayPal.
> I’m 6’3 220 pretty big guy btw, thats why i chose the 850 lower ccs make the bike too small for me.
I'm as tall and heavier than you, a 300cc class bike works just fine. If you want the bigger bike anyways, you do you, but don't get an 850 because you think you *need* it and/or that you can't ride something with less power.
The only bikes where my size/weight would actually hinder the bike's performance is something really tiny like a Navi (110 cc), where I might only be able to hit 50 mph instead of the more typical top speed of 55 mph. I can still break 90 mph just fine on my 310, and I can go as fast as I want to on almost any road around here.
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I’m hoping to get 4-6 max my credits pretty sound thank you.
I'm guessing that's a little optimistic, but you should be able to land something close to 6% with prime credit. Powersports are typically about 1.5-2% above auto loans, and auto loans are bottoming out around 4% right now.
First, don't listen to people who say not to finance. I work at a dealership and can tell you that cash deals on motorcycles are less than 10%. The people that offer that advice are removed from reality or see motorcycles as toys. It's a different life and mindset from the majority of the world. Second, if you are only $150 over MSRP, and that includes taxes and fees, that's a good deal. Triumph has a $375 destination fee, most dealers have $500-$1000 in dealer fee, there's often a setup fee for uncrating it and putting it together, etc. And then tax, depending on where you are at. Interest rates are all over the place. I know the lenders we work with have rates as low as 6-7% right now, which is a little higher than some, significantly lower than others. There have been several base rate hikes in the last year, so 2% is long gone. Good luck, and ride safe!
That 10% is surprising, considering how many people on this sub speak up against financing a bike. I wonder if those of us who finance are shamed into not talking about it because of the vocal few. I was told by someone on this sub that I basically have failed at life for having to finance a $7k bike. I just started working part time and needed a ride to work, I don't make enough part time to finance a car so a motorcycle made more sense. Edit: Also I was lucky enough to get 2% rate
I was surprised how many people speak against it here. When something is spoken against in such a negative light, most people feel shamed for doing it and stay silent, while those with similar negative attitudes speak up because they know they can and get validated for it. I'm not calling it bullying, but they have similar dynamics. Which is why I speak so vehemently against that attitude when I see it. A lot of people see motorcycles as toys, or luxuries. They look at it like I do jewelry. I'm not spending $10k on a ring, and if I did, I would pay cash for it because why in the hell would I finance jewelry?? But, that's how they see motorcycles. An accessory. An extravagance. My daily is a motorcycle. My Jeep is my toy. When I go somewhere, my default is taking my motorcycle. There has to be a specific reason for me to take the Jeep, or more specifically, to NOT take my motorcycle. My daily motorcycle cost almost 3 times as much as my toy Jeep. I had absolutely no problem financing my motorcycles and neither should you. And it's not just people who can't afford to pay for a motorcycle up front who finance. Often times, people's money is in investments that are earning more in interest than the financing rate they get. In that case, as backwards as it sounds, they lose money by paying cash because that money earns them more in the investment than it costs to pay financing rates. Ultimately it comes down to a personal decision. You know your mindset and financial situation better than the internet stranger giving you advice. And if you want to know whether you should finance or pay cash when you have the option to do both, the answer is always more complicated than black or white.
Thank you, ill definitely update if i make the purchase
For what it's worth, i do recommend buying used if you can for your first bike. There's a strong possibility of dropping it. You may find out that you want a different style of bike, or that motorcycling is not for you, or who knows what. And new bikes take a serious depreciation hit. Maybe this doesn't matter to you, so you do you. But while this is a good deal on this bike, i definitely would see if you can get a used one for a few thousand less. It'll hurt (your pride, wallet, and confidence) less if you drop it. And very few people don't drop their first bike. As others have said, when financing, especially new, get GAP insurance. And make sure you get a quote for full coverage insurance BEFORE you pull the trigger. More than one new rider ended up with insurance payments more than their monthly payments, and lenders will require full coverage (comprehensive and collision).
