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Originally Posted by Reswob
 Ok, no one except rich people (and before you argue, if you bought your 'last few new cars' outright, then yes, you have a lot more money in your savings account then the rest of us middle- or lower-class losers).
Most who have a good job and a savings account simply don't have the kind of extra money in it to just go out and buy a new bike/car/house. You sound like you think financing is for the financially unwise, when in fact, it's the only way most of us regular joe's can afford to buy anything that expensive. Having a good job only makes you sure that you can pay the monthly bills on your loans. |
First off I have bought all of my cars outright in cash. My first car was a family hand me down car... 1992 Subaru Legacy for $2000 when I was in high school, my second car was used 1999 Honda Accord EX that I bought when I was in college and then my latest car 2006 Honda CRV LX (base model) was bought brand new. The first two cars I bought when I was working minimum wage jobs and my most recent car I was only able to buy because I was working two jobs. My parents do have money but they they refuse to help with big purchases. They have tried their best to make sure that my sister and I are not dependent on them and we take financial responsibility for our lives.
It is all about budgeting your finances, I always had a percentage of my paychecks go into savings and when I was working 2 jobs, the 2nd job pay strictly went into savings. Unfortunately the American way of life is to put everything on credit and live life constantly paying off debt.
Quote:
Originally Posted by FrugalNinja250
Another consideration: With a note you'll have to carry full coverage insurance for theft and collision (your fault). The insurance co will not pay off the loan balance, only the value (used) of the bike itself. With a long term and/or high interest loan the amount owed will be more than the insurance value, leaving you still making payments on a bike that's gone (totaled or stolen).
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Kawi financing doesn't require proof of insurance.