Quote:
Originally Posted by Ram Jet
My third bike was a new 1973 Kaw 500 triple. I just got out of college two years prior and I bought it with my first installment loan. I had no credit rating and got a "wink-wink" loan at the bank I was working for. I paid off the loan, established my credit rating and all was good. Not all new bike purchasers are nit wits. As a former bank loan collector I can attest to the horror stories told here also. In sum, it was the first and last motorcycle I ever financed. There's a-lot to be said about leaving a dealership on a brand new, squeaky-clean bike but intelligent decision is not one of them.
Bill
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Mmmm... 500 triple. Everyone is forgiven for taking any route possible to get their hands on one.
Truth is I'm guilty in a similar way. 1984 RZ350. I did a 2 year payment plan on it. My first bike though, in high school I worked all summer and saved money so I could buy a bike with cash. (CB400) After the RZ, the next few bikes I bought I made a point to save for them. 20 bikes later I always pay cash for bikes, especially race bikes at high risk of getting wadded up in the same year. I bought my 2013 675R with an inch high stack of 100s.
As far as "Not all new bike purchasers are nit wits" man hang out on the ninja 300 forum for a while. I've seen too many poor apartment dwellers say "I really want a new bike and I don't want to wait till next year." Building credit is a real thing to do, but too many people get in over their heads. Take out a loan for a reliable car you need and not a toy.