new to HD's
#41
RE: new to HD's
Well, Mark said he's planning on paying it off in 9 or 10 months. If $2k per month can be plugged into it, he will be getting off pretty well, even at 15%. And he's saving $50 a month in insurance premiums by not having full coverage. I personally would get the full coverage, and drop it to minimums as I got the payments down to a couple of months left. Then again, if $2,000 a month can be dedicated as "discretionary income", then maybe dealer financing wouldn't be that bad.
A year or so ago, I noticed I kept being nickel and dimed by all the credit cards I had. I figured it up, and it added up to something I didn't want to owe. So, I picked ONE card, and paid off the others, one by one. I just paid off that last card two weeks ago. I do have a recurring charge on that card, but it's only like $15 per month. I got my Honda Shadow 750 with a personal bank loan at $168 per month. Now, I'm going to aggressively pay that down to the point I can easily upgrade to a Sportster. I'd rather have the credit card debt than the bank loan if the interest rate were only a couple of points difference. The point I'm trying to make is, credit cards are very easy to pay off IF, and ONLY IF the debt is attacked and don't use the card until it's paid in full. If the card is used for other 'incidentals" along the way, it can get someone in trouble bigtime.
Making a big ticket purchase like this may be better if it's paid off quickly. I won't say CHEAPER...but maybe better/easier/simpler. He does get the title after all, so it won't be repo'ed.
Teek
A year or so ago, I noticed I kept being nickel and dimed by all the credit cards I had. I figured it up, and it added up to something I didn't want to owe. So, I picked ONE card, and paid off the others, one by one. I just paid off that last card two weeks ago. I do have a recurring charge on that card, but it's only like $15 per month. I got my Honda Shadow 750 with a personal bank loan at $168 per month. Now, I'm going to aggressively pay that down to the point I can easily upgrade to a Sportster. I'd rather have the credit card debt than the bank loan if the interest rate were only a couple of points difference. The point I'm trying to make is, credit cards are very easy to pay off IF, and ONLY IF the debt is attacked and don't use the card until it's paid in full. If the card is used for other 'incidentals" along the way, it can get someone in trouble bigtime.
Making a big ticket purchase like this may be better if it's paid off quickly. I won't say CHEAPER...but maybe better/easier/simpler. He does get the title after all, so it won't be repo'ed.
Teek
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