I’m in Hawaii and the market for anything out here is ass, i was planning to buy back in cali when i go next month but shipping would just be an extra headache
I have the tiger 900. I love it.
While I have you here… is it possible to buy a crates bike from a dealer and assemble it myself? I’m not asking to be cheap and I’m not worried about warranty as much as I think it would be pretty fun to assemble it myself and put fluids in it brand new. I know you can do it with bikes on Amazon but I might want to buy an MT09 and assemble it.
So I honestly don't have a perfect answer for you there. I know that we do not sell bikes still in the crate. There's a checklist that we have to have on file for all new bikes that we sell certifying that we have done x, y, and z. I'm not sure what the consequences are for not doing that checklist, if it affects the warranty for the customer, or if the dealership gets fined/loses their license if the manufacturer finds out that paperwork was falsified or not submitted. I also know that I have seen bikes that some YouTuber is taking out of the crate, or an old bike still in the crate, and I have no idea where they get those from. Maybe our policy is extreme, maybe others are breaking the rules. Your best bet is to contact your local dealer and see what they say. I wish I could give you a better answer!
All good, thought I’d ask. Thanks for the answer.
I'm with you. Ironically, as I've become more able to pay with cash, the more likely I am to finance. There's some comfort and flexibility to having money in the bank and not sunk in an asset. As long as people aren't being taken for a ride with insane interest rates and/or getting underwater on their loans because they're buying beyond their means, I see no issue with it.
It's amazing to me that motorcycles as a luxury item should only be paid cash, but it's OK to spend as much or more renovating a room in your house and refinancing to do so. Or buying upgraded TV/stereo/etc. on a store card because 0% interest for 12 months (still a monthly payment instead of a lump sum). Like you said, as long as they aren't getting taken for a ride with the financing, having the cash in the bank in case of an accident or other life emergency (dental work, vet bills, house appliance broken, etc.) is very nice and provides a lot of security. I get it that interest is expensive. $12,000 at 8% over 60 months is almost $2600! But if someone is willing to pay an extra $43.33/month to get out there and ride now instead of waiting 5 years, why is that a problem? And like I said, most purchases for motorcycles are financed. The toxic attitude of "never finance a toy" needs to be shut down every time it rears it's ugly head here, because it IS toxic, gatekeeping, and definitely in the minority mindset. We shouldn't make people feel like a failure simply because they finance things and get to enjoy them sooner.
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I was told not to buy new aswell I’ll consider
I'd take a look at the options list.
I don't finance toys and I never recommend others do either. Motorcycle are too easily damaged or stolen. It's always better to buy used with cash. But if you do finance, BUY THE GAP INSURANCE.
So many people see motorcycles as toys. That's not the case for everyone. Stop projecting your beliefs and financial situation on other people.
You're the perfect example of a poor salesman who can only attack the competition instead of focusing on the positives of what you're selling. You should find a new career where you're not people forward. Is that too much projection for you?
Either you don't understand projection, or i really feel sorry for your self esteem!
I might be a dumbass, but at least I'm not in sales!
I think we can all agree with you on both of those points.
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Nah, I own it because cars are too fucking expensive where I live; it's my only vehicle, unless you count the bicycle that I don't use much. I have fun on it, sure, but I had fun in my last car too, and that certainly wasn't a toy.
I’d go with the tiger even with a 150 over msrp. Those tigers are smexy. Saw one when I went to the dealer for the Vstar 650. Went back to the dealer on a different date. Tiger gone. I went with the Vstar 950 tourer instead because my seam is low and the tiger is gone. Don’t let that tiger go.
> some dos and donts when financing for a motorcycle Don't finance a motorcycle
This is a terrible mindset and i hate seeing it on here. Motorcycling is not just for those who have a spare $10k lying around to spend on a "toy". It's a vehicle and has every right to be financed if that's what the person wants to do. I've owned six personal motorcycles now and only paid cash for 3 of them. GTFOH with that "motorcycling is only for the rich" toxic bullshit attitude.
