Quote:
Originally Posted by Mr.E
I plan on doing it like you and paying it off completely soon. I'd only spend my checks on paying it off and insurance so it would be by september hopefully.
|
Plans like that seem like they will work out, but you may be forgetting other expenses that will come up. (Such as custom additions to bike etc etc).
Try to figure out what you might want to upgrade/change and it's price.
Average those to see about how much budget you would need to add 1 upgrade a month, into your cost of payment.. This way you'll either have the money for that upgrade or you got extra cash saved up for emergency (such as crash repairs etc).
e.g. - my payment is about 175, but I budget $275 out every month for an upgrade too (haven't saved sh*t yet).
Also I had/am repairing bad credit..talked to a few advisors, as I planned on paying my bike off in Feb. Now I will not be paying it off until the 1yr mark.. During that time frame I will try to double payment when I can. Reason is, I was told 1yr payment history is minimum people want when building/rebuilding credit. Getting a small (4k) loan and paying it off would be ignored and shunned off as a possible fluke (like maybe I hit a small lotto ticket, or got an inheritance of some kind), or something that I should have just bought w/ cash and will not help me get further credit.