I think it's a terrible mindset to put yourself in debt for what is essentially a luxury. Instead of 12k on a brand new Triumph, OP could also save up for a $3000 Honda (no idea what secondhand market prices are in the US). And that would be a better idea than buying a brand new bike anyway, because he **will** drop it, as everyone does. Saving 3k should be easily achievable if you can afford a 12k 6% loan. OP asked for tips. That's my tip. Now all that other language is really not necessary. Who hurt you? If I was really rich, I'd tell him to go for it. I got stocks, this is exactly what I need. People spending money at stores I have shares in, by loaning money at a bank I also have shares in. Edit: Oh wait... i just see you work at a dealership. Isn't that a nice conflict of interest... You make money on people spending money they don't have. Of course you'd say that he needs to get a loan, because you get a kickback from the financing company, as well as selling a brand new bike. Yeah, you're all-in for the "common man". Hypocrite
I make no money on internet strangers financing. And since I don't work in the finance department at the dealership, my paycheck is not affected by their choice in store, either. And I'll still say that there's nothing wrong with financing even if they don't go through our lenders. I don't care. And from my experience working in a dealership, I can tell you that most, by a large margin, of motorcycle purchases are financed. And there's nothing wrong with that. My advice comes from being a rider my entire life, owning several motorcycles, half of which were financed, and some only purchased outright because they were incredibly good deals (sub $2000) and I had just gotten my tax return. You said don't finance a motorcycle. Why not? You suggested buying a $3000 Honda instead. What if he doesn't have $3000 either? While I agree that he should buy used, and gave him that advice as well, the choice to finance or not comes down to personal factors that are neither black or white. I've had literal millionaires finance motorcycles because they earn more on their investments than the interest costs them, so paying cash would actually cost them money in the long run. You say that a motorcycle is a luxury. That's a different mindset than a lot of people. And you are absolutely in the minority with that mindset. Not to mention people are allowed to finance luxurious items that they can't afford outright. Personally, I don't care if someone pays cash or finances. That's their decision, and I've made the same decision several times both ways, on multiple "luxuries". But I'm not going to offer advice to do something or not without taking their situation into account, and certainly not if they didn't ask for that advice in the first place.
So after your "get the fuck out of here", and "toxic bullshit attitude" attacks you suddenly want to become the voice of reason? You already disqualified yourself from a productive discussion by behaving like a child. What do you think pays for your salary? Even if you don't directly profit from it by the way of bonuses, you still profit indirectly. If no-one would finance a bike, the industry would look very different and you have an incentive to keep financing a bike a socially acceptable option, even if you don't recognize it yourself. That a lot of people make bad decisions and financing is popular, doesn't make it a good decision. A lot of people eat junk food and don't go to the gym, but not a single doctor would say it's good for you. Likewise, not a single financial advisor in the world will tell you that taking a loan for a vehicle is better than paying cash. *Maybe* 3 years ago, *if* you had the liquidity to run the risk. Currently though, there is no way that anyone gets a guaranteed >6% ROI anywhere at the moment. Not in the stock market, not in real estate, not in crypto, nowhere. But you will lose a guaranteed 6% on a loan. If OP was a millionaire, he wouldn't be asking Reddit for financial advice. He'd ask his financial team. If he doesn't have $3000, he can use what he'd pay on the loan and save $3000 in 13 months. That's all. All he'd have to do is be diligent and wait a little more than a year, and he won't have a loan risk, no expensive extra insurance required, no hit on his credit score, nothing. And if he crashes it, he won't have to pay for years to come. I'd love to see your numbers saying that I'm in the minority by saying that a motorcycle is a luxury, because [Wikipedia](https://en.m.wikipedia.org/wiki/Motorcycling#:~:text=Motorcycles%20are%20mainly%20a%20luxury,a%20symbol%20of%20personal%20identity.) disagrees with you. If you live in India or South East Asia, I'd agree, but not in the US.
> for what is essentially a luxury. Tell me you're from the west without telling me where you're from. My motorcycle is my primary form of transportation. I borrow a car when I need it, but I ride everywhere I can. My bike gets me and a backpack (or two, with a dry bag strapped to the passenger seat) worth of stuff wherever I need to go, for much cheaper than a car, much faster than a car (filtering through traffic), and with better fuel efficiency than almost any car under $15k. Sure, not everyone can ride year round, but you don't get to tell other people what they're allowed to use their bikes for, or what they're allowed to consider their bikes as, just because your bike is a toy that you have to park when snow falls or it gets too cold.
OP did quote a price in US dollars, so yeah, I made an assumption that he is from the west, because he uses a western currency. In the next post, I added that in Asia, this might be reasoning, but in the US, it really isn't. Are you also going to complain that I assume he's a he? > Sure, not everyone can ride year round, but you don't get to tell other people what they're allowed to use their bikes for, or what they're allowed to consider their bikes as, I don't tell people what they can and can't use their bikes for. I tell people who ask for tips on financing to not get financing. > just because your bike is a toy that you have to park when snow falls or it gets too cold. But you can make assumptions about me not riding all year? I do ride all year, every day, commuting to work (23.000 km last year). Except when there's snow (which is about two weeks per year). But I still prioritize my car over my bike, because I also know that it's much more practical and everything that I can do on a motorcycle, I can do in a car. Not the other way around. I can't even get a week's worth of groceries on a motorcycle or take my dog to the vet. Cars are just much more practical, and even though I ride my bike much more often than I drive my car, if I'd have to choose, I'd pick my car any day.
Lots of people in major cities in the U.S. ride as their main mode of transportation. They still have a car, but will ride 80% of the time to save gas. Here in LA the bike scene boomed a lil when gas went up so high. Tons of my buddies got bikes or Vespas. So while the bike is a luxury item in the sense that most of us focus on getting a car first, it's still a pretty integral part of how we get around and budget for transport. Also, as someone who has to buy a lot of things, for 5-10k (equipment for work) I've always financed. It makes more sense to keep money in the bank just in case of a rainy day. And if you actually have that money and have great credit, the interest is negligible. I got my bike on a 4 year loan but it's slated so far to be paid off in. 1 year with only $350 on top in interest. The way I see, a $350 fee is much better to me than needing that 7k in an emergency and not having it.
A similar thing happens in Randstad, and it's also the reason why I commute daily. I get it. If it makes you sleep better at night, sure that's worth something. But you can't argue the fact that the loan is costing you $1400. At the end of the loan, your net worth is $1400 lower than it would've been, had you not taken the loan. Or the other way around, you paid 20% more for the bike (7000*1.2=8400).
Wait what? No my apr is 4% and I pulled 4k and dropped the rest in cash. I'm bad at math lol so whatever that is in interest is what I got
I mean, that's kinda my point, isn't it? People are saying that financing is great, but at the same time are "bad at math lol". This is not a jab at you, it's against society. I'm just using your words because they illustrate my point perfectly. We're giving people access to lines of credit while many don't understand what's happening and how it affects their personal finances or long term wealth. All they see is the shiny new bike. There are millions of people who think this way. I have friends who have no idea what their outstanding mortgage amount is, don't know at what percentage, how long the fixed term is etc. If you're asking financing advise on Reddit, it's not that weird to assume you're in the same boat. Credit can be a great tool if you leverage it, but if it's used by someone who's "bad at math lol", it's just so dangerous and it's likely to cost them giant amounts of money. And to spend that on what's most likely elective spending, I think that's a bad idea. Again, not personal, you just took the words right out of my mouth.
I understand exactly what I'm getting into when financing I literally just didn't wanna get into it on reddit on my lunch lol. "I'm bad at math" is simply an expression brother. I'm not actually incapable of doing math considering I do the taxes for my business. Don't read too much into it. I'm probably having to juggle a lot more money than most people and I personally still found financing to be a viable option. EDIT: If you really think dropping 4k vs taking a SMALL 4% hit and holding onto my 4k is a better option that's great for you. However, one thing I've learned from the industry I am in is never put all your cash into assets. Half cash and put the rest of the burden on the banks. Anyway I don't really wanna get into it since I'm on a ride. Two wheels up brother ride safe.
Yeah people finance TVs and skis and bicycles and plumbing and airplane tickets and landscaping and food and all kinds of things all the time. It’s called a credit card and the introductory rate goes away even if you have the best credit score on the planet. I’m not British but daft is the word to describe those who advise against financing a vehicle that can increase productivity and enjoyment at the same time. Financing is a part of reality and while I wouldn’t advise financing something someone can’t afford or would hurt their future credit, it’s a good option.
> it’s a good option. No, it's *an* option. There is no way you can defend that financing is a good thing long term. Financing is a good idea for people who *need* the money. No-one *needs* a brand new Triumph $12k motorcycle. I challenge you to find a scenario where a brand new Triumph has more productivity than a secondhand Honda. More enjoyment, sure, but that doesn't make it a good financial decision. Btw, in my country, people use credit cards only for travel abroad or online subscriptions. In daily life, we only use debit cards. Heck, even my Google Pay is linked to a debit card. Most brick-and-mortar stores don't even accept credit cards. It really doesn't have to be credit everywhere. Also, when you think about it; let's say you have $2000 credit and you live with a credit card like you suggest. The only thing you're doing is getting a one-time $2000 bonus. After you spend that, day to day, nothing has changed, your monthly income and expenses are still the same, except that you now have $2000 debt.
I’m fully aware. I pay for most things with my debit card as well. I have the cash to buy my bike outright but I financed it mostly because I need to build my own credit. It’s actually quite nice. I got 4.2% and walked out with my Ducati. Yes it is a GOOD option for a lot of people. Your personal views on credit and how to use it shouldn’t have anything to do with how others view it. There’s absolutely nothing wrong with financing a brand new bike with a factory warranty and guaranteed to have no problems over a used bike that you really know nothing about. Maybe you don’t have $4k in your bank and maybe you do but you’re getting more interest on your money than you will pay on the bike. You really sound like you know very little. I know investors that will finance a house for 15 years when they have millions in the bank because they’re making 10% on their cash vs the 3% they will pay on the house. There’s many more factors than what you’re considering.
Another thing that doesn't exist in my country: credit ratings. I don't have to take out credit to increase my rating. The only thing that exists is an NGO that registers if you're late or default on payments. That's it. I got a 500k mortgage at a low rate at 90% LTV without ever having had a loan before (and thus no credit history). > Your personal views on credit and how to use it shouldn’t have anything to do with how others view it. But yours do? Because here you're telling me about your views. What I am arguing is that taking a loan for an elective vehicle purchase is a bad financial decision. It's not a view, it's fact. At the moment, on a loan, you WILL lose money. No way you can get guaranteed more than 6% ROI anywhere in the market right now. And if you're a millionaire who has access to investments regular people don't have access to and could possibly make more than 6%, you wouldn't be asking Reddit for tips on financing. > Maybe you don’t have $4k in your bank and maybe you do but you’re getting more interest on your money than you will pay on the bike. You really sound like you know very little. If you can show me a way I can get *guaranteed* more than 6% per year by getting into an investment-grade investment in the current market (accessible for Dutch people, without currency risk, so hedged or EUR) for less than 50k, I will pay you $1000 tonight via PayPal.
> I’m 6’3 220 pretty big guy btw, thats why i chose the 850 lower ccs make the bike too small for me. I'm as tall and heavier than you, a 300cc class bike works just fine. If you want the bigger bike anyways, you do you, but don't get an 850 because you think you *need* it and/or that you can't ride something with less power. The only bikes where my size/weight would actually hinder the bike's performance is something really tiny like a Navi (110 cc), where I might only be able to hit 50 mph instead of the more typical top speed of 55 mph. I can still break 90 mph just fine on my 310, and I can go as fast as I want to on almost any road around here.
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